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When a person does not have to pay the full costs for using a scarce resource, then there is
Allowance for Doubtful Accounts
A contra-asset account that reduces the total amount of accounts receivable to reflect the amount that is expected to be uncollectible.
Bad Debts Expense
An expense account reflecting amounts that are not expected to be collected due to customer defaults.
Bad Debts Recovered
Money that was previously written off as unrecoverable but has since been collected.
Income Statement
A financial document summarizing the revenues, costs, and expenses incurred during a specified period, typically a fiscal quarter or year.
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