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Home / Questions / The Allowance for Doubtful Accounts is shown on the balance sheet as a contra-asset. 23)

The Allowance for Doubtful Accounts is shown on the balance sheet as a contra-asset. 23)

 The Allowance for Doubtful Accounts is shown on the balance sheet as a contra-asset.

 

23) The normal balance of the Allowance for Doubtful Accounts account is a debit.

 

24) The normal balance of the Bad Debts Expense account is a debit.

 

25) The Allowance for Doubtful accounts is shown on the income statement.

 

26) The adjusting entry for uncollectibles is based on an estimate.

 

27) The Allowance account is a contra-liability account.

 

28) The Allowance for Doubtful Accounts may have a debit balance before adjustment.

 

29) A debit balance in Allowance for Doubtful Accounts indicates the estimate for Bad Debts was too high.

30) Bad Debt Expense would be reported on the balance sheet.

 

31) The beginning balance in the Allowance for Doubtful Accounts represents potential bad debts from previous periods.

 

32) Increasing prices is one way companies respond to the problem of bad debts.

Dec 07 2019 View more View Less

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