Accounting I Chapter 14 Cengage

Recording uncollectible when the amount is actually known.

• aging of accounts receivable

• percent of accounts receivable method

• writing off an account

• direct write off method

Group accounts receivable by due date.

• aging of accounts receivable

• direct write off method

• percent of accounts receivable method

• percent of sales

Promise to pay sum of money .

• principal

• note receivable

• promissory note

• note payable

Percent of principal for use of funds.

• maturity date

• interest

• principal

• note payable

Creating value of uncollectible accounts to a contra account.

• direct write off method

• allowance method

• percent of sales method

• percent of accounts receivable method

Due date of principal.

• maturity date

• blind date

• interest date

• principal date

Business to whom amount of note is payable.

• note payable

• note receivable

• payee

• payor

Assumes a percent of sales will be uncollectible.

• aging of accounts receivable

• perecent of sales method

• writing off an account

• direct write off method

Cancelling the balance a costumer owes.

• writing off an account

• direct write off method

• aging of accounts receivable

• percent of sales method

Original amount of note.

• interest

• promissory note

• principal

• maturity date