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What is the presidents official salary not counting his expense allowance?
Wiki User
∙ 16y ago
$400,000
Wiki User
∙ 16y ago
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The presidents salary and expense allowance equal?
$450,000
What is the presidents salary and expense allowance equal?
1 dollar
Would a decrease in the allowance for doubtful accounts increase profitability?
Answer:Yes. To increase the allowance for doubtful accounts, expenses are incurred. Uncollectible accounts expense is debited, and the allowance is credited.The allowance is a buffer to absorb defaults. If the allowance is too high, the journal entry to increase the allowance is reversed. In other words, a debit to the allowance, and a credit to the uncollectible accounts expense. The reversal increases net income (as expenses are reduced).
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.
Do you credit allowance for bad debt and debit bad debt expense?
you smell
What is an attendance allowance?
An attendance allowance is a sum of money paid to cover the expense of someone working somewhere else, for example, away from home.
What is the percentage-of-receivables method?
The percentage-of-receivables method is a way for a company to estimate its Allowance for Uncollectible Accounts and Bad Debt Expense. It is considered a "Balance Sheet Approach," because total Allowance for Uncollectible Accounts is estimated as a percent of total Accounts Receivable. Bad Debt expense then becomes the increase between the previous year's Allowance and the current year's Allowance.
What is percentage of receivables method?
The percentage-of-receivables method is a way for a company to estimate its Allowance for Uncollectible Accounts and Bad Debt Expense. It is considered a "Balance Sheet Approach," because total Allowance for Uncollectible Accounts is estimated as a percent of total Accounts Receivable. Bad Debt expense then becomes the increase between the previous year's Allowance and the current year's Allowance.
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.
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.
Bad debts expense is measured indirectly and the Allowance for uncollectibles balance is measured directly?
yes
How do you write an adjusting entry for bad debt expense?
Debit to bad debt expense, credit to allowance for doubtful accounts. The figure would be your yearly estimate.
