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Related Flashcards
Related Topics
Cards In This Set
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Recording Estimated uncollectibles
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Bad debt expense Allowance for doubtful accounts
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Record the write off for an uncollectible account
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Allowance for doubtful accounts Accounts Receivable
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Recovery of an uncollectible account
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Accounts Receivable Allowance for doubtful accounts
Cash Accounts Receivable |
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Percentage of sales
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Matches expenses with revenues, disregards balance in allowance for doubtful accounts. emphasis on income statement relationships
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Percentage of receivables
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Amount of bad debt entry is the difference between the required balance and the existing balance in the allowance account
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Journal entry for sale of receivables
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Cash xxxService Charge Expense xxx Accounts receivable xxx
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Journal entry for Credit card sales
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Cash xxxService Charge Expense xxx Sales xxx
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Who is the maker of a Promissory Note
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Party who makes promise to pay
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Who is the Payee in a Promissory Note
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Party to whom payment is to be made
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Basic journal entry of a note receivable
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Note Receivabe xxx Accounts Receivable xxx
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Recording the collection of a note receivable
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Cash xxx Notes Receivable xxx Interest Revenue xxx
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Recording Accrued interest of a notes receivable
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Interest Receivable xxx Interest Revenue xxx
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Straight line method
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Cost-Salvage value/useful life = Annual Depreciation Expense
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Units of Activity
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Cost-salvage value/total units of activity= D Cost per unitDeprecianal cost per unit- x Units of activity for year
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Declining balance
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Book value at beginning of year x (straight line ratex2)
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