Contra asset accounts include allowance for doubtful accounts and accumulated depreciation. Contra asset accounts are recorded with a credit balance that decreases the balance of an asset. Purchase returns, allowances and discounts are all examples of contra expense accounts. The account Allowance for Doubtful Account is credited when the account Bad Debts Expense is debited under the allowance...
July 2022
Our estimates are based on past market performance, and past performance is not a guarantee of future performance. It has all of the technical indicators that a professional needs, and is constantly updated in order to keep the technology safe, secure, and user friendly. Think of it as the “cost of doing business”, and something that you try to limit. However, it is worth noting that the less frequent...