Solved

Match Each of the Following Terms with Its Definition

Question 192

Matching

Match each of the following terms with its definition.Each term is used only once.

Premises:
An account that is subtracted from a related asset account
A contra account to accounts receivable,which shows the amount of money considered to be uncollectible from customers
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
Responses:
Credit card sales
Allowance for uncollectible accounts
Contra-asset account
Net receivables

Correct Answer:

An account that is subtracted from a related asset account
A contra account to accounts receivable,which shows the amount of money considered to be uncollectible from customers
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
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