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6542– SRI HANDAYANI, SE, MM, MAk, CPMA

PROGRAM STUDI MANAJEMEN & AKUNTANSI FAKULTAS EKONOMI DAN BISNIS

UNIVERSITAS ESA UNGGUL FEB103

PENGANTAR AKUNTANSI I +

LAB

(2)

Mahasiswa mampu memahami

Akuntansi piutang tercatat, dan

menganalisis transaksi piutang

tercatat

TKT306 - Perancangan Tata Letak Fasilitas 6623 - Taufqur Rachman 2

(3)

Chapter

8

Receivables

Accounting,

21st Edition

Warren Reeve Fess

PowerPoint Presentation by Douglas Cloud

Professor Emeritus of Accounting Pepperdine University

© Copyright 2004 South-Western, a division of Thomson Learning. All rights reserved.

Task Force Image Gallery clip art included in this electronic presentation is used with the

(4)

Some of the action has been automated, so

click the mouse when you see this

lightning bolt in the lower right-hand

corner of the screen. You can point and

click anywhere on the screen.

Some of the action has been automated, so

click the mouse when you see this

lightning bolt in the lower right-hand

corner of the screen. You can point and

(5)

1.

List the common classifcations of

receivables.

2.

Summarize and provide examples of

internal control procedures that

apply to receivables.

3.

Describe the nature of and the

accounting for uncollectible

receivables.

4.

Journalize the entries for the

allowance method of accounting for

uncollectibles, and estimate

uncollectible receivables based on

sales and on an analysis of

receivables.

Objectives

Objectives

After studying this

chapter, you should

be able to:

After studying this

chapter, you should

(6)

5.

Journalize the entries for the direct

write-of of uncollectible receivables.

Objectives

Objectives

6.

Describe the nature and characteristics

of promissory notes.

7.

Journalize the entries for notes

receivable transactions.

8.

Prepare the Current Assets

presentation of receivables on the

balance sheet.

9.

Compute and interpret the accounts

(7)

Classification of Receivables

Accounts Receivable

—used for selling

merchandise or services on credit, and normally

expected to be collected in a relatively short

period.

Notes Receivable—

used to grant credit on the

basis of a formal instrument of credit, called a

promissory note.

(8)

Acctg.

Separating the Receivable Functions

Separating the Receivable Functions

Credit Info.

Credit Approval

(9)

Uncollectible Receivables

Uncollectible Receivables

Companies often sell

their receivables to other

companies. This

transaction is called

factoring

the

receivables, and the

buyer of the receivables

is called a

factor

.

Companies often sell

their receivables to other

companies. This

transaction is called

factoring

the

receivables, and the

buyer of the receivables

(10)

Uncollectible Receivables

Uncollectible Receivables

This method is consistent with the

matching principle.

Management makes an

estimate

each year of the

portion of accounts receivable that may not be

collectible.

Uncollectible Accounts Expense

is debited and

Allowance for Doubtful Accounts

is credited.

Actual accounts that prove to be uncollectible are

debited to

Allowance for Doubtful Accounts

and

credited to

Accounts Receivable

.

The Allowance Method

(11)

The Allowance Method

The Allowance Method

Dec. 31 Uncollectible Accounts Expense 4 000 00

Allowance for Doubtful Accounts 4 000 00

On December 31, Cynthia Richards estimates

that a total of $4,000 of the $105,000 balance in

her company’s

Accounts Receivable

will

eventually be uncollectible.

On December 31, Cynthia Richards estimates

that a total of $4,000 of the $105,000 balance in

her company’s

Accounts Receivable

will

eventually be uncollectible.

(12)

The net amount that is

expected to be collected,

$101,000 ($105,000 –

$4,000), is called the

net

realizable value (NRV)

.

The net amount that is

expected to be collected,

$101,000 ($105,000 –

$4,000), is called the

net

realizable value (NRV)

.

The Allowance Method

The Allowance Method

The adjusting entry

reduces receivables to

the NRV and matches

uncollectible expenses

with revenues.

