Exam 3 Review - REVIEW 230 Fall 2011 EXAM #3 CHAPTERS...

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REVIEW 230 Fall 2011 EXAM #3 CHAPTERS 8,9,10 Remember to review the glossary, and study objectives for each chapter. I have noted the homework problem that pertains to the area of knowledge. Be able to prepare journal entries to record sales and collections during the period when discount terms are offered. E8‐1 E8‐2 How and why the allowance method is used for accounting for bad debt. E8‐3 Based on the terms and when revenue is recognized be able to record the transaction of a sale and sale return with terms and be able to calculate the net accounts receivable on the balance sheet based on the transactions. How an uncollectible account is written off using the allowance method. How to journalize the transaction when an account previously written off is recovered. How to record the receipt of a note receivable; accrue interest revenue and payment of the note. E8‐8 Ratios: Receivables Turnover Ratio; Average collection period E8‐11 Factoring of receivables E8‐13 Return of Assets Ratio ; Asset Turnover Ratio E9‐12
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