Accounts Receivables Adjusting Entries Examples, Samples, Concepts,Illustrations, Calculation Help Online
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What is an account receivable?
Accounts receivables are those income or revenue which a company has earned but has not yet received the payment. It represents those amount of company sales that were made on credit and are now awaiting cash payment. Since some receivables may never be collected and hence, the account may need to be adjusted to show the amount that is considered collectible.
The amounts that are considered irrecoverable are called bad debts. Bad debts are considered as loss for the company and is treated as an expense and the receivable is written off. Bad debts appearing in the trial balance means bad debt entry is already passed and further adjustment is not required. It also means the amount of account receivables appearing in the trial balance is after deducting bad debts. The adjusting entry is as follows
Bad Debts a/c Dr.
To Accounts Receivables
Profit and Loss a/c Dr.
To Bad Debts a/c
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Accounts Receivables Adjusting Entries Example Explanation
The concept can be well understood with the help of an example.
Example: Suppose Accounts Receivables of a company amounts to $10000 and Bad Debts amount to $5000. The accounting entry is as follows:
Bad Debts a/c Dr. $5000
To Accounts Receivables $5000
Profit and Loss a/c Dr. $5000
To Bad Debts a/c $5000
Then in the balance sheet it is shown as deduction from accounts receivables ($10000-$5000=$5000)
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