$1.$What are the two methods of accounting for bad debt expense?

$2.$Which of the two methods is typically used for income tax purposes?

$3.$Which of the two methods is required by generally accepted accounting principles $($GAAP$)?$

$4.$If you were a publicly$-$traded corporation, which of the two methods would you use on your books? Why? Explain.

$5.$Generally speaking, how many parties are involved in this process?

$6.$As a merchant, what would you think about when deciding what type of credit cards, if any, to accept? Explain.