ACC/291 - PRINCIPLES OF ACCOUNTING II: Week 1 Discussion Questions - Please use APA format to cite any information you used from another source, like from a textbook or an internet reference for Discussion Questions 1 & 2. Also, it need to be substantive responses and as long as you answer the question, then word count doesn't matter. [This is not an essay, and I just need responses to discussion questions.]

Course Textbook:Kimmel, P., Weygandt, J.J., & Kieso, D.E. (2013).Financial Accounting: Tools for Business Decision Making(7th ed.). Retrieved from The University of Phoenix eBook Collection database.

Note: Sorry,I couldn't upload the textbook or Chapter 8REPORTING AND ANALYZING RECEIVABLES because it's password protected. Please free to use other scholarly or general references, if you cannot find the textbook yourself.

Tip from my professor: Words of advice, when you are going to "cite studies" in your reply, you should probably indicate where the reference is coming from rather than a generalization. In some peoples perception, the open phrase, "Studies have shown" is an indication that a generalization will be forthcoming. Just a tip!

Part of My Substantive Response to a Discussion Post [Example]:

Notes receivable are amounts owed to the company by customers or others who have signed formal promissory notes in acknowledgment of their debts. The maturity date of a note determines whether its placed with current assets (due in one year or less) or long-term assets (due in more than one year) on the balance sheet. According to Kimmel (2013) The note normally requires the collection of interest and extends for time periods of 60-90 days or longer (p. 399).

Reference:

Kimmel, P., Weygandt, J.J., & Kieso, D.E. (2013). Financial Accounting: Tools for Business Decision Making (7th ed.). Retrieved from The University of Phoenix eBook Collection database.

Chapter 8REPORTING AND ANALYZING RECEIVABLES

Discussion Question #1 - Estimates

Identify the possible ways to estimate of uncollectible receivables as discussed in the chapter? Compare and contrast the methods. Which do you think is most effective and why?

Discussion Question #2 -Nordstroms

Assume you use a Visa card to purchase some new ties at Nordstrom. Visa acts as the clearing agent for the transaction and transfers funds from the bank that issued your Visa card to Nordstrom's bank account.

If Nordstrom prepares bank reconciliation monthly and some credit card sales have not been processed by the bank, how should the company treat these transactions on its reconciliation?

I hope you can help me catch up in my class participation, and thank you very much for assisting me. I really appreciate it.