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Brian buys and sells investment securities for his clients.Brian also decided to become a licensed life insurance agent to better serve his customers.While Brian's primary focus is buying and selling financial securities for his clients in exchange for commissions,he also earns commissions on his life insurance sales.Brian is a(n)
Allowance for Doubtful Accounts
A contra-asset account that reduces the total amount of accounts receivable to reflect the estimated portion that may not be collected.
Accounts Receivable
Money owed to a business by its clients or customers for goods or services delivered or used but not yet paid for.
Aging
A method used to categorize accounts receivable based on the length of time an invoice has been outstanding, helping businesses to manage and collect debts effectively.
Adjusting Entry
A journal entry made at the end of an accounting period to record revenues and expenses in the correct period.
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