Chapter 5 accounting

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Author:
betsiie11
ID:
205332
Filename:
Chapter 5 accounting
Updated:
2013-03-06 02:13:08
Tags:
chapter accounting
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Description:
chapter 5 accounting review
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  1. when company sells a product:
    DR ____
      CR ______
    • DR ACCOUNTS RECEIVABLE
    • CR SERVICE REVENUE or SALES
  2. When customer pays
    DR ____
      CR ____
    • DR Cash
    • CR A/R
  3. Contra revenue accounts
    • Sales discounts
    • returns
    • allowances
  4. Sales discount
    • incentive to pay quickly
    • contra revenue, not expense
  5. Net realizable value (NRV)
    The amount of cash we expect to collect
  6. Allowance method
    estimate future uncollectable accounts or bad debts
  7. Net realizable value
    contra asset made at the beginning

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