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Accounting

ACC 291 Week 2 Learning Team Reflection Summary University of Phoenix

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During the first two weeks, Learning Team “A” studied several objectives. During
Week One, we learned how to prepare journal entries to account for transactions
related to accounts receivable and bad debt using both percentage of sales and the
percentage of receivables methods, ways to distinguish between tangible and
intangible assets, the means to identify the entries associated with acquisition,
disposal, and sales of plant assets, and closed out the week by distinguishing
between revenue and capital expenditures, and the entries associated with each.
As we advanced into Week Two, we studied how to differentiate among accounts
payable, notes payable and accrued expenses, methods to properly prepare
necessary journal entries to record the issuance of bonds, the periodic interest, and
amortization of bond premiums and discounts, and finally the procedures to calculate
depreciation and amortization expense using various methods.
Learning Team "A" - Week Two Summary
When it comes to preparing journal entries, there are different methods that are used
with accounts receivable and bad debts such as the percentage of sales and the
percentage of receivable methods. The percentage of sales estimates what
percentage of credit sales will be uncollectible. This percentage
is based on past experience and projected credit policy. The company applies this
percentage to either the credit sales or the net credit sales of that current year. The
percentage of receivables estimates what percentage of receivables will result in
losses from the uncollectible accounts. The company uses an aging schedule in
which classifies customer balances by the length of time they have been unpaid.
After the company arranges the accounts by age, it determines the expected bad
debt losses. The longer a receivable is past due, the less likely that it will be
collected.
As defined in our text "Intangible assets are rights, privileges and competitive
advantages that result from the ownership of long-lived assets that do not possess
physical substance” (Weygandt, Kimmel, & Kieso, 2010). Examples of intangible
assets are patents, trademarks, copyrights, and goodwill. Intangible assets can

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