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In a traditional library,the collection of books is called the
Allowance for Doubtful Accounts
A contra-asset account that reduces the total accounts receivable on the balance sheet, representing the estimated uncollectible amounts from customers.
Current Assets
Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business.
Balance Sheet
A report detailing a business's assets, liabilities, and shareholders' equity at a particular date, serving as an overview of its financial situation.
Permanent Account
An account that is not closed at the end of the accounting period and whose balances are carried forward into the next period.
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