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On December 31, Lee Company estimates that $1,000 of its accounts receivable balance is uncollectible. Lee Company uses the allowance method to account for bad debts. The adjusting entry to record this estimate will include a credit to:

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Answer:

Allowance for bad debts

Explanation:

Allowance method of accounting is used to record estimated bad debts against trade receivables via creating a allowance account. The account is a contra account and is netted off against trade receivables.

Answer:

Allowance for Doubtful Accounts

Explanation:

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