Solved

Match Each of Its Definition with the Correct Term

Question 195

Matching

Match each of its definition with the correct term.

Premises:
Amounts owed by customers on account
Checks deposited in a bank account that have "bounced" due to insufficient funds
Checks a company has written that haven’t cleared the bank
Method used when bad debts expense is recorded only after the specific customer’s account is identified as uncollectible
An account that is subtracted from a related asset account
Credit sales made to customers who pay for the sale with a credit card issued by a bank or financial institution
The amount of accounts receivable a company actually expects to collect in cash
The expense related to the cost of extending credit to customers who don’t pay
A contra account to accounts receivable, which shows the amount of money, considered to
Responses:
Contra-asset account
Net receivables
Outstanding checks
Allowance for uncollectible accounts
NSF checks
Accounts receivable
Direct write-off method
Credit card sales
Bad debts expense

Correct Answer:

Amounts owed by customers on account
Checks deposited in a bank account that have "bounced" due to insufficient funds
Checks a company has written that haven’t cleared the bank
Method used when bad debts expense is recorded only after the specific customer’s account is identified as uncollectible
An account that is subtracted from a related asset account
Credit sales made to customers who pay for the sale with a credit card issued by a bank or financial institution
The amount of accounts receivable a company actually expects to collect in cash
The expense related to the cost of extending credit to customers who don’t pay
A contra account to accounts receivable, which shows the amount of money, considered to
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