Q8.8: what is the effect of the collection of an account that had been previously written off under the allowance method of accounting? a : it will increase income in the period it is collected. b : it requires a correcting entry for the period in which the account was written off. c : it will decrease income in the period it is collected. d : it does not affect income in the period it is collected.

The answer is: A : It will increase income in the period it is collected.

Explanation:

Under the allowance method, the company estimates bad debt expenses. So any bad debt written off will affect only the balance sheet by:

If unexpectedly your client decides to pay their debt, this should be recorded as:

and then the payment should be recorded increasing the income for the current period:

It does not affect income in the period it is collected

Explanation:

b is the correct answer

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