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<p><em><strong>After recording the estimate of uncollectible accounts expense for the current year, company decided to write off in the current year the $10,000 account of a customer who had filed for bankruptcy. What effect does this write-off have on the company’s current net income and total current assets, respectively?Net Income</strong></em></p> <p><em><strong>Net Income Total current assets</strong></em></p> <p><em><strong> a) Decrease Decrease</strong></em></p> <p><em><strong> b) No effect Decrease</strong></em></p> <p><em><strong> c) Decrease No effect</strong></em></p> <p> </p> <p><em><strong> d) No effect No effect</strong></em></p>
d) No effect on net income and no effect on total current assets.
The entry should be:
Allowance for Bad Debts xxx
Accounts Receivable xxxx
The answer is d) No effect on Net Income and No effect on Current Assets.
