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Unformatted text preview: h and related items. Receivables Receivables Receivables ­ Claims held against customers and others for money, goods, or services. Oral promises of the purchaser to pay for goods and services sold (NO interest). Written (formal) promises to pay a sum of money on a specified future date. (usually includes interest). Accounts Receivable Accounts Receivable Accounts Accounts (A/R) ((A/R) A/R) (A/R) Chapter 7-9 Notes Receivable Notes Receivable Notes Notes (N/R) ((N/R) N/R) (N/R) LO 3 Define receivables and identify the different types of receivables. Receivables Receivables Nontrade Receivables Monies due to a company for everything BUT purchases of their goods and services, include the following items: 1. 2. 3. 4. 5. 6. Chapter 7-10 Advances to officers and employees. Advances to subsidiaries. Deposits to cover potential damages or losses. Deposits as a guarantee of performance or payment. Dividends and interest receivable. Claims against: a) b) c) d) e) f) Insurance companies for casualties sustained. Defendants un...
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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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