Uncollectible Accounts
A business generally allows customers to buy on account to encourage this
What is sales?
This type of asset is expected to be exchanged for cash or consumed within a year.
What is a current asset?
Typically the largest current asset of most businesses.
What is merchandise inventory?
What account is debited to record the payment of the payroll?
Salary Expense?
When disposing of a plant asset, both the original cost and this must be removed.
What is accumulated depreciation?
The normal balance for the account “Allowance For Uncollectible Accounts”
What is credit?
An accounting form on which a business records information about each plant asset.
What is a plant asset record?
Lifo is an abbreviation for this inventory costing method.
What is Last In First Out?
All deductions in the payroll register are recorded as this type of account when journalizing payment.
What are liabilities?
Any method of depreciation that records a greater amount of depreciation in a plant assets earlier years is considered a(n)
What is an accelerated method?
Allowance for Uncollectible Accounts is the contra account to this asset account.
What is accounts receivable?
Original Cost of a plant asset minus its accumulated depreciation.
What is book value?
The ending inventory and the cost of merchandise sold are calculated using the same unit price under this method.
What is the weighted-average method?
This account is used to record the net pay of the payroll register.
What is cash?
Using the straight-line method of depreciation, a plant asset is depreciated only to this point
What is estimated salvage value?
This account is credited to write off a customer’s account.
What is accounts receivable?
A depreciation method that charges an equal amount of depreciation expense in each year of a plant asset's useful life
What is the straight-line method?
A periodic inventory is also known as this
What is a physical inventory?
What two payroll taxes are paid by both the employee and employer?
Medicare tax and Social Security tax
Canceling the balance of a customer's account because they do not pay.
What is writing-off an account?
This account is debited at the end of the fiscal period when estimating bad debts as part of an adjusting entry
What is depreciation expense or bad debts expense?
The three factors used in calculating straight-line depreciation
What are original cost, estimated salvage value, and estimated useful life?
Scanning a bar code is an example of this type of inventory system.
What is a perpetual inventory?
What two taxes are only paid by the employer?
What are federal and state unemployment taxes
Using the double-declining balance method, the rate of depreciation of a plant asset with a useful life of 4 years is this
What is 50%?