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1、CHAPTER8RECEIVABLESI.AssessingtheNetRealizableValueofAccountsReceivableA.Estimatingthenetrealizablevalueofreceivables:1.Thefullamountofreceivablesmaynotbecollectibleeitherbecausecustomers:a.Areunabletopay(referredtoasuncollectibles),orb.Returnthemerchandiseforcreditorareallow
2、edareductionintheamountowed(referredtoasreturnsandadjustments).2I.AssessingtheNetRealizableValueofAccountsReceivableA.Estimatingthenetrealizablevalueofreceivables:2.Theselossesareanunavoidableconsequenceofthetrade-offbetweenincreasedcostsandadditionalprofitsfromcreditsales.3I
3、.AssessingtheNetRealizableValueofAccountsReceivableSalestocustomerswhoareultimatelyunabletopayaretreatedas:1.TheentryunderGAAPis:DRBaddebtexpense$30,000CRAllowanceforuncollectibles$30,000Expensesoftheperiodinwhichthesalesaremadetofollowthematchingprinciple.Mostlikelythiswillb
4、eanESTIMATE!4I.AssessingtheNetRealizableValueofAccountsReceivableAllowanceForUncollectiblesHowtheAllowanceAccountWorksEstimateofUncollectiblesInthePeriodofSaleActualUncollectiblesWhenKnownContra-AssetAccounttoA/R5I.AssessingtheNetRealizableValueofAccountsReceivableAllowanceF
5、orUncollectiblesBeg.BalanceXXBadDebtsExpense(Estimate)XXHowtheAllowanceAccountWorksActualCustomerWrittenOffEndingBalanceXX6I.AssessingtheNetRealizableValueofAccountsReceivableTheallowanceforuncollectiblesisacontra-assetaccountthatissubtractedfromgrossaccountsreceivable.1.Thee
6、ntryunderGAAPis:DRBaddebtexpense$30,000CRAllowanceforuncollectibles$30,000BadDebtExpenseAllowanceForUncollectibles$30,000$30,000$15,000Beg.Bal.$45,000GoesOnI/SEnd.Bal.7I.AssessingtheNetRealizableValueofAccountsReceivableAccountsReceivableGrossAllowanceForUncollectibles$1,500,
7、000$45,000AccountsReceivableNetLess=$1,455,000BalanceSheetPresentation=AccountsReceivable(gross)$1,500,000Less:Allowanceforuncollectibles(45,000)AccountsReceivable(net)$1,455,000OR8I.AssessingtheNetRealizableValueofAccountsReceivableAllowanceForUncollectiblesC.Estimatinguncol
8、lectiblereceivables:EstimateofUncollectiblesInthePeriodofSale