2 The inv ry ng t FIRO Specifle idenut d Avege cos 29. During times of rising prices, which of the fllowing is t Average costing will yield reults that are bwn n LIFO will result in a higher cost of goods old thn O FIFO will result in a higher net income then LIFO d. LIFO will resalt in higher income tases than FO The two methods of accounting for uncollectible receivables are the ow equity method 30. hd d the a. direct write-off method b. interest method d. cost method c. What is the type of account and normal balance of Allowance for Doubtful Accounts? Contra asset, credit Asset, debit Asset, credit d. Contra asset, debit 31. a. b. c. Dalton Company uses the allowance method to account for uncollectible receivables. Dalton has dctermined 32. that the Irish Company account is uncollectible. To write-off this account, Dalton should debit Bad Debt Expense and credit Accounts Receivable b. Bad Debt Expense and credit Allowance for Doubtful Accounts c. Allowance for Doubtful Accounts and credit Accounts Receivable d. Accounts receivable and credit Allowance for Doubtful Accounts a. 33. Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment) The company prepares an analysis of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed to record the Bad Debt Expense for the year? a. debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200 b. debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 c. debit Allowance for Doubtful Accounts, $29,600; credit Bad Debt Expense, $29,600 d. debit Bad Debt Expense, $29,600; credit Allowance for Doubtful Accounts,$29,600