财务会计英语 ch08.ppt

Chapter 8;Some of the action has been automated, so click the mouse when you see this lightning bolt in the lower right-hand corner of the screen. You can point and click anywhere on the screen.;1. List the common classifications of receivables. 2. Summarize and provide examples of internal control procedures that apply to receivables. 3. Describe the nature of and the accounting for uncollectible receivables. 4. Journalize the entries for the allowance method of accounting for uncollectibles, and estimate uncollectible receivables based on sales and on an analysis of receivables.;5. Journalize the entries for the direct write-off of uncollectible receivables.;Classification of Receivables;Acctg. Info; Uncollectible Receivables; Uncollectible Receivables; The Allowance Method ;The net amount that is expected to be collected, $101,000 ($105,000 – $4,000), is called the net realizable value (NRV).;The adjusting entry fills the bucket.;Writing off accounts empties the bucket.;On January 21, John Parker’s account totaling $610 is considered to be uncollectible.;On June 10, the written-off account is collected. ;A second entry is made to record receipt of the cash.;; Dec. 31 Uncollectible Accounts Expense 3 000 00;Estimating Uncollectible Accounts Expense; Dec. 31 Uncollectible Accounts Expense 2 880 00;Accounts Receivable Aging and Uncollectibles; 2% 5% 10% 20% 30% 50% 80%; 2% 5% 10% 20% 30% 50% 80%;Year-End Adjustment for Uncollectibles;Accounting for Uncollectible Accounts Receivable; The Direct Write-Off Method ;In November, D. L. Ross remits a check for $420 in payment of his account.;A second entry is needed to record receipt of the cash.;Notes Receivable;a specific amount of money (principal) to a specific person or company (payee) at a specific place on a specific date or upon demand plus interest at a specific percentage of the principal (face) amount per year;The date a note is to be paid is called the due date. It is also referred