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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts Direct write-off method

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Page 1: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 7-1LESSON 7-1

Direct Write-Off Method of Recording Uncollectible Accounts

Uncollectible accountsDirect write-off method

Page 2: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

Chapter 7 ObjectivesChapter 7 ObjectivesAccounting for Uncollectible AccountsAccounting for Uncollectible Accounts

After studying Chapter 7, you will be able to:Define accounting terms related to uncollectible accounts.Identify accounting concepts and practices related to uncollectible accounts.Calculate and record estimated uncollectible accounts expense using the direct write-off method.Calculate and record estimated uncollectible accounts expense using the allowance method.Calculate and analyze accounts receivable turnover ratios.

2

LESSON 7-1

Page 3: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

Lesson 7-1Lesson 7-1

uncollectible accounts: accounts receivable that cannot be collected

writing off an account: canceling the balance of a customer account because the customer is not expected to pay

direct write-off method of recording losses from uncollectible accounts: recording uncollectible accounts expense only when an amount is actually known to be uncollectible

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LESSON 7-1

Page 4: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

4

LESSON 7-1

RECORDING UNCOLLECTIBLE RECORDING UNCOLLECTIBLE ACCOUNTS EXPENSEACCOUNTS EXPENSE

November 15. Wrote off James Nordquist’s past due account as uncollectible, $50.00. Memorandum No. 21.

page 201

Page 5: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

5

LESSON 7-1

1. Make an entry to reopen the account.

2. Make an entry to record the cash receipt.

COLLECTING A WRITTEN-OFF COLLECTING A WRITTEN-OFF ACCOUNT— DIRECT METHODACCOUNT— DIRECT METHOD page 202

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22

January 21. Received cash in full payment of James Nordquist’s account, previously written off as uncollectible, $50.00. Memorandum No. 54 and Receipt No. 49.

Page 6: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

6

LESSON 7-1

DEFINE TERMS REVIEWDEFINE TERMS REVIEWIn QuizletIn Quizlet

uncollectible accounts writing off an account direct write-off method of recording losses from

uncollectible accounts

page 203

Create: Chapter 7 AdvAcc (then SAVE)

Page 7: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

Exit Ticket for today:Exit Ticket for today:Audit Your Understanding 7-1Audit Your Understanding 7-1

1. Why should the amount of an uncollectible account be removed from the assets of a business?

2. In the direct write-off method, how is an uncollectible account closed?

3. Why is the customer account reopened when cash is received for an account previously written off as uncollectible?

7

LESSON 7-1

In a Word Document, SaveAS: Chapter7-1AYUYourNameAnd drop in my Inbox today!

Page 8: CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 7-1 Direct Write-Off Method of Recording Uncollectible Accounts Uncollectible accounts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

Complete the following assignments for Complete the following assignments for Chapter 7-1 todayChapter 7-1 today

Define Terms Review on page 201. Answer Audit Your Understanding questions on page

201. Complete Work Together 7-1 on Aplia – page 201. Complete On Your Own 7-1 on Aplia – page 201. Complete Application Problem 7-1 on Aplia – page

215.

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LESSON 7-1

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Write Off Uncollectible Receivables C2M.v… · Web view2020-06-04 · This process describes the management of writing off uncollectible debt. Most organizations have processes

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Collection Strategies to Reduce Uncollectible Expense

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Mark R. Gaylord (#5073) Melanie J. Vartabedian (#10148) Tesia … · 2019-06-11 · Case 2:14-cv-00309-RJS-DBP Document 947 Filed 09/22/17 Page 7 of 29 uncollectible accounts, administration

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15-1. Accounts Receivable and Uncollectible Accounts Section 1: The Allowance Method Of Accounting For Uncollectible Accounts. Chapter 15 Section Objectives

20131009135403397. Jones's balance sheet shows $8,000 in cash, $10,000 in accounts receivable, $500 in allowance for uncollectible accounts, $7,000 for other current assets, $15,000

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FI0305 - Accounts Receivable · allowance for doubtful accounts (ADA account) to reflect the estimated uncollectible accounts. This allowance will be used to reduce the total amount

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