17) Match each of the following terms with its definition. Each term is used only once.
a. Allowance for uncollectible accounts
b. Net receivables
c. Contra-asset account
d. Credit card sales
_____ 1. An account that is subtracted from a related asset account
_____ 2. Credit sales made to customers who pay for the sale with a credit card issued by a bank or financial institution
_____ 3. The amount of accounts receivable a company actually expects to collect in cash
_____ 4. A contra account to accounts receivable, which shows the amount of money considered to be uncollectible from customers
18) Match each of the following terms with its definition. Each term is used only once.
a.Bad debts expense
b.Net receivables
c.Direct write-off method
d.Accounts receivable
e.Allowance for uncollectible accounts
f.NSF checks
g.Contra-asset account
h.Outstanding checks
i.Credit card sales
_____ 1. Credit sales made to customers who pay for the sale with a credit card issued by a bank or financial institution
_____ 2. The expense related to the cost of extending credit to customers who don’t pay
_____ 3. An account that is subtracted from a related asset account
_____ 4. Method used when bad debts expense is recorded only after the specific customer’s account is identified as uncollectible
_____ 5. A contra account to accounts receivable, which shows the amount of money, considered to be uncollectible from customers
_____ 6. Amounts owed by customers on account
_____ 7. The amount of accounts receivable a company actually expects to collect in cash
_____ 8. Checks deposited in a bank account that have "bounced" due to insufficient funds
_____ 9. Checks a company has written that haven’t cleared the bank