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What is Provision for Doubtful Debts Explained about?

This document discusses accounting procedures for bad debts and allowances for doubtful debts. It explains that when debts are deemed uncollectible, they are removed from accounts receivable through a journal entry that credits the customer account and debits the bad debts expense. It also discusses establishing an allowance for doubtful debts account through estimating what percentage of outstanding receivables may prove uncollectible based on past experience, and adjusting this allowance account over time

Author

RealGenius (Carl)

Language

EN