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Dafna1 [17]
2 years ago
11

The account allowance for uncollectible accounts is classified as a(n contra account to uncollectible accounts expense. expense.

liability. contra account to accounts receivable.
Business
2 answers:
kykrilka [37]2 years ago
8 0

<u>Answer:</u>

The account allowance for uncollectible accounts is classified as a contra account to accounts receivable.

<u>Explanation:</u>

  • It is a contra asset account. It is the allowance for bad debt reserve or doubtful actions.
  • Contra accounts are reported on the financial statement same as that of the associated account, appearing directly below the associated account with a 3^{rd} line for the net amount.
  • They are useful in preserving the historical value in main account while denoting a decrease in a separate contra account that sums to the current book value.
GrogVix [38]2 years ago
5 0
Contra account to accounts receivable
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