The allowance for doubtful account is a: The allowance for doubtful accounts is a:a) Contra-asset accountb) Liability accountc) Revenue accountd) Expense account

Explanation of Contra-asset Account:A Contra-asset Account is an account that reduces the value of a…

Answered: The allowance for doubtful accounts is…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 4TF: When an account is written off under the allowance method, there should be a debit to Bad Debt...

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Similar questions

Which of the following is an accurate description of the allowance for doubtful accounts? liability account expense account contra account revenue account
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of which of the following? a. Expense recognition principle. b. Consistency characteristic. c. Materiality quality. O d. Revenue recognition principle.
Which one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow account
The Allowance for Doubtful Accounts account is a contra asset account to Accounts Receivable. True O False 4
Allowance for Doubtful Accounts is a liability account. True False
state the differences between unearned revenue and accounts payable? both accounts are liabilities therefore what is the normal balance of liability and does it matter?
Which accounting concept supports recording bad debt expense before accounts are actually uncollectible? a) Full disclosure principle b) Materiality concept c) Going concern concept d) Matching principle
Choose the right one
When an account is written off under the allowance method, there should be a debit to Bad Debt Expense.
Which account type is used to record bad debt estimation and is a contra account to Accounts Receivable?
Which method delays recognition of bad debt until the specific customer accounts receivable is identified? A. income statement method B. balance sheet method C. direct write-off method D. allowance method
When using the allowance method

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The allowance for doubtful accounts is a: a) Contra-asset account b) Liability account c) Revenue account d) Expense account