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The income statement account bad debts expense is part of the adjusting entry that increases the balance in the allowance for uncollectible accounts.
Income statement uncollectible accounts. The uncollectible percentages and the accounts receivable breakdown are shown here. The allowance for uncollectible accounts or allowance for doubtful accounts is a contra asset account that reduces the amount of accounts receivable to the amount that is more likely be collected. For each of the individual categories the accountant multiplies the uncollectible percentage by the accounts receivable total for that category to get the total balance of estimated accounts that will prove to be uncollectible for that category. The allowance for uncollectible accounts or allowance for doubtful accounts is a contra asset account that reduces the amount of accounts receivable to the amount that is more likely be collected.
53 account for uncollectible accounts using the balance sheet and income statement approaches. When using the allowance for doubtful accounts method a expense entry is recognized on the income statement at regular intervals. At the end of two months your friend has not repaid the money. The income statement account bad debts expense is part of the adjusting entry that increases the balance in the allowance for uncollectible accounts.
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