zino company determines that a customer balance of $200,from hollis co. is uncollectible. zino uses the allowance method to account for bad debts. the entry to write off the uncollectible balance will include a:

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31-10-2022
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zino company determines that a customer balance of $200,from hollis co. is uncollectible. zino uses the allowance method to account for bad debts. the entry to write off the uncollectible balance will include a:

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qwteddy qwteddy · Answer 1 · 2022-11-03T15:51:09+01:00

zino company determines that a customer balance of $200, from Hollis co., is uncollectible. zino uses the allowance method to account for bad debts. the entry to write off the uncollectible balance will include a debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable.

The allowance technique is setting aside a reserve for anticipated future bad debts. The reserve is calculated as a percentage of the sales made during a reporting period, with the percentage of sales possibly being adjusted for client risk.

The income statement will show the bad debts expense closer to the time of the sale or service, hence it is preferable to the direct write-off technique. A more accurate net amount of accounts receivable that will actually be converted to cash will be shown on the balance sheet.

By dividing the accounts receivable by the proper proportion for the aging period and combining those two sums, it estimates the allowance for dubious accounts.

Learn more about the allowance method here:

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