1- No theft, no match please.
2-You can find the instructions inside the document
3- Please write a paper in the document
4- Write a report on whatever you use to research and what you write in a different document because we will discuss it separately in class
Write at least2 references using the APA style.
Please use simple language
Put the in-text quote in each.
Additions within the document.
Summarise the Week 8 Interactive activities you have learnt by wathcing the videos and websites given and write in atleast 10 Points on what you have learnt on Discussion Board
2. Understanding Accounts Receivable
Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables, represent a line of credit extended by a company and normally have terms that require payments due within a relatively short period. It typically ranges from a few days to a fiscal or calendar year.
Companies record accounts receivable as assets on their balance sheets because there is a legal obligation for the customer to pay the debt. They are considered a liquid asset, because they can be used as collateral to secure a loan to help meet short-term obligations. Receivables are part of a company’s working capital.
Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less. If a company has receivables, this means it has made a sale on credit but has yet to collect the money from the purchaser. Essentially, the company has accepted a short-term IOU from its client.
3. Writing off Bad Debts
This video illustrate how to write off bad debts.
4. Week self-review exercises
Task 1: Take this practice quiz:
Accounts Receivable and Bad Debts Expense Quiz and Test | AccountingCoachCheck your accounting knowledge with our free Accounts Receivable & Bad Debts Expense practice quiz. Visit AccountingCoach to evaluate & expand your skills.AccountingCoach.com
5. Test Your Knowledge
The maturity date of a note receivable:
A. Is the day of the credit sale
B. Is the day the note was signed
C. Is the day the note is due to be paid
D. Is the date of the first payment
A company receives a 10%, 90-day note for $1,500. The total interest due upon the maturity date is:
On December 31 of the current year, a company’s unadjusted trial balance included the following: Accounts Receivable, debit balance of $97,250; Allowance for Doubtful Accounts, credit balance of $951. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible?