Column II. 2. Crediting the estimated value of uncollectible accounts to a contra account. (p. 412)
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1 Study Guide 14 Name Part One Identifying Accounting Terms Identifying Accounting Terms Analyzing Accounts Receivable and Notes Receivable Journalizing Accounts Receivable and Notes Receivable Transactions Directions: Select the one term in Column I that best fits each definition in Column II. Print the letter identifying your choice in the Answers column. Total Perfect Score 22 Pts. 20 Pts. 21 Pts. 63 Pts. Your Score Column I A. aging of accounts receivable B. allowance method Column II 1. Accounts receivable that cannot be collected. (p. 412) 2. Crediting the estimated value of uncollectible accounts to a contra account. (p. 412) Answers 1. U 2. B C. book value 3. The difference between an asset s account balance and its related contra account balance. (p. 412) 3. C D. book value of accounts receivable 4. The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts. (p. 412) 4. D E. direct write-off method 5. The amount of accounts receivable a business expects to collect. (p. 412) 5. L F. dishonored note 6. A method used to estimate uncollectible accounts receivable that assumes a percent of credit sales will become uncollectible. (p. 413) 6. Q G. interest income 7. A method used to estimate uncollectible accounts receivable that uses an analysis of accounts receivable to estimate the amount that will be uncollectible. (p. 413) 7. P H. interest rate 8. Analyzing accounts receivable according to when they are due. (p. 414) 8. A I. maker of a note 9. Canceling the balance of a customer account because the customer does not pay. (p. 418) 9. V J. maturity date 10. Recording uncollectible accounts expense only when an amount is actually known to be uncollectible. (p. 419) 10. E K. maturity value 11. A written and signed promise to pay a sum of money at a specified time. (p. 425) 11. S L. net realizable value 12. A promissory note signed by a business and given to a creditor. (p. 425) 12. M M. note payable 13. A promissory note that a business accepts from a person or business. (p. 425) 13. N N. note receivable 14. The person or business that signs a note, and thus promises to make payment. (p. 425) 14. I O. payee 15. The person or business to whom the amount of a note is payable. (p. 425) 15. O Chapter 14 Accounting for Uncollectible Accounts Receivable 391
2 P. percent of accounts receivable method Q. percent of sales method R. principal Column I S. promissory note T. time of a note U. uncollectible accounts V. writing off an account Column II 16. The original amount of a note, sometimes referred to as the face amount. (p. 425) 17. The percentage of the principal that is due for the use of the funds secured by a note. (p. 425) 18. The date on which the principal of a note is due to be repaid. (p. 425) 19. The length of time from the signing date of a note to the maturity date. (p. 425) 20. The amount that is due on the maturity date of a note. (p. 427) 21. The interest earned on money loaned. (p. 428) 22. A note that is not paid when due. (p. 429) Answers 16. R 17. H 18. J 19. T 20. K 21. G 22. F 392 Working Papers TE
3 Part Two Analyzing Accounts Receivable and Notes Receivable Directions: Place a T for True or an F for False in the Answers column to show whether each of the following statements is true or false. 