Chapter 11: Bad Debts and Accrued Adjustments
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Last updated 3:28 AM on 1/29/23
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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
Note 
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