3. To communicate with an organization by mail: write in with a completed entry form. write off 1. Accounting To record (a worthless asset) as a loss. 2. Accounting To record (a loss or expense) as a reduction in earnings or in the value of an asset: wrote off business expenses whe...
an allowance for doubtful accounts is created based on estimated uncollectible debts. The allowance is adjusted periodically based on past experience and changes in economic conditions. When a debt is identified as uncollectible, it is written off against the allowance. The journal entry for this...