lo 3 define receivables and identify the different

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Unformatted text preview: der suit. Governmental bodies for tax refunds. Common carriers for damaged or lost goods. Creditors for returned, damaged, or lost goods. Customers for returnable items (crates, containers, etc.). LO 3 Define receivables and identify the different types of receivables. Receivables Receivables Nontrade Receivables (reported separately) Illustration 7-3 Chapter 7-11 LO 3 Define receivables and identify the different types of receivables. Recognition of Accounts Receivables Recognition of Accounts Receivables Trade Discounts Trade Discounts E.g., “10% Off Sales” E.g., “10% Off Sales” Reductions from list price Reductions from list price NOT recognized NOT recognized accounting records accounting records Customers are billed net of the Customers are billed net of the discount discount Basically…BS!! Don’t be fooled Basically…BS!! Don’t be fooled like my wife! like my wife! Chapter 7-12 10 % Discount for new Retail Store Customers LO 4 Explain accounting issues related to recognition of accounts receivable. Recognition of Accounts Receivables Recognition of Accounts...
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This note was uploaded on 01/29/2013 for the course ACC 223 taught by Professor Staff during the Fall '12 term at Niagara University.

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