Match Each of the Following Terms with the Appropriate Definitions

Short Answer

Match each of the following terms with the appropriate definitions.
A. Maker of a note
B. Bad debts
C. Aging of accounts receivable
D. Interest
E. Promissory note
F. Payee of a note
G. Accounts receivable
H. Allowance for doubtful accounts
I. Realizable value
J. Expense recognition (matching) principle
_____ 1. Amounts due from customers for credit sales.
_____ 2. A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts.
_____ 3. A written promise to pay a specified amount of money, usually with interest, either on demand or at a definite future date.
_____ 4. The expected proceeds from converting an asset into cash.
_____ 5. The uncollectible accounts of credit customers who do not pay what they have promised.
_____ 6. The accounting principle that requires expenses to be reported in the same period as the sales they helped to produce.
_____ 7. The charge a borrower pays for using money borrowed.
_____ 8. A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible.
_____ 9. The party who signs a note and promises to pay it at maturity.
_____ 10. The party to whom the promissory note is payable.