Examlex

Solved

Key Terms Instructions: Please Define the Following Key Terms

question 89

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
David


Definitions:

Bad Debts Expense

An expense reported on the income statement, representing the estimate of receivables that are not expected to be collected.

Contra Account

An account used in the ledger to offset a related or a parent account, often showing the amount of reductions or adjustments to the main account.

Sales Account

An account in the general ledger that records the sales of goods or services.

Related Questions