Question #5: If an account is collected after having been previously written off

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Question #5: If an account is collected after having been previously written off,

the allowance account should be debited.

only the control account needs to be credited.

both income statement and balance sheet accounts will be affected.

there will be both a debit and a credit to accounts receivable.

the allowance account should be debited.

only the control account needs to be credited.

both income statement and balance sheet accounts will be affected.

there will be both a debit and a credit to accounts receivable.

Explanation / Answer

D. there will be both a debit and a credit to accounts receivable.

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