Tue 10.43 Tools Window Help Search entt dottakeAssignment gnment-take erms and d

ID: 2566058 • Letter: T

Question

Tue 10.43 Tools Window Help Search entt dottakeAssignment gnment-take erms and definitions associated with receivables: e appropriate definition. An asset resulting from accepting a promissory note as payment for products sold or services rendered. Direct write-off method A schedule used to organize accounts recelivable according to the length of time each has been outstanding. Maker The amount of cash the maker is to pay the payee on the maturity date of the note. Allowance method Maturity value The date the promisscry note is due. Recognition of bad debts expense at the point in time at which the accounts recelvable is deemed uncollectible and written off Promissory note The party that will receive the money from a promissory note at some future date. Aging schedule MacBook Air

Explanation / Answer

The answer to your question along with the explanation is given below:

Direct write off method

Recognition of bad debt expense at a point in time…

Maker

The party that agrees to repay the money for a promissory note….

Allowance method

A method of estimating bad debt expense…

Maturity value

The amount of cash the maker is to pay….

Promissory note

A written promise to pay a specific sum…

Aging schedule

A schedule used to organise accounts receivables…..

Payee

The party that will receive the money from the promissory note…

Maturity date

The date the promissory note is due

Notes receivable

An asset resulting from accepting a promissory note…