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Chase_6615_ch7 - Andrew Chase Intermediate Accounting...

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Andrew Chase Intermediate Accounting Chapter 7 7-1 Coins, currency, and available funds on deposit at the bank are included under the heading of “cash”. 7-2 a) Cash b) Trading Securities c) Temporary Investments d) Accounts Receivable e) Accounts Receivable f) Cash g) Cash h) Investments i) Cash j) Trading Securities k) Cash l) Cash m) Office Supplies n) Prepaid Expense 7-8 The theoretical justification of the allowance method contrasted with the direct write- off method of accounting for bad debts is that the allowance method deducts from gross receivables the allowance for doubtful accounts. 7-3 Compensating balance- a portion of any demand deposit maintained by a corporation which constitutes support for existing borrowing arrangements of the corporation with a lending institution. A compensating balance should be reported separately from cash and cash-equivalent items. 7-14 Notes Receivable 1,000,000 Discount on Notes Receivable 380,000 Sales Revenue 620,000
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