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1、Unit7Assets—CurrentAssetsⅡⅠ.ReceivablesⅡ.PrepaymentⅢ.InventoryCurrentassetsareassetsthatareexpectedtobeconvertedtocash,soldorconsumedwithin12monthsorwithinthebusiness’snormaloperatingcycleiflongerthanayear.8/29/20212Ⅰ.ReceivablesAccountsReceivableNotesReceivableOtherReceivablesReceivable
2、sThemoneyowingfromsalesoncreditorotherindividualsarereceivables,whichrefertothemonetaryclaimsagainstbusinesses,individualsandotherdebtors.8/29/202131.AccountsReceivableAccountsreceivablearethereceivablescollectedbyabusinessinsellingproducts,goodsorservices.8/29/20214(1)AccountingofAccoun
3、tsReceivableDr.AccountsReceivableCr.SalesRevenueWhenabusinessmakesitssalesonaccountDr.CashCr.AccountsReceivableWhentheamountonaccountiscollected8/29/20215CommercialDiscountDiscountCertainsumofmoneythatisallowedtobedeductedfromcommodityprices.DiscountCashDiscountAdeductionfromthegrossinvo
4、icevaluethatcanbetakenonlyiftheinvoiceispaidwithinaspecifiedperiodoftimetoencourageearlypayment.8/29/20216CommercialDiscountItisusuallyexpressedasapercentage,suchas5%,10%,etc.Itdoesnotaffecttheentryvalueofaccountsreceivablebutisonlyconsideredtheadjustmentofprices.8/29/20217CashDiscountIt
5、normallyappearsas“2/10,1/20,n/30”ontheinvoice.2/10meansadiscountof2%ofthegrossinvoicepriceisdeductibleforpaymentswithin10days;1/20means1%deductibleforpaymentswithin20days;n/30meansthatnodiscountifthepaymentisafter30daysfollowingtheinvoicingdate.8/29/20218CashDiscountDr.AccountsReceivable
6、Cr.SalesRevenueWhentransactionoccurredDr.CashSalesDiscountCr.AccountsReceivableWhenthepaymentisreceivedandthecashdiscountisrealized8/29/20219Example----CashDiscountOnJune1,K15soldmerchandiseof$50,000toSpeed5oncredit.Thecredittermwas2/10,1/20,n/30,andSpeed5paidthemoneyonJune18.June1Dr.Acc
7、ountsReceivable-Speed550,000Cr.SalesRevenue50,000June18Dr.Cash49,500SalesDiscount500Cr.AccountsReceivable-Speed550,0008/29/202110(2)AccountingofUncollectibleReceivables -BadDebtsDefinitionAllreceivablesshallbeclearedandcollectedontimeandshallbecheckedwithrelatedpartiesper
