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BAD DEBTS
uncollectible amounts owed by customers
BAD DEBTS EXPENSE
the loss due to uncollectible accounts
INCOME STATEMENT METHOD OF ESTIMATING BAD DEBTS
uses a percentage (%) of net sales as a basis for estimating bad debts expense
BALANCE SHEET METHOD OF ESTIMATING BAD DEBTS
uses a percentage (%) of accounts reecivable as a basis for estimating bad debts expense
ACCOUNT RECEIVABLE AGE ANALYSIS
a list of balances owed by each customer and how long the balance has been owed
ACCRUED EXPENSES
expenses that have been incurred but not yet recorded in the books
ACCRUED SALARIES
salaries earned but not yet paid
ACCRUED REVENUE
revenue earned during the fiscal period but not yet recorded in the books
UNEARNED REVENUE
current liability account; revenue that has been received but is not yet earned
CLASSIFIED INCOME STATEMENT
has three main sections: revenue, cost of goods sold, and operating expenses