allegheny estimates that the ending allowance for doubtful accounts balance should be $7,200. what amount will allegheny report as uncollectible accounts expense on its year 2 income statement?

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26-10-2022
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allegheny estimates that the ending allowance for doubtful accounts balance should be $7,200. what amount will allegheny report as uncollectible accounts expense on its year 2 income statement?

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ANKITANAND ANKITANAND · Answer 1 · 2022-10-29T10:35:32+02:00

So, after making an adjusting entry to record bad debt expense or $ 11,400, the balance in Allowance for Doubtful accounts would come to $7,200.

What is allowance?
An allowance is a sum of money that is usually given or allotted at regular intervals for a clear objective. In the case of children, parents may give their child an allowance for miscellaneous personal spending. In the construction sector, an allowance is a sum of money allotted to a specific piece of work as a part of a larger contract. The person giving the allowance usually tries to regulate how or when the money is spent by the beneficiary so that it meets the person giving the money's goals. A parent's allowance, for example, may be motivated to teach the child money management and may be unconditional or conditional on the completion of chores or the accomplishment of specific grades.

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