Which of the following are the two methods of accounting for uncollectible receivables? A) allowance method and direct write - off method B) allowance method and liability method C) direct write - off method and liability method D) asset method and sales method Which of the following are two methods of estimating uncollectible receivables? A) gross - up method and direct write - off method B) allowance method and amortization method C) direct write - off method and percent - of - completion method D) aging -of - accounts - receivable method and percent - of - sales method GAAP requires most companies to use the: A) allowance method to evaluate bad debts. B) amortization method to evaluate bad debts. C) 360 - day method to evaluate bad debts. D) direct write - off method to evaluate bad debts. The Allowance for Bad Debts account has a credit balance of $2,000. The company s management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the amount of Bad Debts Expense reported on income statement for 2015? A) $5,000 B) $3, 075 C) $2, 675 D) $2, 875 The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company' s management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015? A) $7,000 B) $5, 285 C) $3, 075 D) $7, 275 The Allowance for Bad Debts has a credit balance of $9,000 before the adjusting entry for bad debt expense. After analyzing the accounts in the accounts receivable subsidiary ledger using the again method, the company's management estimates that uncollectible accounts will be $15,000, what will be the amount of bad debts expense reported on the income statement? A) $15,000 B) $9,000 C) $24,000 D) $ 6,000 The Allowance for Bad Debts account has a debit balance of $9.000 before the adjustment entry for debt expense. After analyzing the accounts in the accounts receivable subsidiary ledger using again method, the company's management estimates that uncollectible accounts will be 5,000. What will be the amount of Bad debts expense reported on the income statement? A) $4,000 B) $6,000 C) $15,000 D) $ 24,000