Under the allowance method, the entry to write off an account that has been deemed uncollectible has no impact on the net income of the firm.

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The allowance method involves creating a contra asset account called the allowance for doubtful accounts, which is used to estimate and account for potential bad debts. When an account is deemed uncollectible, the entry to write it off involves debiting the allowance for doubtful accounts and crediting accounts receivable. This results in a decrease in both assets and the allowance for doubtful accounts, but has no impact on the net income of the firm.

Under the Allowance Method, the Entry to Write Off an Account