1. The expense of an uncollectible account should be recorded in the accounting period that the account becomes uncollectible. (p. 412) 2. The account, Allowance for Uncollectible Accounts, has a normal credit balance. (p. 412) Answers 1. F 2. T 3. A business usually knows at the end of the fiscal year which customer accounts will become uncollectible. (p. 412) 4. The account, Allowance for Uncollectible Accounts, is reported on the income statement. (p. 412) 5. The book value of accounts receivable must be a reasonable and unbiased estimate of the money the business expects to collect in the future. (p. 413) 6. The percent of sales method of estimating uncollectible accounts expense assumes that a portion of every dollar of sales on account will become uncollectible. (p. 413) 7. The accounting concept, Conservatism, is applied when the process of making accounting estimates is free from bias. (p. 413) 8. The percent of each age group of an accounts receivable aging that is expected to become uncollectible is determined by the Securities and Exchange Commission. (p. 414) 9. The adjusting entry for uncollectible accounts does not affect the balance of the Accounts Receivable account. (p. 415) 10. A business having a $ credit balance in Allowance for Uncollectible Accounts and estimating its uncollectible accounts to be $4, would record a $4, credit to Allowance for Uncollectible Accounts. (p. 415) 11. When an account is written off as uncollectible, the business sends the customer a credit memo. (p. 418) 12. When a customer account is written off under the allowance method, book value of accounts receivable decreases. (p. 418) 13. The direct write-off method of accounting for uncollectible accounts does not comply with GAAP. (p. 419) 14. When a previously written-off account is collected, Accounts Receivable is both debited and credited for the amount collected. (pp ) 15. A note provides the business with legal evidence of the debt should it be necessary to go to court to collect. (p. 425) 16. Total assets are reduced when a business accepts a note receivable from a customer needing an extension of time to pay an account receivable. (p. 426) 17. Interest rates are stated as a percentage of the principal. (p. 427) F F T T F F T F F F T T T F T 18. Interest income is classified as an Other Revenue account. (p. 428) 18. T 19. The method for calculating interest is the same for notes payable and notes receivable. (p. 428) 19. T 20. Interest income should not be recorded on a dishonored note receivable. (p. 429) 20. F Chapter 14 Accounting for Uncollectible Accounts Receivable 393
4 Part Three Journalizing Accounts Receivable and Notes Receivable Transactions Directions: In Answers Column l, print the abbreviation for the journal in which each transaction is to be recorded. In Answers Columns 2 and 3, print the letters identifying the accounts to be debited and credited for each transaction. G General journal CR Cash receipts journal Answers Account Titles Transactions Journal Debit Credit A. Accounts Receivable Recorded adjusting entry for uncollectible accounts expense. (p. 415) 1. G 2. G 3. B B. Allowance for Uncollectible Accounts Wrote off Sanderson Company s past-due account as uncollectible. (p. 418) 4. G 5. B 6. A, F C. Cash Received cash in full payment of Sanderson Company s account, previously written off as uncollectible. (Record two entries, and , below.) D. Interest Income First entry. (p. 421) 7. G 8. A, F 9. B E. Notes Receivable Second entry. (p. 422) 10. CR 11. C 12. A, F F. Sanderson Company Accepted a note from Sanderson Company for an extension of time on its account. (p. 426) 13. G 14. E 15. A, F G. Uncollectible Accounts Expense Collected a note receivable from Sanderson Company. (p. 428) 16. CR 17. C 18. E, D H. Williams Supply Williams Supply dishonored a note receivable. (p. 429) 19. G 20. A, H 21. E, D 394 Working Papers TE
5 Name Date Class 14-1 WORK TOGETHER, p. 417 Journalizing the adjusting entry for Allowance for Uncollectible Accounts 1. Age Group Amount Percent Uncollectible Current $16, % , % , % , % Over 90 3, % $43, $ , $4, Current Balance of Allowance for Uncollectible Accounts Estimated Addition to Allowance for Uncollectible Accounts $4, ACCOUNT TITLE Adjusting Entries GENERAL JOURNAL PAGE Dec. 31 Uncollectible Accounts Expense Allowance for Uncollectible Accounts Chapter 14 Accounting for Uncollectible Accounts Receivable 395
