Weekly Reflection Week2
Weekly Reflection Week 2
Felice Valdez, Jose Soto, Jasmine Kittrell, Mitchell Gourley, and Kwaylon Crowder
Acc-291
March 17, 2014
Joseph Bailey
Weekly Reflection
In week one and week two we covered a large amount of information that was interesting and some of us struggled understanding it. We discussed such topics as receivables, notes receivables, bonds, liabilities, unearned revenues, tangible and intangible assets, and various others. We all did not struggle on the same topics but not all the topics were as clear in the beginning of the week as they became later on as the readings and the weekly discussions.
Receivables
Receivables are claims a company expects to receive in cash. Receivables are grouped as accounts receivables, notes receivable, and other receivables. First, accounts relievable are amounts owed by consumers on account that result from sales or services. These receivables are expected to be paid within 30 to 60 days. Second, notes receivables are claims for instruments used for credit. These receivables are normally paid within 60 to 90 days or longer as required. Last, Other receivables are, for example, interest receivable, loans, advances, and income tax refundable. These receivables are don't generally come from normally business operations.
Notes Receivables
The information that I was having a problem with in last week’s reading was dealing with Notes Receivables. I was having a hard time taking in why and where it would be coded on the books. I took a little extra time this week to gather information so therefore I could have a better understanding. Notes receivable is an asset of a company, bank or other organization that holds a written promissory note from another party. For example, if a company lends one of its suppliers $10,000 and the supplier signs a written promise to repay the amount, the company will enter the amount in its asset account Notes Receivable. The supplier will also enter the amount in its liability account
Felice Valdez, Jose Soto, Jasmine Kittrell, Mitchell Gourley, and Kwaylon Crowder
Acc-291
March 17, 2014
Joseph Bailey
Weekly Reflection
In week one and week two we covered a large amount of information that was interesting and some of us struggled understanding it. We discussed such topics as receivables, notes receivables, bonds, liabilities, unearned revenues, tangible and intangible assets, and various others. We all did not struggle on the same topics but not all the topics were as clear in the beginning of the week as they became later on as the readings and the weekly discussions.
Receivables
Receivables are claims a company expects to receive in cash. Receivables are grouped as accounts receivables, notes receivable, and other receivables. First, accounts relievable are amounts owed by consumers on account that result from sales or services. These receivables are expected to be paid within 30 to 60 days. Second, notes receivables are claims for instruments used for credit. These receivables are normally paid within 60 to 90 days or longer as required. Last, Other receivables are, for example, interest receivable, loans, advances, and income tax refundable. These receivables are don't generally come from normally business operations.
Notes Receivables
The information that I was having a problem with in last week’s reading was dealing with Notes Receivables. I was having a hard time taking in why and where it would be coded on the books. I took a little extra time this week to gather information so therefore I could have a better understanding. Notes receivable is an asset of a company, bank or other organization that holds a written promissory note from another party. For example, if a company lends one of its suppliers $10,000 and the supplier signs a written promise to repay the amount, the company will enter the amount in its asset account Notes Receivable. The supplier will also enter the amount in its liability account