For reference in explanation, use the Intermediate Accounting Volume 1 of Conrado Valix

1. Define receivables. 2. Explain the classification and presentation of receivables in the statement of financial position 3. Explain the treatment of customers' credit balances. 4. Explain the initial and subsequent measurement of trade accounts receivable. 5. Explain the two methods of recording accounts receivable and credit sales. 6. Explain the allowance method of accounting for bad debts. 7. Explain the direct writeoff emthod of accounting for bad debts. 8. Give the proforma entry under the allowance method for each of the following: a. Doubtful accounts b. Accounts receivable proved to be worthless c. Recovery of accounts previously written off 9. Give the proforma entry under the direct writeoff method for each of the following: a. Doubtful accounts b. Accounts receivable proved to be worthless c. Recovery of accounts previously written off 10. Explain the presentation of doubtful accounts in the income statement