Adjusting Entry for allowance for Doubtful Accounts Examples, Samples, Illustrations, Calculation Help Online
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What is an allowance for Doubtful Accounts?
There is an accounting rule which states that provisions for expected losses should be made while expected gains should not be accounted for. Doubtful Accounts are just an estimation of account receivables that will not be collected. The allowance for doubtful accounts is a reduction of the total amount of accounts receivable appearing on a company’s balance sheet. This is done due to credit sales made during a particular year, some debts may become irrecoverable in the next year due to non-payments. Therefore, an adjusting entry is passed for doubtful accounts that is as follows
Allowance for Doubtful Accounts Dr.
To Accounts Receivable
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Adjusting Entry for allowance for Doubtful Accounts Examples Explanation
This can be well explained with the help of an example.
Example: Let’s say that the balance in Accounts Receivable is $50000 and the balance in allowance for doubtful accounts is $10000. Its calculation is as follows
Accounts Receivables $50000
Less: allowance for doubtful accounts $10000
Net Accounts Receivables $40000
The adjusting entry will be as follows
Allowance for Doubtful Accounts Dr. $10000
To Accounts Receivable $10000
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