Word Scramble for...
Accounts Receivable and
If you have difficulty answering the following questions, learn more about this topic by reading our Explanation of Accounts Receivable and Bad Debts Expense.
|1.||Collections of amounts from customers who had purchased on credit are ___________ to Accounts Receivable.||TRICDEED||CREDITED|
|2.||When sales terms are FOB______________ title passes at the buyer's location.||INTDAOISETN||DESTINATION|
|3.||The valuation account associated with Accounts Receivable is the _____________ for Doubtful Accounts.||OWNACLALE||ALLOWANCE|
|4.||When terms are 2/10, n/30, the seller is allowing a 2% _________ if the invoice is paid within 10 days.||TUSIDCON||DISCOUNT|
|5.||Sorting the accounts receivable according to the dates of the sale invoices is the _________ of accounts receivable.||IGAGN||AGING|
|6.||The percentage of ______________ method for bad debts focuses on the balance reported in the allowance account.||SBEEARIVLEC||RECEIVABLES|
|7.||The percentage of ______ method for bad debts focuses on the expense reported on the income statement.||EASSL||SALES|
|8.||The _________ write-off method for bad debts is required for income tax purposes.||EIDRTC||DIRECT|
|9.||Accounts receivable is reported as a __________ asset.||EUCTNRR||CURRENT|
|10.||Annual credit sales divided by the average balances in accounts receivable is the receivables _________________ ratio.||ERTVRUNO||TURNOVER|
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