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What will be the result of in the accounting records

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Reference no: EM133160820

Questions -

Q1- How would a company report a contingency that is "reasonably possible"?

Q2- Why do companies set up the allowance for doubtful accounts instead of just decreasing accounts receivable for any expected uncollectible balances?

Q3- Ornate Inc. ended 2023 with $600 in allowance for bad debts. In January 2024, Ornate wrote off $450 in accounts receivable that appear to be uncollectible. At the end of 2024, Ornate recorded bad debt expense of $250. What is the balance in the allowance for doubtful accounts at the end of 2024?

Q4- In September 2021, LaToya Corporation purchased (paid for) insurance for the next six months (October 2021 - March 2022) in the amount of $48,000. On December 31, LaToya's accountant forgot to make the adjusting entry that was needed. What will be the result of in the accounting records as a result of this oversight?

Reference no: EM133160820

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