Question

Langley Company uses the allowance method. During January 2016, Langley writes off a $500 customer account balance when it becomes clear that the customer will never pay. The entry to record the write-off will:

A) decrease total assets by $500.

B) decrease net income for 2016 by $500.

C) decrease net accounts receivable by $500.

D) not increase the expenses for 2016.

Answer

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