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Lecture Accounting (6th edition): Chapter 8 - Kimmel, Weygandt, Kieso

Chapter 8 - Reporting and analyzing receivables. After completing this chapter, students will be able to: Identify the types of receivables and record accounts receivable transactions, account for bad debts, account for notes receivable, explain the statement presentation of receivables, apply the principles of sound accounts receivable management. | Reporting and Analyzing Receivables Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 8 Describe how companies value accounts receivable and record their disposition. CHAPTER OUTLINE Explain how companies recognize accounts receivable. 1 2 LEARNING OBJECTIVES Explain how companies recognize, value, and dispose of notes receivable. 3 Describe the statement presentation of receivables and the principles of receivables management. 4 Amounts due from individuals and companies that are expected to be collected in cash. Amounts customers owe on account that result from the sale of goods and services. Accounts Receivable Written promise (formal instrument) for amount to be received. Also called trade receivables. Nontrade receivables such as interest, loans to officers, advances to employees, and income taxes refundable. Notes Receivable Other Receivables LEARNING OBJECTIVE Explain how companies recognize accounts receivable. 1 LO 1 Amounts due from individuals and companies that are expected to be collected in cash. ILLUSTRATION 8-1 Receivables as a percentage of assets TYPES OF RECEIVABLES LO 1 Service organization records a receivable when it performs service on account. Merchandiser records accounts receivable at the point of sale of merchandise on account. Seller may offer a discount to encourage early payment. Buyer might return goods found to be unacceptable. Sales returns reduce receivables. RECOGNIZING ACCOUNTS RECEIVABLE LO 1 Illustration: Assume that Jordache Co. on July 1, 2017, sells merchandise on account to Polo Company for $1,000 terms 2/10, n/30. Prepare the journal entry to record this transaction on the books of Jordache Co. Accounts Receivable 1,000 Jul. 1 Sales Revenue 1,000 RECOGNIZING ACCOUNTS RECEIVABLE LO 1 Illustration: On July 5, Polo returns merchandise worth $100 to Jordache Co. Sales Returns and Allowances 100 Jul. 5 Accounts Receivable 100 Illustration: On July 11, Jordache receives payment from Polo Company for the balance due. Cash ($900 | Reporting and Analyzing Receivables Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 8 Describe how companies value accounts receivable and record their disposition. CHAPTER OUTLINE Explain how companies recognize accounts receivable. 1 2 LEARNING OBJECTIVES Explain how companies recognize, value, and dispose of notes receivable. 3 Describe the statement presentation of receivables and the principles of receivables management. 4 Amounts due from individuals and companies that are expected to be collected in cash. Amounts customers owe on account that result from the sale of goods and services. Accounts Receivable Written promise (formal instrument) for amount to be received. Also called trade receivables. Nontrade receivables such as interest, loans to officers, advances to employees, and income taxes refundable. Notes Receivable Other Receivables LEARNING OBJECTIVE Explain how companies recognize accounts receivable. 1 LO 1 Amounts due from individuals and companies that are .