Under the Direct Write-Off Method,a Customer Who Doesn't Pay Their

question 42

Multiple Choice

Under the direct write-off method,a customer who doesn't pay their bills is written off with what journal entry?

• A) Debit Accounts receivable and credit Uncollectible account expense
• B) Debit Uncollectible account expense and credit Cash
• C) Debit Uncollectible account expense and credit Accounts receivable
• D) Debit Lost revenue and credit Accounts receivable

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Definitions:

U.S. Financial System

This system encompasses all the financial institutions in the United States, including banks, credit unions, and the Federal Reserve, responsible for monetary policy, financial services, and regulation.

Postwar Period

The era immediately following the end of a significant war, often characterized by reconstruction, political realignment, and attempts to address the causes of the conflict.

Iraq War

Also known as the Second Gulf War, it was a conflict that began in 2003 with the invasion of Iraq by a coalition led by the United States, aiming to disarm Iraq of weapons of mass destruction and end Saddam Hussein's regime.

Bush Administration

Refers to the presidency of George H.W. Bush (1989-1993) and/or George W. Bush (2001-2009), focusing on their respective terms in office and policies implemented.