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COMPLETION STATEMENTS
1.Notes and accounts receivable that result from sales transactions are often called______________ receivables.
2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable.
3.The net amount expected to be collected in cash from receivables is the _____________.
4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis.
5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method.
6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet.
7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible.
8.The _________________ basis of estimating uncollectibles normally results in the best approximation of _______________ value.
9.A 75-day note receivable dated July 5 would mature on ______________.
10.Collection of a note receivable will result in a credit to ______________ for the face value of the note and a credit to ______________.
11.A note that is not paid on the maturity date is said to be ______________.
12.A concentration of ______________ is a threat of nonpayment from a single customer or class of customers.
13.Ratios used to assess the liquidity of accounts receivable are ______________ and _______________.
14.A finance company or bank that purchases receivables from businesses is known as a ______________.
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