Terms for Chapter 14 - Century 21 Accounting, 10E
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| allowance method | Crediting the estimated value of uncollectible accounts to a contra account.
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| book value of accounts receivable | The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
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| book value | The difference between an asset's account balance and it related contra account.
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| net realizable value | The amount of accounts receivable a business expects to collect.
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| percent of sales method | A method used to estimate uncollectible accounts receivable that assumes a percent of credit sales will become uncollectible.
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| percent of accounts receivable method | A method that uses an analysis of accounts receivable to estimate the amount that will be uncollectible.
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| aging of accounts receivable | Analyzing accounts receivable according to when they are due.
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| writing off an account | Canceling the balance of a customer account because the customer does not pay.
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| promissory note | A written and signed promise to pay a sum of money at a specified time.
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| note payable | A promissory note signed by a business and given to a creditor.
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| note receivable | A promissory note that a business accepts from a customer.
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| maker of note | The person or business that signs a note and thus promises to make payment.
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| payee | The person or business to whom the amount of a note is payable.
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| principal | The original amount of a note, sometimes referred to as the face amount.
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| interest rate | The percentage of the principal that is due for the use of the funds secured by a note.
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| maturity date | The date on which the principal of a note is due to be repaid
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| time of a note | The length of time from the signing date of a note to the maturity date.
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| maturity value | The amount that is due on the maturity date of a note.
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| interest income | The interest earned on money loaned.
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| dishonored note | A note that is not paid when due.
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| direct write-off method | Recording uncollectible accounts expense only when an amount is actually known to be uncollectible.
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| uncollectible accounts | Accounts receivable that cannot be collected.
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