Lesson 8 Discussion
Discuss the two bases that may be used to estimate bad debts under the allowance method.
The first method, percentage of sales, assumes there is a direct relationship between the amount of sales and the amount of bad debt expense shown on the income statement. The second method, percentage of receivables, assumes there is a direct relationship between the outstanding (uncollected) receivables and the balance in the allowance for doubtful accounts shown on the balance sheet.
Explain how to calculate simple interest on a note receivable (P x R x T = I). You should also be able to determine maturity date and maturity value (principal + interest).
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