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Chapter 8-Reporting and Analyzing Receivables.docx

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Department
Administration
Course
ADM1340
Professor
All Professors
Semester
Spring

Description
1ADM 1340 Financial Management Chapter 8 Reporting and Analyzing ReceivablesAccounts Receivable1Accounts receivable Are amounts owed by customers on account2Notes receivable Are claims where formal instruments of credita written promise to repayare issued as evidence of the debt3Trade receivable Notes and accounts receivable that result from sales transactions4Other receivables Include interest receivable loans to company officers advances to employees and recoverable sales tax and income taxThe first step in recognizing an account receivable is straightforward For a service company a receivable is recorded when a service is provided on account For a merchandising company a receivable is recorded at the point of sale of merchandise on accountAccounts receivable subsidiary ledger1Subsidiary Ledger A group of accounts that share a common characteristic ex they are all receivables2Control Account A general ledger account that
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