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Is bad debts expense applicable to loans receivable?
Bad debts expense is also use to write off accounts receivable and not for loans receivables.
What is an alternative name for Bad Debts Expense is?
Accounts Receivable
Is bad debt expense account and allowance for uncollectible account is same account?
Bad debt expense account is the actual expense account for bad debts while allowance for doubtful account is the provision for account in case of any bad debts occurs in future.
What amount of bad debts expense will Hermesch Company report if it uses the direct writeoff method of accounting for bad debts?
If Hermesch Company uses the direct write-off method for accounting for bad debts, it will report bad debts expense equal to the amount of specific accounts receivable that are determined to be uncollectible during the accounting period. This means that the company will directly write off the bad debts as they are identified, rather than estimating a percentage of total receivables. The total bad debts expense will thus reflect the actual losses incurred within that period.
If a company fails to record estimated bad debts expense?
expenses are understated
Allowance for Bad Debts vs bad debt expense?
An allowance for bad debt is essentially a reduction in a bank's accounts receivable. The allowance for bad debt equals the amount of the banks loans that it does not expect to collect.
What expense category could be eliminated through good financial planning?
debts
Double entry book-keeping for a decrease in provision for bad debts?
when there is decrease in provision of doubtful debts the double entry to record it would be ; debit : provision credit: expense /bad debts
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
Why are employees such a major expense for bank?
The employees are such an expense for banks because of they must be paid well. There are some who plan with robbers on how to steal from the coffers of the bank.
Bad debts expense is measured indirectly and the Allowance for uncollectibles balance is measured directly?
yes
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
