Match the term with the correct definition.$$

Prompt $1$Method of estimating bad debt that assigns estimated bad debt percents based on how long the receivable is past its due date.

Answer for prompt $1$ Method of estimating bad debt that assigns estimated bad debt percents based on how long the receivable is past its due date.

Prompt $2$Contra account used to write off bad debt when using the Allowance method.

Answer for prompt $2$ Contra account used to write off bad debt when using the Allowance method.

Prompt $3$Method for writing off bad debt that estimates the amount of uncollectible accounts receivable and sets aside a "fund" to use to write off bad debt when it arises

Answer for prompt $3$ Method for writing off bad debt that estimates the amount of uncollectible accounts receivable and sets aside a "fund" to use to write off bad debt when it arises

Prompt $4$Accounts receivable that are determined to be uncollectible

Answer for prompt $4$ Accounts receivable that are determined to be uncollectible

Prompt $5$Method for writing off bad debts that records the loss directly against the bad debt expense when an account is declared uncollectible

Answer for prompt $5$ Method for writing off bad debts that records the loss directly against the bad debt expense when an account is declared uncollectible

Prompt $6$The charge for using money until its maturity date

Answer for prompt $6$ The charge for using money until its maturity date

Prompt $7$The day the amount of a loan plus interest earned becomes due

Answer for prompt $7$ The day the amount of a loan plus interest earned becomes due

Prompt $8$The amount of the loan

Answer for prompt $8$ The amount of the loan

Prompt $9$Method used to estimate bad debt expense based on the percent of sales during an accounting period

Answer for prompt $9$ Method used to estimate bad debt expense based on the percent of sales during an accounting period

Prompt $10$Method used to estimate bad debt expense based on the percent of receivables generated during an accounting period

Answer for prompt $10$ Method used to estimate bad debt expense based on the percent of receivables generated during an accounting period

Prompt $11$Account used to record the store's cost of allowing customers to purchase merchandise using credit cards

Answer for prompt $11$ Account used to record the store's cost of allowing customers to purchase merchandise using credit cards

Prompt $12$Written promise to pay a specified amount, usually with interest, on demand or on a certain date

Answer for prompt $12$ Written promise to pay a specified amount, usually with interest, on demand or on a certain date

Prompt $13$The borrower pays the loan's principal and interest on the due date

Answer for prompt $13$ The borrower pays the loan's principal and interest on the due date

Prompt $14$The borrower does not pay the loan's principal and interest on the loan's due date

Answer for prompt $14$ The borrower does not pay the loan's principal and interest on the loan's due date

Prompt $15$Converting Accounts Receivable to cash by selling Accounts Receivable to a financing company

Answer for prompt $15$ Converting Accounts Receivable to cash by selling Accounts Receivable to a financing company

Prompt $16$Using account receivables as security for a loan