6 14-1 ON YOUR OWN, p. 417 Journalizing the adjusting entry for Allowance for Uncollectible Accounts 1. Age Group Amount Percent Uncollectible Current $25, % , % , % , % Over 90 7, % $83, $ , , $9, Current Balance of Allowance for Uncollectible Accounts Estimated Addition to Allowance for Uncollectible Accounts 1, $7, ACCOUNT TITLE Adjusting Entries GENERAL JOURNAL PAGE Dec. 31 Uncollectible Accounts Expense Allowance for Uncollectible Accounts Working Papers TE
7 Name Date Class 14-2 WORK TOGETHER, p. 424 Recording entries related to uncollectible accounts receivable 1., 2. ACCOUNT TITLE GENERAL JOURNAL PAGE Nov. 4 Allowance for Uncollectible Accounts M Accounts Receivable/Mellon Corp Allowance for Uncollectible Accounts M Accounts Receivable/Horne Co Dec. 8 Accounts Receivable/Mellon Corp. M Allowance for Uncollectible Accounts Allowance for Uncollectible Accounts M Accounts Receivable/Fischer Industries Accounts Receivable/Horne Co. M Allowance for Uncollectible Accounts ACCOUNTS RECEIVABLE LEDGER ACCOUNT Fisher Industries CUSTOMER 110 Nov. 1 Balance Dec. 14 Written off G Chapter 14 Accounting for Uncollectible Accounts Receivable 397
8 14-2 WORK TOGETHER (continued) ACCOUNT Horne Co. CUSTOMER 120 Nov. 1 Balance Written off G Dec. 16 Reopen account G CR ACCOUNT Mellon Corp. CUSTOMER 130 Nov. 1 Balance Written off G Dec. 8 Reopen account G CR GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 Nov. 1 Balance G G Dec. 8 G G G ACCOUNT Allowance for Uncollectible Accounts ACCOUNT 1135 Nov. 1 Balance G G Dec. 8 G G G Working Papers TE
9 Name Date Class 14-2 WORK TOGETHER (concluded) 1., 2. ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE Dec. 8 Mellon Corp. R Horne Co. R SALES DISCOUNT CASH 3 3 Chapter 14 Accounting for Uncollectible Accounts Receivable 399
10 14-2 ON YOUR OWN, p. 424 Recording entries related to uncollectible accounts receivable 1., 2. GENERAL JOURNAL PAGE 10 ACCOUNT TITLE 1 1 Oct. 5 Allowance for Uncollectible Accounts M Accounts Receivable/Janice Harrell Allowance for Uncollectible Accounts M Accounts Receivable/Daniel Pruitt Nov. 12 Accounts Receivable/Tom Sloan M Allowance for Uncollectible Accounts Allowance for Uncollectible Accounts M Accounts Receivable/Nancy Brown Accounts Receivable/Janice Harrell M Allowance for Uncollectible Accounts ACCOUNTS RECEIVABLE LEDGER ACCOUNT Nancy Brown CUSTOMER 110 Oct. 1 Balance Nov. 16 Written off G ACCOUNT Janice Harrell CUSTOMER 120 Oct. 1 Balance Written off G Nov. 23 Reopen account G CR Working Papers TE
11 Name Date Class 14-2 ON YOUR OWN (continued) ACCOUNT Daniel Pruitt CUSTOMER 130 Oct. 1 Balance Written off G ACCOUNT Tom Sloan CUSTOMER 140 Nov. 12 Reopen account G CR GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 Oct. 1 Balance G G Nov. 12 G G G ACCOUNT Allowance for Uncollectible Accounts ACCOUNT 1135 Oct. 1 Balance G G Nov. 12 G G G Chapter 14 Accounting for Uncollectible Accounts Receivable 401
12 14-2 ON YOUR OWN (concluded) 1., 2. ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE Nov. 12 Tom Sloan R Janice Harrell R SALES DISCOUNT CASH Working Papers TE
13 Name Date Class 14-3 WORK TOGETHER, p. 430 Recording notes receivable 1. Note Date Principal Interest Rate NR3 June 5 $20, % 90 NR4 June 12 $10, % 120 Time in Days Interest Maturity Date Maturity Value $ September 3 $20, $ October 10 $10, Calculations: Note Maturity Date Interest Maturity Value NR3 Days from the Month Days Remaining Term of the Note 90 June July August 31 3 September $20, % 90/360 = $ $20, $ = $20, NR4 Days from the Month Days Remaining Term of the Note 120 June July August September October $10, % 120/360 = $ $10, $ = $10, Chapter 14 Accounting for Uncollectible Accounts Receivable 403
14 14-3 WORK TOGETHER (continued) 2., 3. GENERAL JOURNAL PAGE 7 ACCOUNT TITLE 5 Notes Receivable NR Accounts Receivable/Gary Kinney Accounts Receivable/Dennis Craft M Notes Receivable Interest Income , 3. ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE SALES DISCOUNT CASH 12 Notes Receivable R Interest Income Working Papers TE