The adjusting entry

reduces receivables to

the NRV and matches

uncollectible expenses

(13)

The

adjusting

entry fills

the bucket.

The

adjusting

entry fills

the bucket.

Allowanc

e for

Doubtful

Accounts

The Allowance Method

(14)

Writing off

accounts

empties the

bucket.

Writing off

accounts

empties the

bucket.

The Allowance Method

(15)

On January 21, John

Parker’s account totaling

$610 is considered to be

uncollectible.

On January 21, John

Parker’s account totaling

$610 is considered to be

uncollectible.

Jan. 21 Allowance for Doubtful Accounts 610 00

Accounts Receivable—John Parker 610 00

To write off the uncollectible account.

The Allowance Method

(16)

On June 10, the written-off

account is collected.

On June 10, the written-off

account is collected.

Jun. 10 Accounts Receivable—John Parker 610 00

To reinstate the account written off on Jan. 21.

An entry is made to reinstate

John Parker’s account.

An entry is made to reinstate

John Parker’s account.

Allowance for Doubtful Accounts 610 00

The Allowance Method

(17)

A second entry is made to

record receipt of the cash.

A second entry is made to

record receipt of the cash.

Jun. 10 Cash 610 00

Accounts Receivable—John Parker 610 00 To record collection on

account.

The Allowance Method

(18)

Estimating Uncollectible Accounts Expense

Estimating Uncollectible Accounts Expense

1.

Estimate based on a percentage of sales.

If credit sales for the period are $300,000 and

it is estimated that 1% will be uncollectible,

the

Uncollectible Accounts Expense

is $3,000.

The allowance method uses two ways to

estimate the amount debited to

Uncollectible

Accounts Expense

.

The Allowance Method

(19)

Dec. 31 Uncollectible Accounts Expense 3 000 00

Allowance for Doubtful Accounts 3 000 00

Adjusting Entry

Based on a Percentage of Sales

Based on a Percentage of Sales

The Allowance Method

(20)

Estimating Uncollectible Accounts Expense

Estimating Uncollectible Accounts Expense

The allowance method uses two ways to

estimate the amount debited to

Uncollectible

Accounts Expense.

2.

Estimate based on analysis of receivables.

If it is estimated that $3,390 of the receivables

will be uncollectible and the

Allowance for

Uncollectible Accounts

currently has a balance of

$510, the

Uncollectible

Accounts Expense

must be

debited for $2,880 ($3,390 – $510).

The Allowance Method

(21)

Dec. 31 Uncollectible Accounts Expense 2 880 00

Allowance for Doubtful Accounts 2 880 00

Adjusting Entry

Based on an Analysis of Receivables

Based on an Analysis of Receivables

The Allowance Method

(22)

Accounts Receivable Aging and Uncollectibles

Not Days Past Due

Past over

Customer Balance Due 1-30 31-60 61-90 91-180 181-365 365

Ashby & Co. $ 150 $ 150

B. T. Barr 610 $ 350 $260

Brock Co. 470 $ 470

Saxon Woods 160 160

Total $86,300 $75,000 $4,000 $3,100 $1,900 $1,200 $800 $300

Total accounts receivable

shown by age.

(23)

2% 5% 10% 20% 30% 50% 80%

Uncollectibles PERCENT

Uncollectible percentages based on

experience and industry averages.

Accounts Receivable Aging and Uncollectibles

Not Days Past Due

Past over

Customer Balance Due 1-30 31-60 61-90 91-180 181-365 365

Ashby & Co. $ 150 $ 150

B. T. Barr 610 $ 350 $260

Brock Co. 470 $ 470

Saxon Woods 160 160

(24)

2% 5% 10% 20% 30% 50% 80%

Uncollectibles PERCENT

AMOUNT $3,390 = $1,500 $200 $310 $380 $360 $400 $240

Accounts Receivable Aging and Uncollectibles

Not Days Past Due

Past over

Customer Balance Due 1-30 31-60 61-90 91-180 181-365 365

Ashby & Co. $ 150 $ 150

B. T. Barr 610 $ 350 $260

Brock Co. 470 $ 470

Saxon Woods 160 160

(25)

