Match each of the following terms with the appropriate definitions. A. Maker of a note B. Bad debts C. Aging of accounts receivable D. Interest E. Promissory note F. Payee of a note G. Accounts receivable H. Allowance for doubtful accounts I. Realizable value J. Expense recognition principle 1. 2. 3. 5. Amounts due from customers for credit sales. A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts. A written promise to pay a specified amount of money, usually with interest, either on demand or at a definite future date. The amount expected to be received. The uncollectible accounts of credit customers who do not pay what they have promised. The accounting principle that requires expenses to be reported in the same period as the sales they helped to produce. The charge a borrower pays for using money borrowed. 6. 7. 8. 9. The party who signs a note and promises to pay it at maturity. A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible.

Match each of the following terms with the appropriate definitions. A. Maker of a note B. Bad debts C. Aging of accounts receivable D. Interest E. Promissory note F. Payee of a note G. Accounts receivable H. Allowance for doubtful accounts I. Realizable value J. Expense recognition principle 1. 2. 3. 5. Amounts due from customers for credit sales. A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts. A written promise to pay a specified amount of money, usually with interest, either on demand or at a definite future date. The amount expected to be received. The uncollectible accounts of credit customers who do not pay what they have promised. The accounting principle that requires expenses to be reported in the same period as the sales they helped to produce. The charge a borrower pays for using money borrowed. 6. 7. 8. 9. The party who signs a note and promises to pay it at maturity. A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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