On March 31, 2014 Spangler Co. wrote-off a $500 account receivable of one of its customers, Bill Foster. The $500 sale had been made to Foster last year. Spangler uses the "allowance method" to account for uncollectible accounts expense. Show how the write-off of the account would affect the elements of Spangler's financial statements.

Question

Quizplus · Accepted Answer

The Answer of On March 31, 2014 Spangler Co. wrote-off a $500 account receivable of one of its customers, Bill Foster. The $500 sale had been made to Foster last year. Spangler uses the "allowance method" to account for uncollectible accounts expense. Show how the write-off of the account would affect the elements of Spangler's financial statements.