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What Is a Bad Debt Expense.
What is bad debt. A bad debt situation occurs when money that is owed cannot be recovered. Bad debt expense is something that must be recorded and accounted for every time a company prepares its financial statements. This can either be the complete amount owed or a part of the debt.
A bad debt expense is recognized when a receivable is no longer collectible because a customer is unable to fulfill their obligation to pay an outstanding debt due to. On the other hand automobile interest rates are comparatively low 14-25 for new with good credit. Accounting and journal entry for recording bad debts involves two accounts Bad Debts Account Debtors Account Debtors Name.
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Financing a car generally is considered bad debt because unless its a 1966 Mustang or some other collectible car values drop 20 less than a half-mile off the lot. Partially or fully irrecoverable debts are called bad debts. Bad debt arises when a customer either cannot pay because of financial difficulties or chooses not to pay due to a disagreement over the product or service they were sold.
The harm can ultimately be reflected in the individuals credit score. 25 and up for used and if you need a car to get to work well a guy or gal has to earn a living. Filing for bankruptcy experiencing hardship due to losses etc.
In other words bad debt is an irrecoverable receivable. Bad debt is a loss for the business and it is transferred to the income statement to. When a company extends too much credit to a customer that is incapable of paying back the debt resulting in either a delayed reduced or missing payment.
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