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Explain entries that are made to record payment of account

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Assignment: INTERMEDIATE ACCOUNTING

Collection of Write-Offs

There are two methods for writing off uncollectible accounts which include the direct write-off method and allowance method. Which method is most commonly utilized and what is the process for writing these accounts off under each method? Explain the entries that are made to record payment of an account that has previously been written-off?

Reference no: EM131498366

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