Learning Accounting Fun and Easy: Beginning Financial Accounting, Chapter 8 Receivables
Автор: HZ CPA & Advisors
Загружено: 2025-02-09
Просмотров: 27
Eliminating accounts receivable
Jinhong shares his own approach of requiring upfront payment or monthly installments to eliminate the need to manage accounts receivable. He explains how this improves cash flow and allows him to provide more personalized advice to clients.
Estimating and accounting for bad debt
Jinhong walks through the two-step process of the allowance method for estimating and accounting for uncollectible accounts, including recording the bad debt expense and the allowance for doubtful accounts. He also discusses the direct write-off method.
Accruing and recording interest income
Jinhong explains how to compute and record interest income on notes receivable, including accruing the interest at the end of the period and properly reflecting it in the financial statements.
Measuring accounts receivable turnover
Jinhong discusses the importance of measuring accounts receivable turnover as a metric of efficiency, and how to calculate it using the net sales revenue and average net receivables.
Recap and next steps
Jinhong summarizes the key learnings from the session and encourages the students to continue reflecting on and applying the concepts to their own business ideas. He suggests the next step is to develop a more detailed business plan, focusing on unique value proposition, realistic financials, and intrinsic meaning.
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