Chapter 11: Bad Debts and Accrued Adjustments

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10 Terms

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BAD DEBTS

uncollectible amounts owed by customers

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BAD DEBTS EXPENSE

the loss due to uncollectible accounts

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INCOME STATEMENT METHOD OF ESTIMATING BAD DEBTS

uses a percentage (%) of net sales as a basis for estimating bad debts expense

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BALANCE SHEET METHOD OF ESTIMATING BAD DEBTS

uses a percentage (%) of accounts reecivable as a basis for estimating bad debts expense

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ACCOUNT RECEIVABLE AGE ANALYSIS

a list of balances owed by each customer and how long the balance has been owed

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ACCRUED EXPENSES

expenses that have been incurred but not yet recorded in the books

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ACCRUED SALARIES

salaries earned but not yet paid

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ACCRUED REVENUE

revenue earned during the fiscal period but not yet recorded in the books

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UNEARNED REVENUE

current liability account; revenue that has been received but is not yet earned

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CLASSIFIED INCOME STATEMENT

has three main sections: revenue, cost of goods sold, and operating expenses