Key Terms Instructions: Please Define the Following Key Terms

question 34

Essay

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

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Definitions:

Allowance Account

A contra account related to accounts receivable that represents the estimate of receivables that are likely to be uncollectible.

Allowance Account

A contra-asset account used to estimate and offset losses from potentially uncollectible accounts receivable.

Debit Balance

An accounting entry that represents a situation where debits exceed credits in an account, indicative of assets or expenses.

Adjusting Entry

A journal entry made in accounting records to update the balances of accounts at the end of an accounting period, ensuring that revenues and expenses are matched accurately.