question content area when does an account become uncollectible? a.when accounts receivable is converted into notes receivable b.when a discount is available on notes receivable c.at the end of the fiscal year d.there is no general rule for when an account becomes uncollectible

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25-10-2022
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question content area when does an account become uncollectible? a.when accounts receivable is converted into notes receivable b.when a discount is available on notes receivable c.at the end of the fiscal year d.there is no general rule for when an account becomes uncollectible

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contexto38 contexto38 · Answer 1 · 2022-10-28T07:03:47-04:00

When an account becomes uncollectible, there is no set general rule.

Receivables, loans, and other debts that a debtor won't pay are considered accounts uncollectible. As a result of bankruptcy or the debtor's failure to pay, accounts become uncollectible. The normal return period for items purchased with credit is between 30 and 90 days.

Accounts receivable that have almost no possibility of being paid are considered uncollectible. Many factors can cause an account to become uncollectible. Some of these include the debtor's inability to make payments on schedule or their complete failure to make payments.

Businesses can lower their uncollectible accounts by limiting their credit offerings to to credit-worthy entities. To do this, either do a credit check on the company or get in touch with companies who have worked with it in the past.

To learn more about uncollectible account

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