Uncollectible Accounts Expense and Allowance for Doubtful Accounts are shown on the:
A)balance sheet
B)income statement
C)balance sheet and income statement,respectively
D)income statement and balance sheet,respectively

Question

Quizplus · Accepted Answer

Uncollectible Accounts Expense is reported on the income statement as it represents the expense associated with estimated uncollectible receivables. Allowance for Doubtful Accounts is shown on the balance sheet as a contra asset account, reducing the total accounts receivable to reflect the expected amount of receivables that will not be collected.

Uncollectible Accounts Expense and Allowance for Doubtful Accounts Are Shown