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Accounting for Revenue & Receivables | Financial Accounting (Part 4/12)

This video is about accounting for revenue and receivables. It covers credit card discounts, sales discounts, sales returns and allowances, and bad debt expense. -Credit card discounts are a fee that a credit card company charges a merchant for processing a credit card payment. The fee is a percentage of the transaction amount. -Sales discounts are a discount that a merchant offers to a customer for paying early. The discount is usually a percentage of the invoice amount. -Sales returns and allowances are amounts that a merchant refunds to a customer for returned or damaged merchandise. -Bad debt expense is an expense that a merchant records for uncollectible accounts receivable. The video also discusses how to make journal entries for each of these types of transactions. A journal entry is a record of a financial transaction. It includes the date of the transaction, the accounts affected by the transaction, and the amounts of the debits and credits. The video concludes with a discussion of how to estimate bad debt expense. Bad debt expense is an expense that a merchant records for uncollectible accounts receivable. It is an estimate of the amount of money that the merchant will not be able to collect from its customers. 00:00 Sales Revenue - Accounting 01:33 Credit Card Discount - Accounting 03:18 Sales Discounts - Accounting 08:22 Sales Returns - Accounting 12:41 Bad Debt - The Allowance Method 21:49 Percent of Sales Method 23:22 Aging of Receivables Method