The entry to adjust the Allowance for Uncollectible Accounts is: for an amount e

Question

The entry to adjust the Allowance for Uncollectible Accounts is:

for an amount equal to the actual expense for uncollectible accounts during the past year.

made monthly if financial statements are prepared once a year.

made at the end of the fiscal year if financial statements are prepared once a year.

made when the balance has been reduced to zero.

for an amount equal to the actual expense for uncollectible accounts during the past year.

made monthly if financial statements are prepared once a year.

made at the end of the fiscal year if financial statements are prepared once a year.

made when the balance has been reduced to zero.

Explanation / Answer

Answer is C

made at the end of the fiscal year if financial statements are prepared once a year.

It is estimated by the management at the year end so that financial statement can be prepared with true and fair view.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.