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ACCTG 215 Notes 2-9

by: Shogo Okuda

ACCTG 215 Notes 2-9 ACCTG 215

Shogo Okuda
GPA 3.97
Introduction to Accounting and Financial Reporting

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Introduction to Accounting and Financial Reporting
One Day of Notes
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This 1 page One Day of Notes was uploaded by Shogo Okuda on Tuesday October 28, 2014. The One Day of Notes belongs to ACCTG 215 at University of Washington taught by Wells in Winter2010. Since its upload, it has received 40 views. For similar materials see Introduction to Accounting and Financial Reporting in Accounting at University of Washington.

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Date Created: 10/28/14
ACCTG 215 Notes 29 Credit sales sales on account or services on account Firm does not receive cash as the time of the credit sale but records revenue immediately as long as future collection from the customer is reasonably certain Accounts receivable trade receivables Nontrade receivables receivables from those other than customers and include tax refund claims interest receivable and loans by the company to other entities including stockholders and employees Trade discounts represent a reduction in the listed price of a product or service Sales discount reduction in amount to be paid by a credit customer if payment is made Win a speci ed period of time incentive for quick payment Sales returns and allowances and sales discounts contra revenue accounts Net realizable Value amount of cash the rm expects to collect Uncollectible accounts accounts no longer considered collectible Allowance method recording an adjusting entry at the end of each period to allow for the possibility of future uncollectible accounts Has effect of 1 Reducing accounts receivable by the amount we don t expect to collect and 2 Recording an expense to reflect the cost of offering credit to customers Bad debt expense no cash out ow associated represents cost of estimated future bad debts charged to the current period Allowance for uncollectible account contra asset Write off entry results in no change to total assets bad debt expense was recorded in a prior year at the time of estimating uncollectible accounts Aging method use higher percentage for old accounts than for new accounts Direct writeoff method record bad debt expense at the time we know the account to be uncollectible used for tax purposes but is generally not permitted for nancial reporting Receivables turnover ratio shows the number of times during a year that the average accounts receivable balance is collected


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