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Receivables

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Receivables
Accounts Receivable ,[object Object],[object Object],[object Object],[object Object]
Credit Card Sales ,[object Object],[object Object],[object Object],[object Object]
Bank Credit Card Sales ,[object Object],[object Object],[object Object]
Example ,[object Object]
Valuing Accounts Receivable ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Allowance Method ,[object Object],[object Object]
Writing Off Bad Debt ,[object Object]
Recovery of Bad Debt ,[object Object]
Estimating Bad Debt Expense - % of Sales Method ,[object Object],[object Object]
Estimating Bad Debt Expense - % of Accounts Receivable ,[object Object],[object Object]
Example Desired balance in Allowance for Doubtful Accounts. 2,000
Aging of Accounts Receivable Method ,[object Object],[object Object],[object Object]
Example Using estimated bad debt percentages, DeCor would calculate the estimated uncollectible amount as follows: x =
Example DeCor’s unadjusted balance in the allowance account is a debit of $200. The previous computation shows the desired balance is $2,290. Therefore, the adjusting entry is for $2,290 + 200 = $2,490.
Direct Write-Off Method ,[object Object],[object Object],[object Object],[object Object]
Notes Receivable ,[object Object],[object Object],[object Object]
Notes Receivable ,[object Object],[object Object]
Interest Computation If the note is expressed in days, base a year on 365 days. Even for maturities less than 1 year, the rate is annualized.
Receipt of Note ,[object Object],(=Maturity value) Recognizes revenue earned Original face value
End-of-Period Adjustments ,[object Object],[object Object],[object Object],($3,000 x 12% x 15/365)
Subsequent Collection ,[object Object],[object Object]
Dishonouring a Note ,[object Object],[object Object],[object Object]
Accounts Receivable Turnover ,[object Object],[object Object],[object Object]
Days Sales Uncollected ,[object Object],[object Object],[object Object]

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Receivables

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  • 12. Example Desired balance in Allowance for Doubtful Accounts. 2,000
  • 13.
  • 14. Example Using estimated bad debt percentages, DeCor would calculate the estimated uncollectible amount as follows: x =
  • 15. Example DeCor’s unadjusted balance in the allowance account is a debit of $200. The previous computation shows the desired balance is $2,290. Therefore, the adjusting entry is for $2,290 + 200 = $2,490.
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  • 19. Interest Computation If the note is expressed in days, base a year on 365 days. Even for maturities less than 1 year, the rate is annualized.
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