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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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What kind of account is allowance for doubtful accounts? What does it represent?

To determine

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The kind of the account named allowance for doubtful account and its ability of representation.

Explanation

The recording of bad debts in the sale period is the concept of allowance method. In this method, it does not recognize it at the time of confirmation of non-realisation of the amount so as to maintain proper accounting of revenues which leads to the revenues to be remain matched. The bad debts are computed on the basis of past trends of the revenues and recognized in a separate account named allowance for doubtful account...

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