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AC1103

Week 6 (Covered in W7)

TermDefinition
Credit Sales An entity's sales to customers on credit- these customers are known as trade recievables
Bad Debt Write-Off Customer is unable to pay the amount due on their account
Allowance for credit losses An estimate of the recievables that an entity is unlikely to recover
General Allowance An estimate of the total amount of credit losses computed using a percentage of the trade recievables at the end of the current year
Specific Allowance Involves which particular customers at the end of the year are unlikely to pay their debts and providing specific allowance for credit losses relating to those particular customers
Increase in the allowance for doubtful debts results in: A decrease in current assets
Created by: peadarbailey1206
 

 



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