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Latifa Al Blooshi 201809834
Salama Abdulla 201801296
Belges Ali Rashed Ahmed 201735325

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-The maker doesn't relieve the obligation tp repay the principal & the interest.
Refuse/unable to pay

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the maker of the note honors the note by paying the paying the principle & the Interest

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Interest = Principal X Annual interest X time expressed in fraction of a year (x/360)

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A promissory note to pay a specific amount with interest. Written when a customer requests an additional time to pay a past-due amount.

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1- percent of account receivable
step 1 : year-end account X Bad Debt%
step 2: bad debt expenses = total estimated bad debt expenses - previous Balance in Allowance Account.

2- Aging of Receivable method
- Classify each receivable by how long its past due
- each age group is multiplied by its estimate bad debt percentage
- estimated bad debts for each group are totaled

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current period X Bad Debt%

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As a customer fails to pay, their receivable account is jeopardized. so they sometimes volunteer to pay partially.

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After a customer sent the full payment. The company reverses the write-off & re-establishes part of the customer's receivable account

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At the end of a period, a company estimates its losses based on collection history & current economic information

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- records estimated bad debts expenses in the period when the sales are recorded
- reports account receivable on the balance sheet at the estimated amount of cash to be collected.

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the estimate loss from an uncollectible account receivable  at the end of a period.

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the customer's receivable account is written off as bad debt

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uncollected amount.
amount that customers will not pay what they promised.
when accounts

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A receivable amount due to another party.
Ex: account receivable , note receivable