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level: Trade Receivable

Questions and Answers List

level questions: Trade Receivable

QuestionAnswer
How to calculate ending balance of Allowance of Doubtful Accounts (2 ways)% of Ending AR Aging Schedule of AR
If pledging AR, what account should be credited?Note Payable
Selling AR without recourseTrue Sale, take AR off books
Selling AR with recourseSale (if met by all three) or Loan 1) Seller's Obligation reasonably estimated 2) Transferer surrenders control 3) Transferer not required to repurchase AR
What is the direct write-off method used for, and can it be used for GAAP?It's used for tax purposes, and no it cannot be used for GAAP. Bad Debt is our plug figure in Allowance for Doubtful Accounts