Why do companies need to create an allowance for doubtful, Financial Accounting

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Why do companies need to create an allowance for doubtful

Allowance for Doubtful Accounts

Why do companies need to create an allowance for doubtful accounts? Further, consider the following statement: "The income statement approach used to estimate bad debts is based on Accounts Receivable on the Balance Sheet." Do you agree or disagree with the statement? Explain your position.

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