Weekly Representation Week2
Weekly Reflection Week 2
Felice Valdez, Jose Soto, Jasmine Kittrell, Mitchell Gourley, and Kwaylon Crowder Acc-291
March 17, 2014
In week one and week two we covered a large amount of details that was interesting and some of us fought understanding this. We talked about such subject areas as receivables, notes receivables, bonds, liabilities, unearned income, tangible and intangible possessions, and several others. We all did not struggle on the same topics but not each of the topics were as crystal clear in the beginning in the week as they became down the line as the readings as well as the weekly talks. Receivables
Receivables are promises a company desires to receive in cash. Receivables are assembled as accounts receivables, remarks receivable, and also other receivables. Initially, accounts relievable are sums owed by consumers on account that result from product sales or solutions. These receivables are expected being paid inside 30 to 60 days. Second, notes receivables are promises for tools used for credit rating. These receivables are normally paid within 60 - 90 days or longer because required. Last, Other receivables are, for example , interest receivable, loans, developments, and income tax refundable. These kinds of receivables will be don't generally come from normally business procedures. Notes Receivables
The information that I was having a problem with in last week's reading was dealing with Records Receivables. I had been having a hard time taking in how come and where it would be coded on the literature. I had taken a little extra time this week to gather information so therefore I could have got a better understanding. Notes receivable is a property of a company, bank or perhaps other firm that holds a written promissory note from one more party. For example , if a organization lends the suppliers $10,50, 000 as well as the supplier indicators a crafted promise to repay the amount, the organization will enter the amount in the asset bank account Notes Receivable. The dealer will also enter the amount in the...