Accounting 211 Financial and Managerial Accounting Teaching Assistant Hyun Jung (JoAnn) Lee

Spring, Contents 1. Introduction 2. Review of Chapter 8 3. Practice

Introduction 1

Spring, Formula for STUDY!!~

Spring, Personal Blog : Click on “ACCTG 211 Spring 2008” “Student Information Form”  Did you Bring IT!~^^* Office : 381A Business Building, Office Hour : 8 AM. ~ 10:00 AM on Tuesday Recitation Materials

Spring, Let's follow WileyPLUS’s directions!!~ List expenses in order of magnitude List assets in order of liquidity and liabilities in order of magnitude, with notes payable first. This is a minor point so Professor won't do this on the exam. This is a minor point so Professor won't do this on the exam. No number Enter “0” in the table All boxes must be filled. Negative number Use the negative (-) sign preceding the number. Use the negative (-) sign preceding the number. $ and Commas(,). Acceptable with and without dollar signs & commas WileyPlus Technical Issues

Spring, Ask “W.G. Deng” for “PERMISSION” Contact Information Office : 350A Business Building Phone : Office Hours : Mon & Thrs from 1pm until 3pm and by appointment. Only one chance to take it Makeup for the First Exam : Mar 1st on Saturday 9 AM. Makeup for the Second Exam : April 5th on Saturday Make-up Exam Assignments

Review of Chapter8 2

Spring, Recognition and Disposition of Accounts Receivable If we can not collect from customers? Estimating Bad Debt Estimate Bad Debt Expense as percentage of CREDIT SALES Estimate the Allowance Account with the Aging method Adjustment Journal Entries Bad debts expense $100 Bad debts expense $100 Allowance for uncollectible accounts 100 Allowance for uncollectible accounts 100 Write-Off of Specific Accounts Adjustment Journal Entries Allowance for uncollectible accounts $10 Allowance for uncollectible accounts $10 Accounts receivable $10 Accounts receivable $10 Account Receivable

Spring, Note Receivable involves a promissory note, which is a written promise to pay a certain amount of money at a particular point of time (or, in some cases, on demand). Recognition Notes receivable $XXX Accounts receivable (etc.)$XXX Accounts receivable (etc.)$XXX Growth in value due to interest Interest receivable$XXX Interest revenue $XXX Interest revenue $XXX Receipt of cash and discharge of note Cash $XXX Notes receivable $XXX Notes receivable $XXX Notes Receivables

Spring, Selling of Receivables Cash $XXX Gain on sale of receivables $XXX Gain on sale of receivables $XXX Notes receivable $XXX Notes receivable $XXX Credit Card Sales Accounts receivable $XXX Sales $XXX Sales $XXX : will be received from credit card company : will be received from credit card company Cash $XXX Credit card service fees (expense)$XXX Credit card service fees (expense)$XXX Accounts receivable $XXX Accounts receivable $XXX Notes Receivables, conti.

3 Practice!!!

Spring, Problem 8-1 Problem 8-4 Problem 8-6 Problem th Homework Due Date : “Next Monday 6 PM.” Problem : Chapter 8-3, 8-4, and 8-6 Chapter8: Practice A

Spring, Do you have any questions? Welcome to Accounting World!!~ 381A Business Building ,