HOW ARE "BAD DEBTS' HANDLED?
2016
Chairman Patton: I believe vou carrv them into a bad debt account at the close of the year. The question is do you cancel your bad debts at the close of each quarter or each month, just carrying a memorandum, so as to collect them if you have an opportunity, or do you carry your bad debts into a "bad debt account" and at the close of each year place it into a profit and loss account? Do you cancel them each quarter by entering them on the deduction sheet, or do you carry these into a bad debt account, which, at the close of the year, is closed out through profit and loss?
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