334 – Accruals and Reserves

Current Liabilities

Accrued Liabilities

Synopsis

Account 334

Debits

Credits

  1. Any adjustment to reduce the reserve balance based on current estimates or provisions for future write offs.

  1. The monthly provision for estimated losses for other areas of retailer operations not previously covered.

 

Remarks:

This account is for those reserves the retailer is required to maintain and that have not otherwise been described (for example, a reserve to cover potential losses from retailer funded extended service contract program). 

Reserves for possible used inventory depreciation on aged units.

Other provisions for potential future losses or write offs.

Note: