The following is a list of terms and definitions associated with receivables:
1. Direct write-off method
2. Maker
3. Allowance method
4. Maturity value
5. Promissory note
6. Aging schedule
7. Payee
8. Maturity date
9. Notes receivable
a. An asset resulting from accepting a promissory note as payment for products sold or services rendered.
b. A schedule used to organize accounts receivable according to the length of time each has been outstanding.
c. The amount of cash the maker is to pay the payee on the maturity date of the note
d. The date the promissory note is due.
e. Recognition of bad debts expense at the point in time at which the accounts receivable is deemed uncollectible and written off.
f. The party that will receive the money from a promissory note at some future date.
g. A method of estimating bad debts expense on the basis of either net credit sales or accounts receivable at the end of period.
h. A written promise to pay a specific sum of money on demand or at some specific date in the future.
i. The party that agrees to repay the money for a promissory note at some future date.
Match each term with the appropriate definition.

  • CreatedJuly 16, 2015
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