Examlex
Define information and explain its characteristics.
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.
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