Year-End Adjustment for Uncollectibles

Year-End Adjustment for Uncollectibles

General Ledger

Accounts Receivable 86,300

A

Allowance for Doubtful Accts. 510

Uncollectible Accts. Expense

Accounts receivable $86,300 Less allowance for

doubtful accounts 3,390 Net realizable value $82,910

Balance Sheet

A

Balances before adjustment

A

Year-end adjustment:

$3,390 – $510 = $2,880

B

2,880

B

2,880 B

Balance after adjustment

C

3,390 C

(26)

Accounting for Uncollectible Accounts Receivable

 This method is not consistent with the matching principle.

 Accounts that prove to be uncollectible are written off in the year they become worthless.

Uncollectible Accounts Expense is debited and

Accounts Receivable is credited for each such transaction.

(27)

The Direct Write-Off Method

The Direct Write-Off Method

On May 10, D. L. Ross’ account was

determined to be uncollectible. The

$420 balance is written off the books.

On May 10, D. L. Ross’ account was

determined to be uncollectible. The

$420 balance is written off the books.

May 10 Uncollectible Accounts Expense 420 00

Accounts Receivable—D. L. Ross 420 00

(28)

In November, D. L. Ross remits a check

for $420 in payment of his account.

In November, D. L. Ross remits a check

for $420 in payment of his account.

Nov. 1 Accounts Receivable—D. L. Ross 420 00

Uncollectible Accounts Expense 420 00

To reinstate account written off on May 10.

The Direct Write-Off Method

The Direct Write-Off Method

(29)

A second entry is needed to record

receipt of the cash.

A second entry is needed to record

receipt of the cash.

Nov. 1 Cash 420 00

Accounts Receivable—D. L. Ross 420 00

To record collection on account.

The Direct Write-Off Method

The Direct Write-Off Method

(30)

Notes Receivable

THE ORDER OF ____________________________________________ Judson Company

_________________________________________________DOLLARS

Two thousand fve hundred

00/100---PAYABLE AT ______________________________________________City National Bank VALUE RECEIVED WITH INTEREST AT ____10%

2,500.0 0

NO. _______ DUE___________________14 June 14, 2006

TREASURER, WILLIARD COMPANY

H. B. Lane

Payee

Payee

Maker

(31)

a specific amount of money (principal)

to a specific person or company (payee)

at a specific place

on a specific date or upon demand

plus interest at a specific percentage of

the principal (face) amount per year

a specific amount of money (principal)

to a specific person or company (payee)

at a specific place

on a specific date or upon demand

plus interest at a specific percentage of

the principal (face) amount per year

A promissory note is a written

document containing a promise to pay:

(32)

The date a note is to be paid is

called the

due date.

It is also

referred to as the maturity date.

The date a note is to be paid is

called the

due date.

It is also

referred to as the maturity date.

Let’s determine the due

date for a 90-day note

dated March 16.

Let’s determine the due

date for a 90-day note

dated March 16.

(33)

Total days in note

90 days

Number of days in March

31

Issue date of note

March 16

Remaining days in March

–15 days

75 days

Number of days in April

–30 days

45 days

Number of days in May

–31 days

Residual days in June

14 days

Answer: June 14

(34)

Notes Receivable

Notes Receivable

The amount that is due at the

maturity or due date is called

the

maturity value

.

The amount that is due at the

maturity or due date is called

(35)

Received a $6,000, 12%, 30-day note

dated November 21, 2006 in settlement

of the account of W. A Bunn Co.

Received a $6,000, 12%, 30-day note

dated November 21, 2006 in settlement

of the account of W. A Bunn Co.

