Mac Leonard is preparing the financial statements and has reported the Allowance for Doubtful Accounts in the current liabilities section of the balance sheet because the normal balance of the allowance is a credit Do you agree with this treatment Explain ...

Disagree Although the account has a normal credit balance it is ...

Mac Leonard is preparing the financial statements and has reported the Allowance for Doubtful Accounts in the

Question:

Mac Leonard is preparing the and has reported the Allowance for Doubtful Accounts in the current liabilities section of the because the normal balance of the allowance is a credit.
Do you agree with this treatment? Explain.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...