tailieunhanh - Lecture Principles of financial accounting (2/e) - Chapter 9: Receivables
After completing this chapter you should be able to: Describe accounts receivable and how they occur and are recorded; describe a note receivable, the computation of its maturity date, and the recording of its existence; explain how receivables can be converted to cash before maturity. | Receivables Chapter 9 Chapter 9: Receivables Accounts Receivable C1 A receivable is an amount due from another party. A company must also maintain a separate account for each customer that tracks how much that customer purchases, has already paid, and still owes. This graph shows recent dollar amounts of receivables and their percent of total assets for four well-known companies. A receivable is an amount due from another party. The two most common receivables are accounts receivable and notes receivable. Other receivables include interest receivable, rent receivable, tax refund receivable, and receivables from employees. Accounts receivable are amounts due from customers for credit sales. The graph on this slide shows recent dollar amounts of receivables and their percent of total assets for four well-known companies. Credit sales are recorded by increasing (debiting) Accounts Receivable. A company must also maintain a separate account for each customer that tracks how much that . | Receivables Chapter 9 Chapter 9: Receivables Accounts Receivable C1 A receivable is an amount due from another party. A company must also maintain a separate account for each customer that tracks how much that customer purchases, has already paid, and still owes. This graph shows recent dollar amounts of receivables and their percent of total assets for four well-known companies. A receivable is an amount due from another party. The two most common receivables are accounts receivable and notes receivable. Other receivables include interest receivable, rent receivable, tax refund receivable, and receivables from employees. Accounts receivable are amounts due from customers for credit sales. The graph on this slide shows recent dollar amounts of receivables and their percent of total assets for four well-known companies. Credit sales are recorded by increasing (debiting) Accounts Receivable. A company must also maintain a separate account for each customer that tracks how much that customer purchases, has already paid, and still owes. This information provides the basis for sending bills to customers and for other business analyses. The general ledger continues to have a single Accounts Receivable account along with the other financial statement accounts, but a supplementary record is created to maintain a separate account for each customer. This supplementary record is called the accounts receivable ledger. Sales on Credit C1 On July 1, TechCom had a credit sale of $950 to CompStore and a collection of $720 from RDA Electronics from a prior credit sale. To see how accounts receivable from credit sales are recognized in the accounting records, we look at two transactions on July 1 between TechCom and its credit customers. The first is a credit sale of $950 to CompStore that is recorded with a debit to Accounts Receivable--CompStore and a credit to Sales. The second transaction is a collection of $720 from RDA Electronics from a prior credit sale. The cash receipt .
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