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1AccountsReceivableOneofthekeyfactorsunderlyingthegrowthoftheAmericaneconomyisthetrendtowardsellinggoodsandservicesoncreditAccountsreceivablecomprisethelargestfinancialassetofmanymerchandisingcompaniesAccountsreceivablearerelativelyliquidassetsusuallyconvertingintocashwithinaperiodof30to60daysThereforeaccountsreceivablefromcustomersusuallyappearinthebalancesheetimmediatelyaftercashandshortterminvestmentsinmarketablesecurities2UNCOLLECTIBLEACCOUNTSAccountsreceivableareshowninthebalancesheetattheestimatedcollectibleamountcallednetrealizablevalueNobusinesswantstosellmerchandiseonaccounttocustomerswhowillbeabletopayManycompaniesmaintaintheirowncreditdepartmentsthatinvestigatethecreditworthinessofeachprospectivecustomerNonethelessifacompanymakescreditsalestohundredsperhapsthousandsofcustomerssomeaccountsinevitablywillturnouttobeuncollectibleAlimitedamountofuncollectibleaccountsisnotonlyexpecteditisevidenceofasoundcreditpolicyIfthecreditdepartmentisoverlycautiousthebusinessmaylosemanysalesopportunitiesbyrejectingcustomerswhoshouldhavebeenconsideredacceptablecreditrisks3THEALLOWANCEFORDOUBTFULACCOUNTSThereisnowayoftellinginadvancewhichaccountsreceivablewillprovetobeuncollectibleItisthereforenotpossibletocredittheaccountsofspecificcustomersforourestimateofprobableuncollectibleaccountsNeithershouldwecredittheAccountsReceivablecontrolaccountinthegeneralledgerIftheAccountsReceivablecontrolaccountsweretobecreditedwiththeestimatedamountofdoubtfulaccountsthiscontrolaccountwouldnolongerbeinbalancewiththetotalofthenumerouscustomersaccountsinthesubsidiaryledgerApracticalalternativethereforeistocreditaseparateaccountcalledAllowanceforDoubtfulAccountswiththeamountestimatedtobeuncollectibleTheAllowanceforDoubtfulAccountsoftenisdescribedasacontraassetaccountoravaluationaccountBothofthesetermsindicatethattheAllowanceforDoubtfulAccountshasacreditbalancewhichisoffsetagainsttheassetAccountsReceivabletoproduceamoreusefulandreliablemeasureofacompanysliquidityBecausetheAllowanceforDoubtfulAccountsismerelyanestimateandnotaprecisecalculationprofessionaljudgmentplaysaconsiderableroleindeterminingthesizeofthisvaluationaccountMonthlyAdjustmentoftheAllowanceAccountIntheadjustingentrymadebyWorldFamousToyCoatJanuary31theamountoftheadjustment10000wasequaltotheestimatedamountofuncollectibleaccountsThisistrueonlybecauseJanuarywasthefirstmonthofoperationsandthiswasthecompanysfirstestimateofitsuncollectibleaccountsInfuturemonthstheamountoftheadjustingentrywilldependontwofactors1theestimateofuncollectibleaccountsand2thecurrentbalanceintheAllowanceforDoubtfulAccountsBeforeweillustratetheadjustingentryforafuturemonthletusseewhythebalanceintheallowanceaccountmaychangeduringtheaccountingperiodWRITINGOFFANUNCOLLECTIBLEACCOUNTRECEIVABLEWheneveranaccountreceivablefromaspecificcustomerisdeterminedtobeuncollectibleitnolongerqualifiesasanassetandshouldbewrittenoffTowriteoffanaccountreceivableistoreducethebalanceofthecustomersaccounttozeroThejournalentrytoaccomplishthisconsistsofacredittotheAccountsReceivablecontrolaccountinthegeneralledgerandtothecustomersaccountinthesubsidiaryledgerandanoffsettingdebittotheAllowanceforDoubtfulAccountsToillustrateassumethatearlyinFebruaryWorldFamousToyColearnsthatDiscountStoreshasgoneoutofbusinessandthatthe4000accountreceivablefromthiscustomerisnowworthlessTheentrytowriteoffthisuncollectibleaccountreceivableisAllowanceforDoubtfulAccounts4000AccountsReceivableDiscountStores4000TowriteofftheaccountreceivablefromDiscountStoresasuncollectibleTheimportantthingtonoteinthisentryisthatthedebitismadetotheAllowanceforDoubtfulAccountsandnottotheUncollectibleAccountsExpenseaccountTheestimatedexpenseofcreditlossesischargedtotheUncollectibleAccountsExpenseaccountattheendofeachaccountingperiodWhenaspecificaccountreceivableislaterdeterminedtobeworthlessandiswrittenoffthisactiondoesnotrepresentanadditionalexpensebutmerelyconfirmsourpreviousestimateoftheexpenseIftheUncollectibleAccountsExpenseaccountwasfirstchargedwithestimatedcreditlossesandthenlaterchargedwithprovencreditlosseswewouldbedoublecountingtheactualuncollectibleaccountsexpenseNoticealsothattheentrytowriteoffanuncollectibleaccountreceivablereducesboththeassetaccountandthecontraassetaccountbythesameamountThuswritingoffanuncollectibleaccountdoesnotchangethenetrealizablevalueofaccountsreceivableinthebalancesheetINTERNALCONTROLSFORRECEIVABLESOneofthemostimportantprinciplesofinternalcontrolisthatemployeeswhohavecustodyofcashorothernegotiableassetsmustnotmaintainaccountingrecordsInasmallbusinessoneemployeeoftenisresponsibleforhandingcashreceiptsmaintainingaccountsreceivablerecordsissuingcreditmemorandaandwritingoffuncollectibleaccountsSuchacombinationofdutiesisaninvitationtofraudTheemployeeinthissituationisabletoremovethecashcollectedfromacustomerwithoutmakinganyrecordofthecollectionThenextstepistodisposeofthebalanceinthecustomersaccountThiscanbedonebyissuingacreditmemoindicatingthatthecustomerhasreturnedmerchandiseorbywritingoffthecustomersaccountasuncollectibleThustheemployeehasthecashthecustomersaccountshowsazerobalancedueandthebooksareinbalanceInsummaryemployeeswhomaintaintheaccountsreceivablesubsidiaryledgershouldnothaveaccesstocashreceiptsTheemployeeswhomaintainaccountsreceivableorhandlecashreceiptsshouldnothaveauthoritytoissuecreditmemorandaortoauthorizethewriteoffofreceivablesasuncollectibleTheseareclassicexamplesofincompatibledutiesMANAGEMENTOFACCOUNTSRECEIVABLEManagementhastwoconflictingobjectiveswithrespecttotheaccountsreceivableOntheonehandmanagementwantstogenerateasmuchsalesrevenueaspossibleOfferingcustomerslengthycredittermswithlittleornointeresthasproventobeaneffectivemeansofgeneratingsalesrevenueEverybusinesshoweverwouldrathersellforcashthanonaccountUnlessreceivablesearninterestwhichusuallyisnotthecasetheyarenonproductiveassetsthatproducenorevenueastheyawaitcollectionThereforeanotherobjectiveofcashmanagementistominimizetheamountofmoneytiedupintheformofaccountsreceivableSeveraltoolsareavailabletoamanagementthatmustoffercredittermstoitscustomersyetwantstominimizethecompanysinvestmentinaccountsreceivableWehavealreadydiscussedofferingcreditcustomerscashdiscountssuchas210n30toencourageearlypaymentOthertoolsincludefactoringaccountsreceivableandsellingtocustomerswhousenationalcreditcards
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