198.The _________________________ method of computing uncollectible accounts uses income statement relationships to estimate bad debts and is based on the idea that a given percent of a company's credit sales for a period are uncollectible.
199.The ________________________ methods of computing uncollectible accounts use balance sheet relations to estimate bad debts—mainly the relation between accounts receivable and the allowance amount.
200.The _______________________ method uses both past and current receivables to estimate the allowance amount, and assumes that the longer an amount is past due, the more likely it is to be uncollectible.
201.Felton Corporation purchased $4,000 in merchandise from Marita Co. Felton signed a 60-day, 10%, $4,000 promissory note. Marita should record the sale with a journal entry debiting ____________________ for ________ and crediting __________________ for ________.
Answers need to appear in this order
202.When the maker of a note is unable or refuses to pay at maturity, the note is said to be ___________________.
203._______________ refers to the expected proceeds from converting an asset into cash.