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View Full Version : Closing entries


jonesmangela
Sep 21, 2017, 01:08 PM
I am trying to figure out how to do closing entries using allowance method with allowance for doubtfull accounts

paraclete
Sep 26, 2017, 10:08 PM
You debit a doubtfull debts expense and credit a provision for doubtful debts. The allowance you make is based on an assessment of accounts outstanding more than ninety days or an assessment of historical defaults as a percentage of accounts receivable or sales