ALLOWANCE METHOD is the accepted way to account for bad debt. Bad debt expense may be based on the percent of credit sales for the period, an aging of the accounts receivable balance at the end of the period, or some other method, e.g., percent of accounts receivable.
PAID IN SURPLUS see PAID-IN-CAPITAL.
CORPORATION is a type of business organization chartered by a state and given many of the legal rights as a separate entity.
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