Name: 第九章 第1講--應收賬款的核算 (Chapter 9 Lecture 1 - Accounting for Receivables)
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looking at receivables the term receivable refers to amounts due from

these are claims the company expects to collect

account receivables, these receivables are generated

when we sell goods or services to customers on account.  The other type is note

receivables.  These are claims for which formal instruments of credit

a note is a formal signed agreement were as an account is typically a verbal agreement

in essence a note typically will bear interest whereas

an account will not.  Now you can have an accounts that bare a late fee or a late penalty

for example your power bill, it's an account receivable from you as the

but the power company can charge a late fee and

that's what that one percent is, only if you are late it's not an actual

interest its a late penalty and then there are other tax receivables and these are receivables

sell of goods or services. They are typically outside the normal scope of

the business and include items such as interest receivable,

income tax refunds, advances to employees, dividends receivable

on investments, etcetera. So there are other types of receivables the primary of course is

interest receivable is a big one.  If you have note receivable odds are you gonna

how do we handle the creation of a receivable in our accounting records

so again let's start by looking at just accounts receivable

the first few lectures will be only on account receivable and then we will switch

and we will look at notes. Let's look at how we would record a few transactions

so on June 1st we sold merchandise to XY company on account

well a couple of notes here, one on account means we did not receive cash

and we also know its own account because of credit terms

now let's review credit terms you did have this in the last class but let's talk about

a 2 percent discount if our customer pays us within 10 days

otherwise the net is due in 30 now that means nothing to us at the moment but

receive the payment from our client then it will make a difference

quite possibly. So how would we record this June first entry? Well first we

our accounts receivable.  Accounts receivable

again is something that is owed from the customer we sold them goods or perform

a service in this case we sold merchandise

sold goods and they owe us money.  We expect to collect that money in

cash so we're gonna debit accounts receivable.  Now post reference remember

post reference is for when we post to the ledger

it is included here we're actually not going to post

these transactions.  We're simply journaling so this column is for

reference it will not be used in this example.

Now we're debiting our accounts receivable for the full amount

the customer owes us, the five thousand, remember the two percent

does not come into play this case until we physically

do the collection.  Now what are we gonna credit?

Well we sold merchandise so we have received

revenues we're going to credit sales or sales revenue

and again our credit will be five thousand.  Now I want to remind everyone of

good journal form, I expect everyone in this class to use proper journal form.

Proper journal form is the debit goes first

just as we have it here followed by the credit and the credit is always

indented, so noticed how this appears, this is good journal form

I do deduct points if you do not use journal form

and then you would leave, if we had another transaction to do, we would leave

start transaction.  Luckily we're only looking at one here

but keep this in mind, good journal form is important.  Alright, let's move on June 3rd

we basically are going to reverse our sales

entry with one slight difference.   Remember when we have a return of a sale we tracked

those returns and we call the account sales returns

and allowances. Sales returns and allowances is a contra

account it reduces our sales and again we're debiting that account

now what do we need to credit?  Well if our customer returns the goods they no

a receivable, we've looked at one possibility once a receivable is

our receivable, reducing the amount that our customer actually

owes us now let's move to June 9th now on June 9th we collected the amount due from

so this is one possibility with a receivable once we have sold the goods

we can either except a return and reduce receivable

or we can show the collection of the receive

where customer has physically paid us well let's talk about that

well our company is actually gaining cash we're receiving a payment our

How do we take cash up?  We debit the account, so we are going to debit our cash account

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第九章第1講--應收賬款的核算 (Chapter 9 Lecture 1 - Accounting for Receivables)

recognize

period

revenue

typically

第九章 第1講--應收賬款的核算 (Chapter 9 Lecture 1 - Accounting for Receivables)

recognize

period

revenue

typically

第九章第1講--應收賬款的核算 (Chapter 9 Lecture 1 - Accounting for Receivables)