Question: Discuss the three (3) essential features of the allowance method of accounting for bad debts. (Hint - (1) How are bad debts estimated (2) How

Discuss the three (3) essential features of the allowance method of accounting for bad debts. (Hint - (1) How are bad debts estimated (2) How are estimated bad debts recorded in the financial statements - (journal entry) and (3) when and how (journal entry) are bad debts written off?)

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