Below please find a definition of “Allowance for Uncollectible Accounts”
Allowance for Uncollectible Accounts: Allowance for uncollectible accounts is also termed as allowance for doubtful accounts. Firms generally establish balance sheet accounts for offsetting unexpected bad debts. When consumers buy products or services but do not pay their bills, it is common practice for the selling company to write-off the unpaid bills as the uncollectible amount.
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