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an existing balance an allowance for doubtful accounts is not considered when the estimate of losses based on what
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Asked 9/16/2012 11:45:48 PM
Updated 4/25/2019 1:25:19 PM
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User: an existing balance an allowance for doubtful accounts is not considered when the estimate of losses based on what





Weegy: How is an Allowance Set Up When the allowance needs to be set up, the expense account titled uncollectible expense account (or bad debt account, [ provision for bad debt account) is debited and any loss due to actual bad debts is just recognized as a normal business expense in the income statement, thereafter. In accordance with the revenue recognition principle (all revenues should be recorded in the same time period as when they are actually earned) and the matching principle (expenses be recorded in the same time period as the incomes that they helped generate), all bad debt expenses are required to be recorded in the same time period as the sales. ]
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Question
Asked 9/16/2012 11:45:48 PM
Updated 4/25/2019 1:25:19 PM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by emdjay23 [4/25/2019 1:25:19 PM]
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An existing balance in Allowance for Doubtful Accounts is not considered when the estimate of loss is based on a percent of total sales.

Added 4/25/2019 1:25:17 PM
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