Lyons Bookkeeping And Accounting
Lyons Bookkeeping And Accounting
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00 Reserve for Loss on Accounts Receivable $300 . 00 The amount which was estimated as the probable loss, by means of either entry, finds its way to the Profit & Loss account and thereby reduces the profits for the period.
There is always a possibility that the expected loss may occur. If this happens in the following period, the proper adjustment may then be made. Suppose Harris & Co. , who became indebted during a previous period and whose balance of $400. 00 was included among the accounts r...eceivable at the end of the period, should fail and pay only 60% of the debt. The following entry may then be made: Cash $240. 00 Reserve for Loss on Accounts Receivable 160 . 00 Harris & Co. $400. 00 It will be seen that this loss would not affect the profits for the current period and since provision has been made for it, it apparently has no effect upon the business. In other words, the business was prepared for a "shock" of this kind.
BALANCING AND RULING RESERVE FOR LOSS ON ACCOUNTS RECEIVABLE ACCOUNT There is seldom any need to balance and rule this account.
What to read after Lyons Bookkeeping And Accounting?
You can find similar books in the "Read Also" column, or choose other free books by J a Lyons to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
00 Reserve for Loss on Accounts Receivable $300 . 00 The amount which was estimated as the probable loss, by means of either entry, finds its way to the Profit & Loss account and thereby reduces the profits for the period.
There is always a possibility that the expected loss may occur. If this happens in the following period, the proper adjustment may then be made. Suppose Harris & Co. , who became indebted during a previous period and whose balance of $400. 00 was included among the accounts r...eceivable at the end of the period, should fail and pay only 60% of the debt. The following entry may then be made: Cash $240. 00 Reserve for Loss on Accounts Receivable 160 . 00 Harris & Co. $400. 00 It will be seen that this loss would not affect the profits for the current period and since provision has been made for it, it apparently has no effect upon the business. In other words, the business was prepared for a "shock" of this kind.
BALANCING AND RULING RESERVE FOR LOSS ON ACCOUNTS RECEIVABLE ACCOUNT There is seldom any need to balance and rule this account.
What to read after Lyons Bookkeeping And Accounting?
You can find similar books in the "Read Also" column, or choose other free books by J a Lyons to read onlineMoreLess
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