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Nata [24]
2 years ago
8

The Allowance for Doubtful Accounts is a contra-asset account. Increases to the account (to record the period's estimated bad de

bt expense) are recorded with ______. Multiple choice question. credits debits
Business
1 answer:
Bezzdna [24]2 years ago
7 0

They are recorded as debit as Allowance for Doubtful Accounts.

<h3>Allowance for doubtful accounts </h3>

An allowance for doubtful accounts is a contra account that nets against the total receivables presented on the balance sheet to reflect only the amounts expected to be paid. The allowance for doubtful accounts estimates the percentage of accounts receivable that are expected to be uncollectible. However, the actual payment behavior of customers may differ substantially from the estimate.

KEY TAKEAWAYS

The allowance for doubtful accounts is a contra account that records the percentage of receivables expected to be uncollectible.

The allowance is established in the same accounting period as the original sale, with an offset to bad debt expense.

The percentage of sales method and the accounts receivable aging method are the two most common ways to estimate uncollectible accounts.

Learn more about doubtful accounts here :

brainly.com/question/15409074

#SPJ4

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Digby currently has $19,743 (000) in cash and management has decided to issue stocks and bonds worth an additional $8,000 (000).
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6 0
3 years ago
'Partnership business can't be successful without mutual understanding'.justify this statement.​
Colt1911 [192]

Answer: See explanation

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3 0
3 years ago
On December 31, Leann Corp. paid $5,120 on an installment note that requires annual payments. The outstanding loan balance on Ja
OleMash [197]

Answer:

Dr Interest expense  $4,000

Dr Notes payable      $1,120

Explanation:

The $5,120 repaid comprised of both interest and principal repayments,hence there is need for the amount to be split into the two appropriate accounts.

The interest payable on the loan on yearly basis ,based on the outstanding loan balance of $50,000 is $4,000(8%*$50,000),hence the balance of $1,120($5,120-$4,000) represents the actual repayment of principal,as a result the notes payable account should be debited with $1,120.

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4 years ago
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