Homework Answers
| Answer | ||
| Account Title | Debit | Credit |
|
FLINT incorporated |
||
| Cash | $ 143,520 | |
| Due from Factor* | $ 9,360 | |
| Loss on sale of Receivable** | $ 3,120 | |
| Account Receivable | $ 156,000 | |
| BUFFALO Factor Inc. | ||
| Account Receivables | $ 156,000 | |
| Due to customer | $ 9,360 | |
| Finance Revenue | $ 3,120 | |
| Cash | $ 143,520 | |
| *Due to factor= 6% of 156000 =9360 | ||
| ** loss= 2 % of 156000= 3120 | ||
| cash= 168400 -10104 -3368=154928 | ||
| Please like | ||
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Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable...
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill...
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Martinez Incorporated and Sandhill Factors to record the factoring of the accounts receivable to Sandhill. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Indigo Incorporated and Sweet Factors to record the factoring of the accounts receivable to Sweet. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis....
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis. Sunland retains an amount equal to 6% of accounts receivable for possible adjustments. e sa 2% finance charge of the amount of accounts receivable and Prepare the journal entry for Bramble incorporated and Sunland Factors to record the factoring of the accounts receivable to Sunland. Of no entry is required for the amounts. Credit account titles are automatically indented when the amount is entered....
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head and Factors Inc. on without recourse basis Head and assesses a 2 finance charge of the amount of accounts receivable and retains an amount equal to 5 of accounts receivable for possible adjustments Prepare the journal entry for Marin Incorporated and Head and Factors to record the factoring of the accounts receivable to Head and the entry is required, select "No Entry for the...
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis...
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis Engram assesses a 2 an amount equal to 7% of accounts receivable for possible adjustments finance charge of the amount of accounts receivable and retains f 7680 Prepare the journal entry for Kingbird to record the sale, assuming that the recourse ability hasafar a Credit account t ortomatically indented when the amount ante. Do not inden man Account Titles and Explanation Debit Credit
Brief Exercise 7-10 Sheridan Incorporated factored $163,900 of accounts receivable with Skysong Factors Inc. on a...
Brief Exercise 7-10
Sheridan Incorporated factored $163,900 of accounts receivable
with Skysong Factors Inc. on a without-recourse basis. Skysong
assesses a 2% finance charge of the amount of accounts receivable
and retains an amount equal to 6% of accounts receivable for
possible adjustments.
Prepare the journal entry for Sheridan Incorporated and Skysong
Factors to record the factoring of the accounts receivable to
Skysong. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, 1/60. Cheyenne uses the gross method to record cash discounts. Cheyenne estimates allowances of $1,300 will be honored on these sales. 10 Cheyenne received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Cheyenne for its purchase...
6. (7 points)Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a without...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
6. (7 points)Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a without...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
Question 9 On May 1, Dexter, Inc. factored $1,290,000 of accounts receivable with Quick Finance on...
Question 9 On May 1, Dexter, Inc. factored $1,290,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Dexter was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 1% of the total receivables to cover sales discounts. Prepare the journal entry...
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Martinez Incorporated and Sandhill Factors to record the factoring of the accounts receivable to Sandhill. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Indigo Incorporated and Sweet Factors to record the factoring of the accounts receivable to Sweet. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis. Sunland retains an amount equal to 6% of accounts receivable for possible adjustments. e sa 2% finance charge of the amount of accounts receivable and Prepare the journal entry for Bramble incorporated and Sunland Factors to record the factoring of the accounts receivable to Sunland. Of no entry is required for the amounts. Credit account titles are automatically indented when the amount is entered....
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head and Factors Inc. on without recourse basis Head and assesses a 2 finance charge of the amount of accounts receivable and retains an amount equal to 5 of accounts receivable for possible adjustments Prepare the journal entry for Marin Incorporated and Head and Factors to record the factoring of the accounts receivable to Head and the entry is required, select "No Entry for the...
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis Engram assesses a 2 an amount equal to 7% of accounts receivable for possible adjustments finance charge of the amount of accounts receivable and retains f 7680 Prepare the journal entry for Kingbird to record the sale, assuming that the recourse ability hasafar a Credit account t ortomatically indented when the amount ante. Do not inden man Account Titles and Explanation Debit Credit
Brief Exercise 7-10
Sheridan Incorporated factored $163,900 of accounts receivable
with Skysong Factors Inc. on a without-recourse basis. Skysong
assesses a 2% finance charge of the amount of accounts receivable
and retains an amount equal to 6% of accounts receivable for
possible adjustments.
Prepare the journal entry for Sheridan Incorporated and Skysong
Factors to record the factoring of the accounts receivable to
Skysong. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, 1/60. Cheyenne uses the gross method to record cash discounts. Cheyenne estimates allowances of $1,300 will be honored on these sales. 10 Cheyenne received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Cheyenne for its purchase...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
Question 9 On May 1, Dexter, Inc. factored $1,290,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Dexter was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 1% of the total receivables to cover sales discounts. Prepare the journal entry...
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