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Impact of Bad Debt Estimates on Financial Statements Discussion
I need support with this accounting question so I can learn better.
GAAP requires receivables to be reported on the balance sheet net of uncollectible amounts (bad debt). This means the allowance method must be used to record uncollectible accounts. The allowance method includes making an adjusting entry. In your own words, explain this procedure to a new accounting student. Address these topics:
the two accounts used in the adjusting entry
two methods of estimating the bad debt expense amount for the adjusting entry
how each estimating method could result in a different amount of bad debt expense
how a different amount of estimated bad debt expense would affect the income statement and the balance sheet numbers
specific examples/numbers could be used to demonstrate the effect on the financial statements
Impact of Bad Debt Estimates on Financial Statements Discussion
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Impact of Bad Debt Estimates on Financial Statements Discussion |
Impact of Bad Debt Estimates on Financial Statements Discussion