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Accounting for Receivables and Notes: Entries, Write-offs, and Sales, Study notes of Accounting

Abertay UniversityAccounting

Accounting entries for various transactions related to account receivables and notes receivable, including sales on account, returns, allowances, write-offs, and sales of receivables. The document also covers the methods for estimating and recording bad debts and the disposal of notes receivable.

Typology: Study notes

2019/2020

Uploaded on 04/17/2020

kbijnk
kbijnk 🇬🇧

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Fatmah Alghamdi Acct 213
CH 9 Entries
1 -Account Receivable
Date Accounts Receivable xxx
Sales Revenue xxx
( To record sale on account)
Sales Returns and Allowances xxx
Accounts Receivable xxx
( To record merchandise retuned )
Cash xxx
Sales Discounts xxx
Accounts Receivable xxx
(To record collection of accounts receivable)
Allowance Method
Bad Debt Expense xxx
Allowance for Doubtful Accounts xxx
(To record estimate of uncollectible accounts)
Allowance for Doubtful Accounts xxx
Accounts Receivable xxx
(Write off of uncollectible accounts)
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CH 9 Entries

1 -Account Receivable Date Accounts Receivable xxx Sales Revenue xxx ( To record sale on account) Sales Returns and Allowances xxx Accounts Receivable xxx ( To record merchandise retuned ) Cash xxx Sales Discounts xxx Accounts Receivable xxx (To record collection of accounts receivable) Allowance Method Bad Debt Expense xxx Allowance for Doubtful Accounts xxx (To record estimate of uncollectible accounts) Allowance for Doubtful Accounts xxx Accounts Receivable xxx (Write off of uncollectible accounts)

Recovery of an Uncollectible Account Accounts Receivable xxx Allowance For Doubtful Accounts xxx (To reverse write-off of F account) Cash xxx Accounts Receivable xxx (To record collection from F) Direct Write-off Method Bad Debts Expense xxx Accounts Receivable xxx (To record write off of F account) Percentage-of-Sales Bad Debts Expense xxx Allowance For Doubtful Accounts xxx (To record estimated bad debts for year) Percentage-of receivables Bad Debts Expense xxx Allowance For Doubtful Accounts xxx (To adjust allowance account to total estimated uncollectible)

Interest Receivable xxx Interest Revenue xxx (To accrue 4 month’s interest) Cash xxx Notes Receivable xxx Interest Receivable xxx Interest Revenue xxx (To record collection of note at Maturity ) Dishonor of Notes Receivable Accounts Receivable xxx Notes Receivable xxx Interest Revenue xxx (To record the dishonor of F note )