The Collection of an Account That Had Been Previously Written

question 24

Multiple Choice

The collection of an account that had been previously written off under the allowance method for uncollectible accounts

• A)will increase profit in the period it is collected.
• B)will decrease profit in the period it is collected.
• C)requires a correcting entry for the period in which the account was written off.
• D)does not affect profit in the period it is collected.