Writing-off An Account Under Allowance Method Guidance
As a result, its November income statement will be matching $2,400 of bad debts expense with the credit sales of $800,000. If the balance in Accounts Receivable is $800,000 as of November 30, the corporation will report Accounts Receivable (net) of $797,600. Under the allowance method, the company records the journal entry for bad debt […]
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