Accounts Receivable: Recording Sales, Discounts, Returns and Bad Debt Transactions

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Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(19)

What type of account is AUA, also known as a _____ asset?

Nontrade receivables originate from sources other than customers, such as _____ refund claims, interest receivable, and loans by the company to other entities.

A reduction of price for a specific group, such as military or senior, is known as a _____ discount.

To record a trade discount, you would debit accounts receivable and credit _____ revenue.

When a customer returns a product, the seller may issue a cash refund or reduce the balance of _____ receivable.

If a customer does not return a product, the seller may issue a cash refund or reduce the balance of _____ receivable, known as sales allowances.

Sales returns and sales allowances are types of _____ accounts, reported in the income statement with negative balances.

To record bad debt expense (BDE), you would debit BDE and credit _____.

To record write-offs, you would debit AUA and credit _____ receivable.

To record recovery, you would debit cash and credit _____ receivable.

To record a sales allowance, you would debit sales allowance and credit _____ receivable.

To record a sales discount, you would debit cash, debit sales discount, and credit _____ receivable.

To record a note receivable, you would debit note receivable and credit _____ revenue.

To record the collection of a note receivable, you would debit cash, credit note receivable, and credit _____ revenue.

To record accrued interest, you would debit interest receivable and credit _____ revenue.

The factors influencing returns in relation to _____ and journal include integration with what and considering journal-related factors.

The equation to calculate interest is _____ amount x rate x time.

The equation to calculate net realizable value is total AR minus _____.

To calculate the percentage of sales method, multiply _____ by sales revenue.

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Accounts Receivable: Recording Sales, Discounts, Returns and Bad Debt Transactions

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