Chapter 7

Accounting for Uncollectible Accounts

ESSENTIAL QUESTIONS

How do you calculate and record estimated uncollectible accounts expense using the direct write-off method? How do you calculate and record estimated uncollectible accounts expense using the allowance method? How do you calculate accounts receivable turnover ratios? What do various turnover ratios tell managers, owners and investors?

TERMS FOR CHAPTER 7

- uncollectible accounts - writing off an account - direct write-off method of recording losses from uncollectible accounts - allowance method of recording losses from uncollectible accounts

- aging accounts receivable - accounts receivable turnover ratio - book value of accounts receivable

ASSIGNMENTS

Define Terms for the Chapter Direct Write-Off Method of Recording Uncollectible Accounts Read pp. 194-198 1) View Power Point presentation intro and 7-1 2) Complete Application Problem 7-1 p. 210 3) Work on Study Guide 7 Time 2 days Allowance Method of Recording Uncollectible Accounts Expense Read pp. 199-205 1) View Power Point presentation 7-2 2) Complete Application Problems 7-2, 7-3, & 7-4 pp. 210-211 3) Continue to Work on Study Guide 7 Time 2 days Accounts Receivable Turnover Ratio Read pp. 206-209 1) View Power Point presentation 7-3 2) Complete Application Problems 7-5& 7-6 pp. 211-212 3) Complete Study Guide 7 Time 2 days

Complete Mastery Problem 7-7 pp. 212-213 Time 2 days Chapter Seven Internet Activity Accounting in Your Career p. 195 Cases for Critical Thinking p. 214.(answer these questions on the same sheet as your chapter seven internet activity) Applied Communication p. 214 Time 3 days Challenge Problem 7-8 p. 213 may be completed for extra credit All Chapter 7 assignments must be handed in by March 13. No Exceptions.