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Unformatted text preview: Examples: Term of the note call for payment of principle and interest Adj. Entry: A debit to an asset , a receivable and a credit to revenue Accountants often must make estimates in order to comply with the accrual accounting model. Example: the calculation of depreciation expense requires an estimate Bad debt expense an estimate of the amount of accounts receivable that is uncollectible Adj. Entry: A debit to bad debt expense and a credit to a contra account, allowance for uncollectible accounts...
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This note was uploaded on 07/13/2011 for the course ACCT 231 taught by Professor Eric during the Spring '11 term at Texas Southern.
- Spring '11