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  • Allowance For Freight Charge Allowance For Sales Return Allowance For Sales Discount Allowance For Doubtful Accounts

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    Mary Justine Paquibot
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    This document defines and categorizes different types of current assets including cash, receivables, inventory, supplies, and short-term investments. It also defines non-current assets such as long-term investments and receivables. Current assets are assets that can be converted to cash within one year.

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    Original Title

    Accounting notes

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    This document defines and categorizes different types of current assets including cash, receivables, inventory, supplies, and short-term investments. It also defines non-current assets such as long-term investments and receivables. Current assets are assets that can be converted to cash within one year.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    26 views7 pages

    Allowance For Freight Charge Allowance For Sales Return Allowance For Sales Discount Allowance For Doubtful Accounts

    Uploaded by

    Mary Justine Paquibot
    This document defines and categorizes different types of current assets including cash, receivables, inventory, supplies, and short-term investments. It also defines non-current assets such as long-term investments and receivables. Current assets are assets that can be converted to cash within one year.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    CURRENT ASSETS

    CASH TRADE AND OTHER RECEIVABLES LOANS RECEIVABLE


    Accounts Receivable
    Allowance for freight charge
    Allowance for sales return
    Allowance for sales discount
    Allowance for doubtful accounts
    Net Accounts Receivable
    Notes Receivable
    Advances to employees or others
    Advances to supplier
    Short-term subscription receivable
    Material Creditor's Account Balances
    Current Special Deposits
    Accrud Income/Receivable
    Dividend Receivable
    Rent Receivable
    Acrrued royalties
    Interest Receivable
    Claim Receivable
    T ASSETS
    INVENTORIES SUPPLIES SHORT TERM INVESTMENTS
    NON-CURRENT ASSETS
    LONG-TERM INVESTMENTS LONG-TERM RECEIVABLES
    Advances to affiliates Special Deposit on Contract Bids
    ACCOUNTS PAYABLE
    Customer Credit Balances ( General Rule except if immaterial)

    (Immaterial Creditor Balances)


    Ownership of the goods belongs to: Liable for transportation cost is:
    FOB DP Seller until arrival at destination Seller
    FOB SP Buyer upon shipment Buyer
    FOB DP, Collect Seller until arrival at destination Seller
    FOB DP, Prepaid Seller until arrival at destination Seller
    FOB SP, Collect Buyer upon shipment Buyer
    FOB SP, Prepaid Buyer upon shipment Buyer

    B company engaged in selling of bags bought 100 bags at 20 each with terms FB SP, Freight Prepaid
    Transportion cost is paid by:
    Seller
    Buyer
    Buyer
    Seller
    Buyer
    Seller
    Income
    Sales Other Income
    Sales Discount Sales Discount Forfeited
    Sales Return

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