A company estimates that $1,000 of its accounts receivable is uncollectible at the end of the period and will make the following adjusting entry: (check all that apply). At the end of this section, students should be able to meet the following objectives:-Record the impact of discovering that a specific receivable is uncollectible.-Understand the reason that an expense is not recognized when a receivable is deemed to be uncollectible.-Record the collection of a receivable that has previously been written off as uncollectible.-Recognize that estimated figures often prove to be erroneous but changes in previous year figures are not made if a reasonable estimate was made.

Keep track of the effect of learning that a certain receivable is uncollectible.
Understand why a cost is not recorded when a receivable is judged uncollectible.
Keep track of the settlement of a receivable that was previously written off as uncollectible.
Recognize that estimated values are frequently incorrect, but modifications to previous year data are not made if a fair estimate was made.

What is accounts receivable?

Accounts Receivable (AR) are the revenues or payments received by the firm from consumers who have purchased products and services on credit. The credit term is usually brief, ranging from a few days to months or even a year in rare situations.

By the end of this part, students ought to be able to fulfill the following goals as :-

Keep note of the impact of discovering that a particular receivable is uncollectible.
Discover why a charge is not noted when a receivable is determined to be uncollectible.
Keep track of a receivable that was actually published off as uncollectible.
Recognize that estimated values are usually inaccurate, but no changes are made to previous year data if a reasonable estimate was made.

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