Match each of the following terms with the appropriate definitions.A. Maker of a noteB. Bad debtsC. Aging of accounts receivableD. InterestE. Promissory noteF. Payee of a noteG. Accounts receivableH. Allowance for doubtful accountsI. Realizable valueJ. Expense recognition principle____ 1.Amounts due from customers for credit sales.____ 2.A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts.____ 3.A written promise to pay a specified amount of money, usually with interest, either on demand or at a definite future date.____ 4.The amount expected to be received.____ 5.The uncollectible accounts of credit customers who do not pay what they have promised.____ 6.The accounting principle that requires

Question

expenses to be reported in the same period as the sales they helped to produce.____ 7.The charge a borrower pays for using money borrowed.____ 8.A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible.____ 9.The party who signs a note and promises to pay it at maturity.____10.The party to whom the promissory note is payable. 

What will be an ideal response?

Answer 1

1. G; 2. C; 3. E; 4. I; 5. B; 6. J; 7. D; 8. H; 9. A; 10. F