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CHAP 9
Chapter 9-1 Chapter Chapter 9 9 Chapter Chapter 9 9 Accounting For Receivables Financial Accounting, Sixth Edition Chapter 9-2 1. Identify the different types of receivables. 2. Explain how companies recognize accounts receivable. 3. Distinguish between the methods and bases companies use to value accounts receivable. 4. Describe the entries to record the disposition of accounts receivable. 5. Compute the maturity date of and interest on notes receivable. 6. Explain how companies recognize notes receivable. 7. Describe how companies value notes receivable. 8. Describe the entries to record the disposition of notes receivable. 9. Explain the statement presentation and analysis of receivables. Study Objectives Study Objectives Study Objectives Study Objectives Chapter 9-3 Types of Types of Receivables Receivables Types of Types of Receivables Receivables Accounts Accounts receivable receivable Notes Notes receivable receivable Other Other receivables receivables Accounts Accounts Receivable Receivable Accounts Accounts Receivable Receivable Notes Notes Receivable Receivable Notes Notes Receivable Receivable Statement Statement Presentation Presentation and Analysis and Analysis Statement Statement Presentation Presentation and Analysis and Analysis Presentation Presentation Analysis Analysis Determining Determining maturity date maturity date Computing Computing interest interest Recognizing Recognizing notes receivable notes receivable Valuing notes Valuing notes receivable receivable Disposing of Disposing of notes receivable notes receivable Accounting for Receivables Accounting for Receivables Accounting for Receivables Accounting for Receivables Recognizing Recognizing accounts accounts receivable receivable Valuing Valuing accounts accounts receivable receivable Disposing of Disposing of accounts accounts receivable receivable Chapter 9-4 Amounts due from individuals and other companies that are expected to be collected in cash. Amounts owed by customers that result from the sale of goods and services. Accounts Accounts Receivable Receivable Accounts Accounts Receivable Receivable Types of Receivables Types of Receivables Types of Receivables Types of Receivables SO 1 Identify the different types of receivables. SO 1 Identify the different types of receivables. Claims for which formal instruments of credit are issued as proof of debt. “Nontrade” (interest, loans to officers, advances to employees, and income taxes refundable). Notes Notes Receivable Receivable Notes Notes Receivable Receivable Other Other Receivables Receivables Other Other Receivables Receivables Chapter 9-5 Three accounting issues: 1. Recognizing accounts receivable. 2. Valuing accounts receivable. 3. Disposing of accounts receivable. Accounts Receivable Accounts Receivable Accounts Receivable Accounts Receivable SO 1 Identify the different types of receivables. SO 1 Identify the different types of receivables. The following exercise was illustrated in Chapter 5. For simplicity, inventory and cost of goods sold have been omitted. Recognizing Accounts Receivable Chapter 9-6 Illustration: Illustration: Presented are transactions related to Wheeler Company. 1. On December 3,Wheeler Company sold $500,000 of merchandise to Hashmi Co., terms 2/10, n/30, FOB shipping point. 2. On December 8, Hashmi Co. was granted an allowance of $27,000 for merchandise purchased on December 3. 3. On December 13,Wheeler Company received the balance due from Hashmi Co. Instructions: Prepare the journal entries to record these transactions on the books of Wheeler Company using a perpetual inventory system. Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable SO 2 Explain how companies recognize accounts receivable. SO 2 Explain how companies recognize accounts receivable. Chapter 9-7 Illustration: Illustration: Prepare the journal entries for Wheeler Co. 1. On December 3, Wheeler Company sold $500,000 of merchandise to Hashmi Co., terms 2/10, n/30, FOB shipping point. Accounts receivable 500,000Dec. 3 Sales 500,000 SO 2 Explain how companies recognize accounts receivable. SO 2 Explain how companies recognize accounts receivable. Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Chapter 9-8 Illustration: Illustration: Prepare the journal entries for Wheeler Co. 2. On December 8, Hashmi Co. was granted an allowance of $27,000 for merchandise purchased on December 3. Sales returns and allowances 27,000Dec. 8 Accounts receivable 27,000 SO 2 Explain how companies recognize accounts receivable. SO 2 Explain how companies recognize accounts receivable. Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Chapter 9-9 Illustration: Illustration: Prepare the journal entries for Wheeler Co. 3. On December 13, Wheeler Company received the balance due from Hashmi Co. Cash 463,540Dec. 13 Accounts receivable 473,000 Sales discounts 9,460 ** [($500,000 – $27,000) X 2%] ** * ($500,000 – $27,000) * *** *** ($473,000 – $9,460) SO 2 Explain how companies recognize accounts receivable. SO 2 Explain how companies recognize accounts receivable. Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Recognizing Accounts Receivable Chapter 9-10 Valuing Accounts Receivables Classification Valuation (net realizable value) Uncollectible Accounts Receivable Sales on account raise the possibility of accounts not being collected SO 3 Distinguish between the methods and bases SO 3 Distinguish between the methods and bases companies use to value accounts receivable. companies use to value accounts receivable. Valuing Accounts Receivable Valuing Accounts Receivable Valuing Accounts Receivable Valuing Accounts Receivable . Chapter 9- 1 Chapter Chapter 9 9 Chapter Chapter 9 9 Accounting For Receivables Financial Accounting, Sixth Edition Chapter 9- 2 1. Identify. receivable. 9. Explain the statement presentation and analysis of receivables. Study Objectives Study Objectives Study Objectives Study Objectives Chapter 9- 3