Chapter y FILL IN THE BLANK-PART A Instructions: Answer the following questions or complete the statements by Il money claims against other entities, including people, business firms, is a formal, written instrument writing the appropriate words or amounts in the answer blanks. 1. A and other organizations are called 2. A(n) of credit that has been received for the amount a customer owes method of accounting for uncollectible accounts provides an expense for uncollectible receivables in advance of 3. The their write-off is a process of analyzing the accounts receivable and .classifying them according to various age groupings, with the, due date being the base point for 4. The determining age. 5. Allowance for Doubtful Accounts.has a debit balance of $1,500 at the end of the year, before adjustments. Sales for the year amounted to $740,000, and sales returns and allowances amounted to $25,000. If uncollectible accounts expense is estimated at 1% of net sales, the amount of the appropriate adjusting entry will be 6. Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of the year, before adjustments. Sales for the year amounted to $950,000, and sales returns and allowances amounted to $20,000. If the analysis of the accounts in the customers': ledger indicates doubtful accounts of $30,000, the amount of the appropriate adjusting entry will be 7. The maturity value of a $300,000, 90-day, 12% note receivable is 8. The due date of a 90-day note receivable dated July 12 is 9. A note that the maker fails to pay on the due date is referred to as a(n) note 10 measures how frequently during the year the accounts receivable are being converted to cash