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127165570 Acc 291 Week 1 Summary Essay

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ACC 291

University of Phoenix

Weekly Summary (Week 1)

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Weekly Summary for Week 1

Response Option 1
This week I learned about different methods that deal with bad debt and the means to log these debts into journals. There are three main methods of figuring the amount of bad debt, which are the sales percentage method, receivable method, and the write-off method. When companies make sales on credit or are payable in later dates of 30 days, 60 days, or 90 days they estimate some of the debt will be uncollectible. Depending on which method a company comes up with a percentage of debt that is based on sales or allotment will not be paid and will be charged to the bad debt expense. GAAP only recognizes the sales percentage and rec...

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