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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

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Economies of scale and intra-industry trade combine to produce ________. group of answer choices
Nikolay [14]

Economies of scale and intra-industry trade combine to produce variety for customers.

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3 0
1 year ago
Journalize the following transactions for Cullumber Company.
Thepotemich [5.8K]

Answer and Explanation:

The journal entries are shown below

On Sept 1

Supplies Dr $1,020

    To Cash $1,020

(being supplies purchased in cash)

On Sept 5

Dividend Dr $410

   To cash $410

(being cash dividend is paid)

On Sept 7

cash Dr 5,500

   To Unearned service revenue  $5,500

(being cash collection is recorded)

On Sept 16

Cash Dr $770

  To Account receivable $770

(being cash collection is recorded)

On Sept 22

Equipment Dr $3,000

         To cash $1,100

         To Note payable $1,900

(being equipment purchased is recorded)

3 0
2 years ago
The Rule of 72 is: a. A tool to determine the number of years until retirement for an employee b. Used to estimate how fast pric
Veseljchak [2.6K]

Answer:

b. Used to estimate how fast prices will double using a given annual inflation rate

Explanation:

Rule of 72 is a fast statistical method to determine how long an investment will double given annual interest rate.

Simply divide 72 by the annual interest rate.

Alternatively it can be used to calculated annual rate of return required to double investment.

Alternatively it can be used to calculate annual rate of return required to double an investment.

For example if $1,000 is to be doubled in 5 years.

Years to double= 72/ Interest

Interest= 72/5= 14.4%

5 0
2 years ago
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