Question 1 1 pts The process of removing a specific customer\'s accounts receiva

Question

Question 1 1 pts The process of removing a specific customer's accounts receivable balance from the company's books when the debt is judged to be uncollectible, is known as a write-off None of the other answers is correct. O an allowance. a recovery. Question 2 1 pts In a periodic inventory system when is the cost of goods sold recorded? O As a closing entry None of the other answers is correct. Cost of goods sold is not recorded in a periodic system. Only after a physical inventory count is done. Every time an item is sold to a customer

Explanation / Answer

The answer is A write –off

When the account receivable is considered uncollectable then the account receivable is written off from the books.

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Correct answer is C.

When a physical inventory count is done the balance in the purchases account is then shifted into the inventory account, which in turn is adjusted to match the cost of the ending inventory.

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Correct option is C.

When the cash is recovered from the bad debt, it will increase the cash account and decrease the accounts receivable so it will affect the balance sheet.

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Correct statement is C.

Internal control

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Hope this answer your query.

Feel free to comment if you need further assistance. J

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