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In the allowance methods of accounting for noncollectible accounts what adjustment must be made to the financial statements when a specific bad debt is written off?
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∙ 16y ago
DR Allowance for Doubtful Accounts
CR Accounts Receivable
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∙ 16y ago
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The balance in Allowance for Doubtful Accounts must be considered prior to end of period adjustment when using what methods?
Allowance Method
What is OLA?
Overseas (Cost Of) Living Allowance On-Line Accounting/Advertizing etc
What has the author Hector R Anton written?
Hector R. Anton has written: 'Managing the allowance for loan and lease losses' -- subject(s): Bank loans, Commercial loans, Leases 'Accounting for th flow of funds' 'Fortran and business data processing' -- subject(s): FORTRAN (Computer program language) 'Accounting for the flow of funds' -- subject(s): Accounting, Corporations, Financial statements
What accounts receivable valuation method best demonstrates accounting conservatism?
Allowance for doubtful accounts
If the allowance method of accounting for uncollectible receivables is used what general ledger account is credited to write off a customer's account as uncollectible?
Allowance for Doubtful Accounts
When reported in financial statements a lifo allowance account usually?
Indicates the effect on income if LIFO were not used.
How to calculate gross receivable?
you have to take at first Account Recievable plus Allowance for doubtful ex: Accoun Receivable = 1807 Allowance for Doubtful = 100 Gross Receivable 1907 any question in Accounting : aziz4z@hotmail.com
The balance in allowance for doubtful accounts must be carefully considered prior to the end of the year adjustment when applying which method?
estimate based on an analysis of recivable
Is it true when using the allowance method of accounting for uncollectible accounts the entry to record the bad debt's expense's is a debit to Bad Debts Expense and a credit to Account's Receivable.?
No while using allowance method, bad debts are charged to allowance for bad debts account rather charging the accounts receivable because accounts receivable was already charged with allowance when it was created.
Why allowance for receivables isn't recognised in receivables control account?
If you are working on accounting for a business and the allowance for receivables isn't recognized in the receivable control account, it be because a client hasn't paid. It may also be because the accounts have not been reconciled.
On a balance sheet what does contra asset allowance for doubtful accountsrepresent Is it current asset fixed asset or investment?
see the site. http://ccba.jsu.edu/accounting/BADDEBTS.HTML
What is importance of pattern allowance?
pattern allowance is needed as it gives shrinkage allowance, machining allowance,draft allowance,shaking allowance and distortion allowance.
