Homework Answers
Answer: True
Explanation:
'Allowance for bad debts account' have 'Credit balance' as normal balance before adjustments and after adjustments.
T-Account:
| Allowance for bad debts account | |||
| Debit | Credit | ||
| Beginning balance | Amount | ||
| Bad debt expense(Adj.) | Amount | ||
| Ending balance | Amount | ||
Prior to adjustment it may have 'Credit balance' or 'Debit balance'. But after adjustments it should have 'Credit' Balance.
Hence, The allowance for bad debts account may have a credit balance prior to adjustments.
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On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,207. During the first 11 months of the year, bad debts expense of $21,610 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,926. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
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