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A firm that uses the allowance method of recording credit losses wrote off the $500 account of Alpha Company in November, 2011. In January 2012,
A firm that uses the allowance method of recording credit losses wrote off the $500 account of Alpha Company in November, 2011. In January 2012, Alpha paid the $500. The entry or entries to record the payment is/are: Answer A. Cash 500 Recoveries of Accounts Written Off 500 B. Accounts Receivable--Alpha 500 Allowance for Uncollectible Accounts 500 Cash 500 Accounts Receivable--Alpha 500 C. Allowance for Uncollectible Accounts 500 Accounts Receivable--Alpha 500 D. Accounts Receivable--Alpha 500 Bad Debts Expense 500 Cash 500 Accounts Receivable--Alpha 500 E. None of the above
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