Which of the following statements about methods of accounting for bad debts is correct?

A. When the allowance method is used, the journal entry to write-off an uncollectible account does not change the amount reported as Accounts Receivable, Net on the balance sheet.

B. The two methods of accounting for bad debts that are acceptable under GAAP are the allowance method and the direct write-off method.

C. When the allowance method is used, Bad Debt Expense is equal to the write-offs that occurred during the period.

D. When the allowance method is used, if actual results differ from the estimates, the prior year financial statements must be corrected.