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Recovery of Uncollectible Accounts
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If a written-off account is later collected in full or part (a recovery of bad debts), the write-off will be reversed for the amount received. For example, after his account has been written off, Mr. Andrew pays his account in full. The reversing entry to restore his account will be: Accounts Receivable, John Andrew Allowance for Bad Debt 600
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A separate entry will then be made in the cash receipts journal to record the collection, debiting Cash $600 and crediting Accounts Re ceivable, John Andrew. If a partial collection was made, the reversing en try should be made for the amount recovered.
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CHAPTER 12: Negotiable Instruments
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1. The holder of a note can usually obtain money by taking it to a bank and _______ it. 2. The face of a note plus the interest due is known as _______. 3. A written promise to pay a creditor an amount of money in the fu ture is known as a ______. 4. The two methods of recording uncollectible accounts are the _______ method and the ________ method. 5. There are two methods of calculating the amount of uncollectible accounts. They are the ________ method and the _______ method. Answers: 1. discounting; 2. maturity value; 3. note payable; 4. direct write-off, allowance; 5. percentage of sales, balance sheet
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Solved Problem 12.1 Below is an example of a note receivable. July 1, 2002 I, Megan MacLaren, promise to pay Concord, Inc., $900, 90 days from date, at 14 percent interest. Megan MacLaren (a) Who is the maker of the note (b) Who is the payee of the note (c) What is the maturity date of the note (d) What is the maturity value of the note Solution: (a) Megan MacLaren; (b) Concord, Inc.; (c) September 29; (d) $931.50 Solved Problem 12.2 Determine the interest on the following notes: (a) $750 principal, 14 percent interest, 96 days; (b) $800 principal, 12 per cent interest, 90 days.
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92 BOOKKEEPING AND ACCOUNTING
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Solution: (a) $750 14% 14% 14% 12% 12% 60 days 30 days 6 days 96 days 60 days 30 days 90 $17.50 8.75 1.75 $28.00 $16.00 8.00 $24.00
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(b) $800
Solved Problem 12.3 A $4,000, 90 day, 14 percent note receivable in settlement of an account, dated June 1, is discounted at 14 percent on July 1. Compute the proceeds of the note. Solution: Principal $4,000.00 Interest Income (90 days, 14%) 140.00 Maturity Value $4,140.00 96.60 Discount (60 days, 14% of maturity value) Proceeds $4,043.40 Solved Problem 12.4 What are the entries needed to record the infor mation in Solved Problem 12.3 (a) on June 1 (b) on July 1 Solution: (a) Notes Receivable Accounts Receivable (b) Cash Interest Income Notes Receivable 4,000.00 4,000.00 4,043.40 43.40 4,000.00
Solved Problem 12.5 Bill s Bank received a $20,000, 90 day, 14.5 per cent note from Sun Town Company on account, dated November 1. Sun Town paid the note on the due date. (a) Show the entries for this transac tion. (b) Show the adjusting entry assuming December 31 is the last day of the accounting period
CHAPTER 12: Negotiable Instruments Solution: (a) Nov. 1 Notes Receivable Accounts Receivable Jan. 30 Cash Interest Income Notes Receivable (b) Dec. 31 Interest Receivable Interest Income 20,000 20,000 20,725 725 20,000 483.33 483.33 *
*$20,000 times 14.5% times 1/6 (November and December)
13
Controlling Cash
In This :
Introduction Controlling Cash Receipts Controlling Cash Disbursements Controlling Cash Balances Bank Statements Petty Cash Summary Solved Problems
Introduction
In most rms, transactions involving the receipt and disbursement of cash far outnumber any oth er kinds of transactions. Cash is, moreover, the most liquid asset and most subject to theft and fraud. It is, therefore, essential to have a system of accounting procedures that will maintain ade quate control over cash. Cash is a medium of exchange and includes such items as currency, coin, demand deposits, saving deposits, petty cash funds, bank drafts, cashier s checks, personal checks, and money orders.
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