(36)

Principal + Interest = Maturity Value

$6,000 + $60.00 = $6,060.00

Principal x Rate x Time = Interest

$6,000 x 12% x 30/360 = $60.00

Interest Calculation

Maturity Value Calculation

(37)

Accounting for Notes Receivable

Accounting for Notes Receivable

A $6,000 30-day, 12% note dated

November 21 is received from W. A Bunn

Company in exchange for merchandise.

A $6,000 30-day, 12% note dated

November 21 is received from W. A Bunn

Company in exchange for merchandise.

Nov. 21 Notes Receivable 6 000 00

Sales 6 000 00

(38)

On December 21, when the note matures,

the firm receives $6060 from W. A. Bunn

Company ($6,000 plus $60 interest).

On December 21, when the note matures,

the firm receives $6060 from W. A. Bunn

Company ($6,000 plus $60 interest).

Dec. 21 Cash 6 060 00

Notes Receivable 6 000 00

Received principal and interest on matured note.

Interest Revenue 60 00

Accounting for Notes Receivable

(39)

If W. A. Bunn Company fails to pay the note on

the due date, it is considered a

dishonored note

receivable

. The note and interest are transferred

to the customer’s account.

If W. A. Bunn Company fails to pay the note on

the due date, it is considered a

dishonored note

receivable

. The note and interest are transferred

to the customer’s account.

Dec. 21 Accounts Receivable—Bunn Co. 6 060 00

Notes Receivable 6 000 00

To record dishonored note and interest.

Interest Revenue 60 00

Accounting for Notes Receivable

(40)

A 90-day, 12% note dated December 1, 2006,

is received from Crawford Company to settle

its account, which has a balance of $4,000.

A 90-day, 12% note dated December 1, 2006,

is received from Crawford Company to settle

its account, which has a balance of $4,000.

Dec. 1 Notes Receivable 4 000 00 Accounts Receivable—Crawford

Company 4 000 00

Received note in settlement of account.

Accounting for Notes Receivable

(41)

Assuming that the accounting period

ends on December 31, an adjusting entry

is required to record the accrued interest

of $40 ($4,000 x 0.12 x 30/360).

Assuming that the accounting period

ends on December 31, an adjusting entry

is required to record the accrued interest

of $40 ($4,000 x 0.12 x 30/360).

Dec. 31 Interest Receivable 40 00

Interest Revenue 40

00 Adjusting entry for accrued interest.

Accounting for Notes Receivable

(42)

On March 1, 2004, $4,120 is received for

the note ($4,000) and interest ($120).

On March 1, 2004, $4,120 is received for

the note ($4,000) and interest ($120).

Mar. 1 Cash 4 120 00

Notes Receivable 4 000

00

Interest Receivable 40

00

Interest Revenue 80

00

Received payment on note and interest.

Accounting for Notes Receivable

(43)

Receivables on

the Balance

(44)

Assets

Current assets:

Cash $119,500

Notes receivable 250,000 Accounts receivable $445,000

Less allowance for

doubtful accounts 15,000430,000 Interest receivable 14,500

Merchandise inventory 714,000

Crabtree Co. Balance Sheet

December 31, 2006

(45)

Financial

Analysis and

Interpretation

Accounts Receivable Turnover

Net sales

(46)

Accounts Receivable Turnover

Accounts Receivable Turnover

2006

2005

Net sales on account

$36,000,000 $32,500,000

Accounts receivable (net):

Beginning of year

$ 1,080,000

$1,050,000

End of year

1,220,000

1,080,000

Total

$2,300,000

$2,130,000

Average

$1,150,000

$1,115,000

Accounts receivable turnover

31.3 times 29.1 times

$36,000,000

$1,150,000

$32,500,000

$1,115,000

Use: To assess the efficiency

in collecting receivables

and in the management

of credit.

(47)

Number of Days’ Sales in Receivables

Number of Days’ Sales in Receivables

Accounts receivable, end of year

Average daily sales on account

$1,220,000

($36,000,000 ÷ 365 days)

=12.4 days

Use: To assess the efficiency in collecting

receivables and in the management of credit.

Use: To assess the efficiency in collecting

receivables and in the management of credit.

(48)

The End

The End

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