Under the allowance method, companies must estimate future, uncollectible amounts and report those estimates in the current year.
The missing words are Future and Current.
What is the Allowance Method?
Under the Allowance Method, companies set aside a reserve that is estimated, for bad debts that are anticipated in the future.
This method is typical of the accrual basis of accounting and is the most accepted method for recording uncollected accounts for financial accounting purposes.
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