Homework Answers
3
| Debit | Credit | ||
| May-31 | Cash | $637000 | |
| Service fee | $13000 | ||
| Accounts Receivable | $650000 | ||
| 2 percent service fee = 650000 * .02 = 13000 | |||
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Page 2 of 2 3 0 May 31" William Carn solda 5650.000 accounts receivable balance to...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Total Accounts Receivable $128,000 $90,700 $55,100 $33,300 Number of Days Unpaid Historical % Uncollectible Not yet due 1-30 days past due 31-60 days past due Over 60 days past due 5% 10% 16% 35% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,397 on July 31, 2016. Prepare...
On July 15, Central States Corporation factored $250.000 of accounts receivable with Franklin Factors on a without...
On July 15, Central States Corporation factored $250.000 of accounts receivable with Franklin Factors on a without recourse basis. Under the arrangement, Central was to handle disputes concerning service, and Franklin Factors was to make the collections, handle the sales discounts and absorb the credit losses. Franklin assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. (2 points) (a) Prepare the journal...
Notes Receivable Instructions Chart of Accounts General Journal Present Value Tables Instructions On January 1, 2016,...
Notes Receivable Instructions Chart of Accounts General Journal Present Value Tables Instructions On January 1, 2016, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2018. The fair value of the land was $123,966.90 on the date of sale. Crouser purchased the land for $110,000 on January 1, 2010. Required: Prepare all the journal entries on Crouser’s books for January 1, 2016, through January 1, 2018, in regard to the Chad note. Chart...
Question 3: Del Monte Company's balance sheet as of December 31, 2018 showed Accounts Receivable debit...
Question 3: Del Monte Company's balance sheet as of December 31, 2018 showed Accounts Receivable debit balance of $780,000 and Allowance for Doubtful Accounts credit balance of $16,900. During January 2019, the transactions affecting accounts receivable were as follows: a) Sales on account $ 160,000 b) Sales returns and allowances 23,000 c) Cash collections from customers 142,200 d) Accounts receivable from Ruari Inc. written off 9,100 After an analysis of an aging schedule of all customer's accounts on January 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid ays Unpaidlotal Total Accounts Receivable Historical % Uncollectible $128,300 $91,000 $55,400 33,600 4% 11% 17% 34% t due t due Over 60 days past due Required a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29 487 on July 31, 2016. Prepare the required adjusting entry...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $36,600 182,400 21,100 $197,900 Transactions in 2020 include the following. 1. Accounts receivable of $150,500 were collected including accounts of $60,200 on which 3% sales discounts were allowed. 2. $5,580 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $21,300 were written off during the year....
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing,...
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $330,000. The Allowance for Uncollectible Accounts has a[n) $18,000 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: Click the icon to view the aging schedule.) Read the requirements Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? First, calculate a revised allowance for uncollectible...
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...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Total Accounts Receivable $128,000 $90,700 $55,100 $33,300 Number of Days Unpaid Historical % Uncollectible Not yet due 1-30 days past due 31-60 days past due Over 60 days past due 5% 10% 16% 35% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,397 on July 31, 2016. Prepare...
On July 15, Central States Corporation factored $250.000 of accounts receivable with Franklin Factors on a without recourse basis. Under the arrangement, Central was to handle disputes concerning service, and Franklin Factors was to make the collections, handle the sales discounts and absorb the credit losses. Franklin assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. (2 points) (a) Prepare the journal...
Question 3: Del Monte Company's balance sheet as of December 31, 2018 showed Accounts Receivable debit balance of $780,000 and Allowance for Doubtful Accounts credit balance of $16,900. During January 2019, the transactions affecting accounts receivable were as follows: a) Sales on account $ 160,000 b) Sales returns and allowances 23,000 c) Cash collections from customers 142,200 d) Accounts receivable from Ruari Inc. written off 9,100 After an analysis of an aging schedule of all customer's accounts on January 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid ays Unpaidlotal Total Accounts Receivable Historical % Uncollectible $128,300 $91,000 $55,400 33,600 4% 11% 17% 34% t due t due Over 60 days past due Required a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29 487 on July 31, 2016. Prepare the required adjusting entry...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $36,600 182,400 21,100 $197,900 Transactions in 2020 include the following. 1. Accounts receivable of $150,500 were collected including accounts of $60,200 on which 3% sales discounts were allowed. 2. $5,580 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $21,300 were written off during the year....
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $330,000. The Allowance for Uncollectible Accounts has a[n) $18,000 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: Click the icon to view the aging schedule.) Read the requirements Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? First, calculate a revised allowance for uncollectible...
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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