Ch 14 Section 2 Review

What is the term for canceling the balance of a customer account because the customer does not pay.

• Direct write off method

• Writing off an account

• Note payable

You wrote off Tmoney Real Estate's past due account as uncollectible, $500. Memo 689. Allowance for uncollectible accounts is ​ (a)   and AR/Tmoney Real Estae is​ (b)   .

• debit
• credit

When we record uncollectible accounts expense only when an amount is actually known to be uncollectible is using which method?

• Direct write-off

• Percent of sales

• Percent of AR

When posting an account that has been written off, what do you write in the AR Subsidiary ledgers item section?

• Canceled

• Written off

• Past due

Received cash in full payment of Tmoney Real Estate's account, previously written off as uncollectible, $500. Memo 689 and Receipt 2500. Allowance for Uncollectible Accounts is​ (a)   and AR/Tmoney Real Estate is​ (b)  

• credit
• debit.

Which journals are used when opening an uncollectible accounts transaction?

• General journal

• Cash Receipts

• Cash Payments

When posting the payment of an uncollectible account, what do you write in the item section of the AR subsidiary ledger?

• Reopen account

• Late payment

• Finally paid