Describe the year-end adjustment to record the allowance, Finance Basics

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Describe the year-end adjustment to record the allowance

Question: 1. What are the financial statement effects of establishing an allowance for uncollectible accounts?

2. Describe the year-end adjustment to record the allowance for uncollectible accounts.

3. Allowance for Uncollectible Accounts is a contra asset account, which means that its normal balance is a credit. However, it is possible for the account to have a debit balance before year-end adjustments are recorded. Explain how this could happen.

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Finance Basics: Describe the year-end adjustment to record the allowance

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