15 Name Date Class 14-3 WORK TOGETHER (concluded) 2., 3. ACCOUNTS RECEIVABLE LEDGER ACCOUNT Dennis Craft customer 110 July 26 Dishonored note G ACCOUNT Gary Kinney customer 120 July 1 Balance Accepted note G GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 July 1 Balance G G ACCOUNT Notes Receivable ACCOUNT 1170 July 1 Balance G CR G ACCOUNT Interest Income ACCOUNT 7110 July 1 Balance CR G Chapter 14 Accounting for Uncollectible Accounts Receivable 405
16 14-3 ON YOUR OWN, p. 430 Recording notes receivable 1. Note Date Principal Interest Rate NR12 March 22 $8, % 120 NR13 April 7 $6, % 90 Time in Days Interest Maturity Date Maturity Value $ July 20 $8, $ July 6 $6, Calculations: Note Maturity Date Interest Maturity Value NR12 Days from the Month Days Remaining Term of the Note 120 March April May June July $8, % 120/360 = $ $8, $ = $8, NR13 Days from the Month Days Remaining Term of the Note 90 April May June 30 6 July $6, % 90/360 = $ $6, $ = $6, Working Papers TE
17 Name Date Class 14-3 ON YOUR OWN (continued) 2., 3. GENERAL JOURNAL PAGE 15 ACCOUNT TITLE 8 Notes Receivable NR Accounts Receivable/Marshall Sykes Accounts Receivable/Roger Hamm M Notes Receivable Interest Income , 3. ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE SALES DISCOUNT CASH 16 Notes Receivable R Interest Income Chapter 14 Accounting for Uncollectible Accounts Receivable 407
18 14-3 ON YOUR OWN (concluded) 2., 3. ACCOUNTS RECEIVABLE LEDGER ACCOUNT Roger Hamm customer 110 May 21 Dishonored note G ACCOUNT Marshall Sykes customer 120 May 1 Balance Accepted note G GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 May 1 Balance G G ACCOUNT Notes Receivable ACCOUNT 1170 May 1 Balance G CR G ACCOUNT Interest Income ACCOUNT 7110 May 1 Balance CR G Working Papers TE
19 Name Date Class 14-1 APPLICATION PROBLEM (LO2, 3), p. 434 Journalizing the adjusting entry for Allowance for Uncollectible Accounts 1. Age Group Amount Percent Uncollectible Current $20, % , % , % , % Over 90 2, % $54, $ , , , $8, Current Balance of Allowance for Uncollectible Accounts Estimated Addition to Allowance for Uncollectible Accounts $7, General JOURNAL PAGE 13 ACCOUNT TITLE Adjusting Entries Dec. 31 Uncollectible Accounts Expense Allowance for Uncollectible Accounts Chapter 14 Accounting for Uncollectible Accounts Receivable 409
20 14-2 APPLICATION PROBLEM (LO4, 5), p. 434 Recording entries related to uncollectible accounts receivable 1., 2. General JOURNAL PAGE 6 ACCOUNT TITLE 1 1 May 6 Allowance for Uncollectible Accounts M Accounts Receivable/Suarez Consulting Allowance for Uncollectible Accounts M Accounts Receivable/Durham Supply Accounts Receivable/Foley Corp. M Allowance for Uncollectible Accounts June 7 Allowance for Uncollectible Accounts M Accounts Receivable/Pennington Co Accounts Receivable/Suarez Consulting M Allowance for Uncollectible Accounts , 2. ACCOUNTS RECEIVABLE LEDGER ACCOUNT Durham Supply customer 110 May 1 Balance Written off G ACCOUNT Foley Corp. customer 120 May 23 Reopen account G CR Working Papers TE
21 Name Date Class 14-2 APPLICATION PROBLEM (continued) ACCOUNT Pennington Co. customer 130 May 1 Balance June 7 Written off G ACCOUNT Suarez Consulting customer 140 May 1 Balance Written off G June 29 Reopen account G CR GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 May 1 Balance G G June 23 G G G ACCOUNT Allowance for Uncollectible Accounts ACCOUNT 1135 May 1 Balance G G June 23 G G G Chapter 14 Accounting for Uncollectible Accounts Receivable 411
22 14-2 APPLICATION PROBLEM (concluded) 1., 2. ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE May 23 Foley Corp. R June 29 Suarez Consulting R SALES DISCOUNT CASH Working Papers TE
23 Name Date Class 14-3 APPLICATION PROBLEM (LO6, 7, 8), p. 435 Recording notes receivable 1. Note Date Principal Interest Rate NR8 April 16 $25, % 90 NR9 May 3 $ 8, % 180 Time in Days Interest Maturity Date Maturity Value $ July 15 $25, $ October 30 $ 8, Calculations: 1. Note Maturity Date Interest Maturity Value NR8 Days from the Month Days Remaining Term of the Note 90 April May June July $25, % 90/360 = $ $25, $ = $25, NR9 Days from the Month Days Remaining Term of the Note 180 May June July August September October $8, % 180/360 = $ $8, $ = $8, Chapter 14 Accounting for Uncollectible Accounts Receivable 413
