What type of account is Allowance for Doubtful Accounts?
A) Contra asset account
B) Asset account
C) Liability account
D) Expense account

Name: What type of account is Allowance for Doubtful Accounts? A) Contra asset account B) Asset account C) Liability account D) Expense account
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Question

Quizplus · Accepted Answer

Allowance for Doubtful Accounts is a contra asset account used to reduce the balance in Accounts Receivable to reflect the amount of receivables that are not expected to be collected.

What Type of Account Is Allowance for Doubtful Accounts