111. Match each of the following terms associated with the best description of that term.
1. All money claims against other entities.Accounts Receivable
2. A contra asset that represents the amount of estimated uncollectible receivables at a specific date. Aging Report
3. Records bad debt expense only when a specific customer’s account is deemed worthless. Allowance for Doubtful Accounts
4. The difference between Accounts Receivable and Allowance for Doubtful Accounts. Direct Write-off Method
5. A receivable created from selling merchandise or services on account.Bad Debt Expense
6. Another term for selling receivables.Net Realizable Value
7. Operating expense recorded as a result of receivables becoming uncollectible.Factoring
8. A list of customer accounts sorted by age classes.Receivables
9. Measures how frequently during the year accounts receivables are being turned into cash. Accounts Receivable Turnover
112. Match each of the following terms associated with notes receivable with the best description of that term.
1. The stated rate charged for using the money of another partyNotes Receivable
2. The dollar amount listed on the promissory note.Maturity Value
3. The amount charged for using the money of another party.Interest
4. The time between the date a note is issued and the due date of the note.Interest Rate
5. The amount due when the note is paid off.Dishonored Note
6. A note that is not paid when it is dueFace Amount
7. A formal written instrument that represents amounts due from customers.Maker
8. The party promising to pay a noteTerm
113. Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.
114. Discuss the similarities and differences between accounts receivables, notes receivables and other receivables.