How do they relate to the practice of accounting and its uses in business?
- Prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
- Distinguish between tangible and intangible assets.
- Identify the entries associated with the acquisition, disposal, and sales of plant assets.
- Distinguish between revenue and capital expenditures, and the entries associated with each.
Write a 350- to 500-word summary of your Learning Team's discussion.