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L_Breezy
Aug 9, 2005, 12:20 AM
I have to prepare financial statements for an assignment and I was wondering on which statements these accounts are relevant and reported and what are they classified as(revenue, expense, liability, asset etc. )

Provision for Loss
Accumulated Depreciation
Allowance for Doubtful Accounts

Any help would be appreciated. Thanks in advance.

lnguyen
Aug 9, 2005, 10:13 AM
Provision lost is classified as Expense
Accumulated Depreciation is a Contra-Asset, so it belongs to Assets.

lnguyen
Aug 9, 2005, 10:16 AM
Provision lost- Expense (income statement)
Accumulated Depreciation is a Contra-Asset, so it belongs to Assets. (B/S)
Allowance for Doubtful Accounts: Assets (B/S)
(A/R less: allowance for doubtful acct.)

HOPE THIS HELP.