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Updated: 5/16/2020
Unknown Story
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Storyboard Text

  • Ben's Toy Store
  • Buy now, pay later
  • What happens if the customer never pays?
  • Prudence.Prudence is the characteristic that guides business owners and financial statement preparers to account for uncertain accounts by having the least optimistic view. This is so other accounts, such as revenue/income don't get affected by these uncertainties.
  • Ben's Toy Store General Journal 3rd April Bad debts expense Bad debts allowance
  • Because Ben has received the cash, he will credit the accounts receivable account and debit the cash transaction.
  • Accrual basis of accounting antonyms??
  • I've got the $285 to pay off my account. Thank you.
  • The direct write off method is NOT recommended by the GAAP.
  • This can be done by utilising the allowance method, and using either the percentage of receivables approach, percentage of net credit sales approach or ageing of accounts.
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