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    jonesmangela's Avatar
    jonesmangela Posts: 1, Reputation: 1
    New Member

    Sep 21, 2017, 01:08 PM
    Closing entries
    I am trying to figure out how to do closing entries using allowance method with allowance for doubtfull accounts
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 172
    Ultra Member

    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

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