Question

Match the term with its definition by placing the corresponding letter in the space provided:
a. Creditor
b. Debtor
c. Receivables
d. Bad Debt Expense
e. Allowance method
f. Allowance for Uncollectible Accounts
g. Percent of sales method
h. Aging method
i. Direct write-off method
c Example: Amounts owed to a business by another business or individual
_______ 1. A contra-account, related to accounts receivable, that holds the estimated amount of uncollectible receivables
_______ 2. A method of accounting for uncollectible receivables in which the company waits until a specific customer’s account receivable is uncollectible before recording bad debt expense
_______ 3. A method of recording receivable losses on the basis of estimates instead of waiting to see which customers the company will not collect from
_______ 4. The party to a credit transaction who sells goods or a service and obtains a Receivable
_______ 5. A way to estimate uncollectible accounts by analyzing individual accounts receivable according to the length of time they have been receivable
_______6. The party to a credit transaction who makes a purchase and has a payable
_______7. Cost to the seller of credit sales; arises from the failure to collect from credit customers
_______8. A method of estimating uncollectible receivables that calculates bad debt expense based on net credit sales



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  • CreatedApril 29, 2014
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