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1. Allowance for Uncollectible Accounts is a contra asset account, which means that its normal balance is a credit. However, it is possible for
1. Allowance for Uncollectible Accounts is a contra asset account, which means that its normal balance is a credit. However, it is possible for the account to have a debit balance before year-end adjustments are recorded. Explain how this could happen. 2. How does an accountant calculate the year- end adjustment for Allowance for Uncollectible Accounts with a debit balance before year-end adjustments recorded?
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