24 14-3 APPLICATION PROBLEM (continued) 2. GENERAL JOURNAL PAGE 16 ACCOUNT TITLE 3 Notes Receivable NR Accounts Receivable/Daniel Burris Accounts Receivable/Maggie Singer M Notes Receivable Interest Income ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE SALES DISCOUNT CASH 12 Notes Receivable R Interest Income Working Papers TE
25 Name Date Class 14-3 APPLICATION PROBLEM (concluded) 2., 3. ACCOUNTS RECEIVABLE LEDGER ACCOUNT Daniel Burris customer 110 June 1 Balance Accepted note G ACCOUNT Maggie Singer customer 120 June 18 Dishonored note G GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 June 1 Balance G G ACCOUNT Notes Receivable ACCOUNT 1170 June 1 Balance G CR G ACCOUNT Interest Income ACCOUNT 7110 June 1 Balance CR G Chapter 14 Accounting for Uncollectible Accounts Receivable 415
26 14-M MASTERY PROBLEM (LO4, 5, 6, 7, 8), p. 435 Recording entries for uncollectible accounts 1., 2. General JOURNAL PAGE 12 ACCOUNT TITLE 1 1 Dec. 3 Allowance for Uncollectible Accounts M Accounts Receivable/Patel Corporation Accounts Receivable/Banda Company M Allowance for Uncollectible Accounts Accounts Receivable/Broyles Industries M Notes Receivable Interest Income Allowance for Uncollectible Accounts M Accounts Receivable/Murrell, Inc Notes Receivable NR Accounts Receivable/Maples Corporation General JOURNAL PAGE 13 ACCOUNT TITLE Adjusting Entries Dec. 31 Uncollectible Accounts Expense Allowance for Uncollectible Accounts Working Papers TE
27 Name Date Class 14-M MASTERY PROBLEM (continued) 1., 2. ACCOUNT TITLE CASH RECEIPTS JOURNAL PAGE GENERAL ACCOUNTS RECEIVABLE SALES SALES TAX PAYABLE SALES DISCOUNT CASH Dec. 4 Notes Receivable R Interest Income Banda Company R Notes Receivable R Interest Income Totals (1130) 3. Age Group Amount Percent Uncollectible Current $ 52, % , % , % , % Over 90 11, % $118, $ , , $11, Current Balance of Allowance for Uncollectible Accounts 1, Estimated Addition to Allowance for Uncollectible Accounts $10, Chapter 14 Accounting for Uncollectible Accounts Receivable 417
28 14-M MASTERY PROBLEM (continued) 1., 2., 3. ACCOUNTS RECEIVABLE LEDGER ACCOUNT Banda Company customer 110 Dec. 6 Reopen account G CR ACCOUNT Broyles Industries customer 120 Dec. 10 Dishonored note G ACCOUNT Maples Corporation customer 130 Dec. 1 Balance Accepted note G ACCOUNT Murrell, Inc. customer 140 Dec. 1 Balance Written off G ACCOUNT Patel Corporation customer 150 Dec. 1 Balance Written off G Working Papers TE
29 Name Date Class 14-M MASTERY PROBLEM (concluded) 3. GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT 1130 Dec. 1 Balance G G G G G CR ACCOUNT Allowance for Uncollectible Accounts ACCOUNT 1135 Dec. 1 Balance G G G G ACCOUNT Notes receivable ACCOUNT 1170 Dec. 1 Balance CR G G CR ACCOUNT Uncollectible Accounts Expense ACCOUNT 6165 Dec. 31 G ACCOUNT Interest Income ACCOUNT 7110 Dec. 1 Balance CR G CR Chapter 14 Accounting for Uncollectible Accounts Receivable 419
30 14-C CHALLENGE PROBLEM (LO2), p. 436 Estimating uncollectible accounts expense 1., 2. Wood Company Aging of Accounts Receivable 12/31/ Age Group Amount Percent Uncollectible Current $ 70, , , , Over 90 14, $138, % $ 1, % 1, % 1, % 2, % 11, $17, Current Balance of Allowance for Uncollectible Accounts Estimated Addition to Allowance for Uncollectible Accounts (6,481.18) $24, No, the percentages are not properly matching the expense of uncollectible accounts with revenue. The November 30 estimate of $16, was not adequate to cover the accounts written off during December. During December, accounts totalling $23, ($16, $6,481.18) were written off. Wood Company should change the percentages to prevent the allowance account from having a debit balance. 420 Working Papers TE
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