Discuss the similarities and differences between accountsreceivables, notes receivable and other receivables.

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19 Dec 2023

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Please respond to one of the following topics:

TOPIC 1: The Brown Company sells small office equipment andfixtures on credit. Their ending balance in AccountsReceivable for 2014 was $120,000. It was expected that$5,000 of this balance would later prove to be uncollectible, soBrown set up an Allowance for Doubtful Accounts for $5,000, anddeclared $5,000 as Bad Debts Expense for 2014. In Juneof 2015, Brown determined that a $1,285 receivable owed by MollyQuinn should be written off. Discuss the impact thatthis June write off action will have on Brown's Net Income for 2014and 2015, and explain your answer.

TOPIC 2: What is the difference between an account receivableand a note receivable? Give an example of each.

scarletkoala290

9) Assume the periodic inventory system. Krinkle Company soldinventory on account for $500 on May 8, 20X9, with terms of 2/10,n/30. On May 16, 20X9, the appropriate payment was received fromthe customer. Which of the following is the journal entry to recordthe March 16 transaction on Krinkle's books?

A)Cash 500

AccountsReceivable 500

B)Cash 490

Cash Discount onSales 10

AccountsReceivable 500

C)Cash 490

Sales 10

AccountsReceivable 500

D)Cash 500

Cash Discount onSales 10

AccountsReceivable 490

E)Cash 500

Sales 10

AccountsReceivable 490

what are the similarities and differences between leases and other means of property acquisition? How can these similarities and differences be reported in the financial statements?

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