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Financial Accounting > AR and Bad Debts (Customers) > Flashcards

AR and Bad Debts (Customers) Flashcards

1
Q

Journal Credit Sales

A

Dr Accounts receivable

Cr Service Revenue

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2
Q

journal payment from AR customer

A

Dr Cash at Bank

Cr Accounts receivable

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3
Q

Creating Allowance for Uncollectible AR

A

Dr Bad Debt Expense

Cr Allowance for Uncollectible AR

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4
Q

Customer Bankruptcy

A

Dr Allowance for Uncollectible AR

Cr Accounts Receivable

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5
Q

Adjusting Allowance for Uncollectible AR

A

New - Old = X
Dr Bad Debt expense X
Cr Allowance for Uncollectible AR X
*if New Allowance > Old

Old - New = Y
Dr Allowance for Uncollectible AR Y
Cr Gain on estim. of Uncollectible AR Y
*if Old Allowance > New

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6
Q

Payment of bankrupt Customers

A

Dr Accounts Receivable
Cr Allowance for Uncollectible AR
Dr Cash at Bank
Cr Accounts Receivable

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7
Q

Sales Returns

A

Dr Cash at Bank
Cr Sales Revenue
Dr Sales return
Cr Cash at Bank

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8
Q

Sales Discount

A

Dr Cash at Bank
Dr Sales Discount
Cr Accounts receivable

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Financial Accounting (6 decks)

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