Reference no: EM132793287

Problem 1: The amounts that cannot be collected from charge customers are called

a. Loss from Uncollectible Accounts.
b. Uncollectible Charges Expense.
c. Collection Deficiency Expense.
d. Bad Debt Expense.

Problem 2: A method of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the

a. specific identification method.
b. average cost method.
c. last-in, first-out method.
d. first-in, first-out method.

Problem 3: The allowance for bad debts account is contra to which of the following accounts?

a. Revenue
b. Bad Debt Expense
c. Accounts Receivable
d. Cash