Question: What happens when a receivable that previously had been written off is collected?

What happens when a receivable that previously had been written off is collected?

Step by Step Solution

★★★★★

3.35 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

When a payment occurs for a receivable that had alr... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

497-B-A-C-R (3031).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

What happens when a lightbulb burns out?

Q:

What happens when a central bank like the Federal Reserve expands its assets? Is there any upper limit to a central banks assets? Why?

Q:

What happens when a court has no applicable statute to guide the outcome of a case?

Q:

Harvey's Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for cash discounts. What...

Q:

When $30, 000 of credit sales are collected half within discount period under 2/10, n/30 credit term and the other half collected after the discount period, how much can net sales revenue be recorded...

Q:

Revenue is realized. Any receivable is collected. Collection is reasonably certain. Collection is absolutely assured. 11. (TCO 5) Slick's Used Cars sells pre-owned cars on the installment basis and...

Q:

1. Zanes Auto Supply had the following items listed in its trial balance at 12/31/2016: Currency and coins 650 Balance in checking account 2,600 Customer checks waiting to be deposited 1,200 Treasury...

Q:

Collections of accounts receivable that previously have been written off are credited to: Multiple Choice A Gain account. Bad Debt Expense. Retained Earnings. Accounts Receivable. Collections of...

Q:

1. BarbCo sells golf balls to Pop's Shop under the terms 3/10 n/40. These terms imply which of the following? BarbCo expects the balance to be paid within 10 days or there is a 40% penalty BarbCo...

Q:

Memorex Disks sells computer disk drives with right-of-return privileges. Returns are material and reasonably predictable. Memorex should: a. Not record sales until the right to return has expired....

Q:

Medical technology encompasses more than just sophisticated equipment. Discuss.

Q:

A thin, homogeneous wire is bent to form the perimeter of the figure indicated. Locate the center of gravity of the wire figure thus formed. 16 nam 12 mm

Q:

Suppose you invest $10,000 in an account with APR 2.2%. Find the balance in the account after 30 years if... 5 (a) ...the account earns simple interest. 5 (b) ...interest is compounded monthly

Q:

If plaintiffs immediate supervisor were responsible for the harassing activities, how would the courts analysis of the employer's liability have been different?

Q:

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owners equity: a. accounts payable b. cash c. fees earned d. land e. supplies f. wages expense

Q:

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owners equity: a. accounts payable b. cash c. fees earned d. land e. supplies f. wages expense

Q:

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owners equity: a. accounts payable b. cash c. fees earned d. land e. supplies f. wages expense

Q:

(DuPont analysis) Triangular Chemicals has total assets of $93 million, a return on equity of 44 percent, a net profit margin of 5.4 percent, and an equity multiplier of 2.33. How much are the firm's...

Q:

Create an enumeration named Planet that holds the names for the eight planets in our solar system, starting with MERCURY equal to 1 and ending with NEPTUNE. Write a program named Planets that prompts...

Q:

5. Interest Rate Risk Collapse . Both Bonds A and B are priced at par since their YTMs are the same as their coupon rate of 7%. What happens to their prices if interest rate in the market rises by...