Question: we learned about interest expense on notes payable. Interest expense is an actual expense. we learned about bad debt expense. Bad debt expense is an

we learned about interest expense on notes payable. Interest expense is an actual expense.

we learned about bad debt expense. Bad debt expense is an estimated expense.

1. What is the difference between an actual expense and an estimated expense?

2. Why do we have to record bad debt expense, which is an estimated expense?

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