The Normal Balance of the Account "Allowance for Uncollectible Accounts

question 32

Multiple Choice

The normal balance of the account "Allowance for Uncollectible Accounts" is a _______ because _______.

• A)Debit;it is a contra account to Revenue (a credit account)
• B)Credit;it is a contra account to Accounts Receivable (a debit account)
• C)Debit;it is an expense in the income statement

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Definitions:

Andrew Carnegie

A 19th-century industrialist and philanthropist known for his massive wealth derived from the steel industry and his significant contributions to education, libraries, and peace initiatives.

Philanthropy

The desire to promote the welfare of others, expressed especially by the generous donation of money to good causes.

Rich

Having a great amount of wealth or resources; possessing more than enough material goods or money.

Benefit Society

An organization that provides support and assistance, often in the form of insurance or financial aid, to its members.