Which financial statement reports Allowance for Doubtful Accounts?
A)Balance sheet
B)Income statement
C)Statement of owner's equity
D)None of these answers is correct.

Question

Quizplus · Accepted Answer

Allowance for Doubtful Accounts is a contra-asset account that is reported on the balance sheet. It is used to adjust the accounts receivable balance for the estimated amount of uncollectible accounts. It is not reported on the income statement or statement of owner's equity.

Which Financial Statement Reports Allowance for Doubtful Accounts