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Solnce55 [7]
2 years ago
5

Allowance for doubtful accounts is classified as a(n) ______ account and has a normal ______ balance.

Business
1 answer:
tensa zangetsu [6.8K]2 years ago
3 0

Allowance for doubtful accounts is classified as a(n)  contra asset  account and has a normal  <u>credit </u>balance.

<h3>What is contra asset?</h3>

In a general ledger, a contra account is used to lower the value of a linked account when the two are netted together. The natural balance of a contra account is the inverse of the related account. The contra account records a credit if the connected account's natural balance is a debit. As an illustration, accumulated depreciation serves as the contra account for a fixed asset.

An account used in a general ledger to lower the value of a connected account is called a contra account.

They can be used to report a decrease or write-down in a different contra account that nets to the current book value while maintaining the historical value in the main account.

To learn more about contra asset from the given link:

brainly.com/question/15610334

#SPJ4

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