Charms, Inc

question 79

Short Answer

Charms, Inc. has determined that an account receivable of $125 is uncollectible. The company uses the direct write-off method. Which of the following entries is required to record the write-off?

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Definitions:

Expanded Accounting Equation

An enhanced version of the basic accounting equation that includes components such as retained earnings, stockholders' equity, and dividends.

Transactions

Financial events that affect the financial statements of a business, consisting of external trades with other entities as well as internal events.

Beginning Balances

The amounts in accounts at the start of a new accounting period, carried over from the end of the previous period.

Accounts Receivable

Accounts receivable are funds owed to a company by customers who have received goods or services but have not yet paid for them.