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Packrall Company makes computer chips.Curtis is manager of the company's maintenance department.Because his maintenance technicians are so well trained in maintaining expensive and sensitive circuit board stamping equipment,Curtis has been authorized to contract to perform maintenance for outside customers.In this company,the maintenance department is likely organized as:
Allowance for Doubtful Accounts
A contra-asset account that represents the amount of accounts receivable that a company does not expect to collect.
Uncollectible Receivables
Amounts due from customers that are considered unattainable and likely to never be collected.
Adjusting Entry
An adjusting entry is a journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period, ensuring the accounts comply with the accrual basis of accounting.
Direct Write-off Method
An accounting method where uncollectible debts are charged directly to expense as they are deemed to be uncollectible, not matching expenses to related revenues.
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