1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alex_Xolod [135]
2 years ago
6

When a company is using the direct write-off method, and an account is written off, the journal entry consists of a?

Business
1 answer:
cluponka [151]2 years ago
6 0

When a company is using the direct write-off method, and an account is written off, the journal entry consists of a <u>credit to</u><u> Accounts Receivable</u><u> and a debit to </u><u>Bad Debts Expense.</u>

<u></u>

<h3>What Is a Write-Off?</h3>

Write-off is an accounting action that reduces the value of an asset while also debiting a liability account. It is mainly used in its literal sense by companies seeking to account for outstanding loan obligations, unpaid receivables or losses on stored inventory. In general, it can also be broadly understood as something that helps reduce the annual tax bill.

Write-off primarily refers to a business accounting expense that is reported to account for unreceived payments or asset losses.

Three common write-offs include unpaid bank loans, outstanding receivables, and loss of stored inventory.

To learn more about write-off from given link

brainly.com/question/24108628

#SPJ4

You might be interested in
Lois, a single taxpayer, contributed $1,200 to her traditional IRA in 2019. If she received a $240 saver’s credit and was not an
-Dominant- [34]

Answer:

$960

Explanation:

Given the information from the question. We need to calculate the contribution can she deduct Since Lois paid $1200 to customary IRA and she received a $240 savers credit. Thus, she will get derivation commitment less savers credit .as a result to get contribution can she deduct is $1200-$240= $960. Therefore, the correct answer is $960.

6 0
4 years ago
Should students have more P.E time?
Brut [27]
I feel like we should but your teachers want more education time at my school we have 40 minutes of P.E 
4 0
3 years ago
Read 2 more answers
"when johanna cut prices in her jewelry store by 20 percent, the dollar value of her sales fell by 20 percent. this indicates th
anzhelika [568]
How much ever percent she cuts so will the value of her sales
3 0
4 years ago
6 factors of production pasta
noname [10]

The four categories of factors of production are land, labor, capital and entrepreneurship.  So, things that fall into these four categories that involve the production of pasta include the factory, the skills of the workers, the machines used to produce it, the ingredients used to produce it and the entrepreneurship and investment of the business owner.

4 0
3 years ago
James company is paid $6,000 in dividends from mark corp. on its equity investment. james lacks significant influence over mark
Darina [25.2K]

James Company is paid $6,000 in dividends from Mark Corp. on its equity investment. James lacks significant influence over Mark Corp. James Company should-----credit dividend revenue

<h2>Dividend Revenue Definition:</h2>

A dividend is defined because the fraction of the earnings of an organization that will be distributed among shareholders. Dividend revenue is that the income the individual shareholders or investors would receive according to the number of shares held.

<h3>Where is dividend in balance sheet?</h3>

When a corporation issues a stock dividend, it distributes additional quantities of stock to existing shareholders consistent with the number of shares they already own. Dividends impact the shareholders' equity section of the company balance sheet—the retained earnings, particularly .

Learn more about dividend :

brainly.com/question/2960815

#SPJ4

5 0
2 years ago
Other questions:
  • Blackwelder co. calls a meeting to announce to the media that it is hiring a new ceo and changing the company name to natural ba
    10·1 answer
  • An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts of Wellman Corp.
    15·1 answer
  • Tyler Smith has gone to the career placement center at his university. He has taken both an interests inventory and a personalit
    7·1 answer
  • Of money's three functions, the one that distinguishes money from other assets is its function as a a. store of value. b. unit o
    14·1 answer
  • From what part of income should someone take savings?<br>​
    11·2 answers
  • Explain the relationships between a firm’s short-run production function and its short-run cost function .Focus on the marginal
    13·1 answer
  • Select the correct answer
    15·1 answer
  • A company makes travel umbrellas. Its fixed costs are $1000 a week and its variable costs for one batch of umbrellas are $500 fo
    8·1 answer
  • the three types of organizational commitment are affective commitment, continuance commitment, and ______ commitment.
    6·1 answer
  • Which of the following most directly made possible the ideas described in the excerpt? The emergence of monopolies that dominate
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!