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Q: • How would you describe the entries to record the disposition of accounts receivables? What is their function?
A: The account receivable is disposed off when they are received in cash and the entry is made to close the account receivable control account and the customer individual account. After passing the entry the account receivable is converted into cash. [ The account receivable may be disposed off if they are not received for any reason, at this time the account receivable account is closed against
bad debts expense or allowance for bad debts accounts. ]
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Original conversation
User: • How would you describe the entries to record the disposition of accounts receivables? What is their function?

Weegy: The account receivable is disposed off when they are received in cash and the entry is made to close the account receivable control account and the customer individual account. After passing the entry the account receivable is converted into cash. [ The account receivable may be disposed off if they are not received for any reason, at this time the account receivable account is closed against bad debts expense or allowance for bad debts accounts. ]
dennis003|Points 1030|

User: How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?

Weegy: Under the direct write off method, the bad debts expenses are recorded when the customer does not pay its due amount to the company, as no allowance for doubtful debts is maintained under this method. [ It is used where most of the customers are good and they normally pay within time period. But for some reason, like death or bankruptcy, the customer could not pay its due amount. As there is no allowance or provision is kept for bad debts therefore it does not follow the matching principle of account as the bad debt expense should be recorded for the period for which sales had been made. ]
dennis003|Points 1030|

User: Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.

Weegy: Yes
cimrie|Points 1569|

User: Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain?

Weegy: Yes
cimrie|Points 1569|

User: What are the basic issues related to accounting for intangible assets?

Weegy: Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. [ There are two primary forms of intangibles - legal intangibles (such as trade secrets (e.g., customer lists), copyrights, patents, and trademarks) and competitive intangibles (such as knowledge activities (know-how, knowledge), collaboration activities, leverage activities, and structural activities). Legal intangibles are known under the generic term intellectual property and generate legal property rights defensible in a court of law. Competitive intangibles, whilst legally non-ownable, directly impact effectiveness, productivity, wastage, and opportunity costs within an organization - and therefore costs, revenues, customer service, satisfaction, market value, and share price. Human capital is the primary source of competitive intangibles for organizations today. Competitive intangibles are the source from which competitive advantage flows, or is destroyed. The area of finance that deals with intangible assets is known as Intangible Asset Finance. ]
MrG|Points 3388|

User: Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?

Weegy: requires that your receivables be stated at the net realizable value. The method of calculation falls under the guidance for use of estimates and it is managements responsibility. The method that is chosen has to be reasonabl
cham718|Points 607|

User: Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts? Do the generally accepted accounting principles allow for using both methods at the same time? Why?

Weegy: Please use weegy pro or researcch
ajcabrias|Points 100|

User: Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts? Do the generally accepted accounting principles allow for using both methods at the same time? Why?

Weegy: Please use weegy pro or researcch
ajcabrias|Points 100|

User: What is the difference between revenue expenditures and capital expenditures during a useful life? Are there similarities?

User: What are the differences between revenue expenditures and capital expenditures? Explain the entries of each.

Weegy: A capital expenditure is an amount spent to acquire or improve a long-term asset such as equipment or buildings. Usually the cost is recorded in an account classified as Property, Plant and Equipment. [ The cost (except for the cost of land) will then be charged to depreciation expense over the useful life of the asset. A revenue expenditure is an amount that is expensed immediately?thereby being matched with revenues of the current accounting period. Routine repairs are revenue expenditures because they are charged directly to an account such as Repairs and Maintenance Expense. Even significant repairs that do not extend the life of the asset or do not improve the asset (the repairs merely return the asset back to its previous condition) are revenue expenditures. ]
wisbest|Points 1972|

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Asked 3/17/2013 9:21:32 PM
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