Ch07(1)

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

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.

Ask a homework question - tutors are online