Topic: Allowance for Doubtful Accounts
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Answers to Common Questions
What is Allowance For Doubtful Accounts?
An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Investopedia Says: It is standard practice for a company to have funds set aside for money that cannot be collected. Related Link... Read More »
Source: http://www.answers.com/topic/allowance-for-doubtful-accounts
Why do we have an allowance for doubtful accounts?
Answer To make sure we don't run out of money for continuing operations in the event that doubtful accounts do not pay. Read More »
Source: http://wiki.answers.com/Q/Why_do_we_have_an_allowance_for_doubtfu...
What type of account allowance for doubtful accounts is?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit. Read More »
Source: http://wiki.answers.com/Q/What_type_of_account_allowance_for_doub...
More Common Questions
Answers to Other Common Questions
There are many different line items on the balance sheet of a business. One such line item is called doubtful accounts, or bad debt expense. Doubtful accounts are those in which the business determines that a client will not pay what is owe...
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Source: http://www.ehow.com/how_6516037_calculate-doubtful-accounts.html
a.
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Source: http://answers.yahoo.com/question/index?qid=20081015212128AAguZEi
A contra-asset account.
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Source: http://answers.yahoo.com/question/index?qid=20091027150150AAfkKnY
I see this is a very popular question- so I've expanded the response! First, it isn't a tax question...as this account cannot exist for taxes...which does not allow an allowance for bad debt...just the actual incurred. (An allowance account...
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Source: http://wiki.answers.com/Q/What_is_the_entry_for_doubtful_accounts...
Companies take a chance on consumers. When credit is extended to anyone, there's some level of risk involved. Hopefully, for most companies, the risk is minimal. Reimbursement managers have to track the trend of bad debts to determine when ...
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Source: http://www.ehow.com/how_2146069_account-bad-debt-allowance-method...
Plain and simple: IRAs are vehicles for retirement savings. Regardless of whether it is a traditional, Roth or simple IRA plan, the tax benefits and investment flexibility are unmatched. If you are considering starting an IRA or revamping t...
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Source: http://www.ehow.com/facts_5088977_types-invetments-allowed-ira-ac...
: Required allowance ($379700 * 5 %) $18985 Less: Allowance balance $6380 Bad debts expense $12605 (Dr) Bad debts expense $12605 (Cr) Allowance for doubtful accounts $12605 Source(s): My brain only.
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Source: http://answers.yahoo.com/question/index?qid=20100202193127AALkBR2
