会计专业英语L14.pptVIP

When an account is determined to be uncollectible, it no longer qualifies as an asset and should be written off. Key Points - Allowance Method Subsequent collections require that the original write-off entry be reversed before the cash collection is recorded. Key Points - Allowance Method Test Your Understanding In 2009, EastCo had credit sales of $60,000. Historically, 1% of EastCo’s accounts have been uncollectible. For 2009, the estimate of uncollectible accounts expense is $600. Prepare the adjusting entry for December 31, 2009. If the allowance account had a residual credit /debit balance of $100, what will be the adjusting entry ? On July 1,2010, $ 500 is determined as uncollectible. At December 31, 2009, the receivables balances and aged balances for EastCo, Inc. were categorized as follows The credit balance of the allowance for doubtful accounts is $500 on December 31 before any adjustment. (a) Prepare the adjusting entry for estimated credit loss on December 31. EastCo’s unadjusted balance in the allowance account is $500. Per the previous computation, the desired balance is $1,350. (2)Give entry to write off the account of J.Clark on Jan. 5 of the following year $500 The End Lesson 14 66 66 51 51 14 - * LESSON FOURTEEN LOSSES FROM UNCOLLECTIBLE ACCOUNTS坏账损失 List the common classifications of receivables. Describe the nature of and the accounting for uncollectible receivables. Journalize the entries for the direct write-off of uncollectible receivables. Journalize the entries for the allowance method of accounting for uncollectibles, and estimate uncollectible receivables based on sales and on an analysis of receivables. Objectives After studying this lesson, you should be able to: NEW WORDS,PHRASES AND SPECIAL TERMS Immune ~(to sth.) 有免疫力 Adults are often immune to German measles.成人往往对风疹有免疫力。 ~(to sth.)不受影响 Few firms that extend credit to customers are immune to credit losses.赊账给顾客的企业很少能避免赊账损失。 ~(from sth.) 受保护；免除；豁免 No one shou