Homework Answers
| Weldon Corporation- Discounted -Without recourse | |||
| Date | Genral Journal | Debit | Credit |
| 17-Mar | Allowance For Uncollectible Accounts | $1,900.00 | |
| Accounts Receivable | $1,900.00 | ||
| 30-Mar | 7% Note Receivable | $21,000.00 | |
| Cash | $21,000.00 | ||
| 30-May | Interest Receivable | $245.00 | |
| Interest Revenue (21,000 X 7% X 2/12) | $245.00 | ||
|
Cash (21000*107%)-(21000*107%)*8%*10/12 |
$20,972.00 | ||
| Loss On Sale Of Notes Receivable (BF) | $273.00 | ||
| Note Receivable | $21,000.00 | ||
| Interest Receivable | $245.00 | ||
| 30-Jun | Accounts Receivable | $14,000.00 | |
| Sales Revenue | $14,000.00 | ||
| 8-Jul | Cash (14,000 X 98%) | $13,720.00 | |
| Sales Discounts (14,000 X 2%) | $280.00 | ||
| Accounts Receivable | $14,000.00 | ||
| 31-Aug | Notes Receivable | $6,300.00 | |
| Discount On Note Receivable (BF) | $242.00 | ||
| Investments | $5,200.00 | ||
| Gain On
Sale Of Investments (6300XPVif@4%) or ((6300*0.961538)-5200) |
$858.00 | ||
| Pv(Fv=6,000, Pmt=0, N=6/12, I=8%) = 7,547 | |||
| Dec. 31 | Bad Debt Expense ($810,000 X 2%) | $16,200.00 | |
| Allowance For Uncollectible Accounts | $16,200.00 | ||
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Submit Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving...
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that o...
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $2,000 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $24,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2022. May 30 Discounted the $24,000 note at a local bank. The bank's discount rate is 9%. The note...
Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar. 17 Accounts receivable of $2,100 were written off as
uncollectible. The company uses the allowance method. 30 Loaned an
officer of the company $24,000 and received a note requiring
principal and interest at 5% to be paid on March 30, 2019.
May 30 Discounted the $24,000 note at a local bank. The bank’s
discount rate is 6%. The note...
Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar.
17
Accounts receivable of $3,100 were written off as
uncollectible. The company uses the allowance method.
30
Loaned an officer of the company $39,000 and received a note
requiring principal and interest at 8% to be paid on March 30,
2019.
May
30
Discounted the $39,000 note at a local bank. The bank’s
discount rate is 9%. The note...
Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5, 7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December...
Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5, 7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018 Mar. 17 Accounts receivable of $3,000 were written off as uncollectible. The company uses the allowance method 30 Loaned an officer of the company $33,000 and received a note requiring principal and interest at 8% to be March 30, 2019 May 30 Discounted the $33,000 note at a local bank....
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $43,000 in allowance for uncollectible accounts Interest receivable Notes receivable $313,000 16, 10e 450, eee Additional Information: 1 The notes receivable account consists of two notes, a $95.000 note and a $355.000 note. The $95.000 note is dated October 31 2021 with principal and interest payable on October 31, 2022. The $355.000 note is dated June 30, 2021. with...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $43,000 in allowance for uncollectible accounts Interest receivable Notes receivable $313,000 16, 10e 450, eee Additional Information: 1 The notes receivable account consists of two notes, a $95.000 note and a $355.000 note. The $95.000 note is dated October 31 2021 with principal and interest payable on October 31, 2022. The $355.000 note is dated June 30, 2021. with...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: 1. Record the January 1 credit balance of $25,615 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Jan. 29 Apr. 18 Allowance for Doubtful Accounts Aug. 9 Nov. 7 Received 40% of the $17,000 balance owed by Kovar Co.,...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Apr. 18 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4,000 cash in full payment of Clark's account. Wrote off the $11,850 balance owed by Iron Horse Co., which...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $18,600 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,445 cash in full payment of Clark’s account. Aug. 9 Wrote off the $6,375 balance owed by Iron Horse...
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $2,000 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $24,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2022. May 30 Discounted the $24,000 note at a local bank. The bank's discount rate is 9%. The note...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar. 17 Accounts receivable of $2,100 were written off as
uncollectible. The company uses the allowance method. 30 Loaned an
officer of the company $24,000 and received a note requiring
principal and interest at 5% to be paid on March 30, 2019.
May 30 Discounted the $24,000 note at a local bank. The bank’s
discount rate is 6%. The note...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar.
17
Accounts receivable of $3,100 were written off as
uncollectible. The company uses the allowance method.
30
Loaned an officer of the company $39,000 and received a note
requiring principal and interest at 8% to be paid on March 30,
2019.
May
30
Discounted the $39,000 note at a local bank. The bank’s
discount rate is 9%. The note...
Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5, 7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018 Mar. 17 Accounts receivable of $3,000 were written off as uncollectible. The company uses the allowance method 30 Loaned an officer of the company $33,000 and received a note requiring principal and interest at 8% to be March 30, 2019 May 30 Discounted the $33,000 note at a local bank....
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $43,000 in allowance for uncollectible accounts Interest receivable Notes receivable $313,000 16, 10e 450, eee Additional Information: 1 The notes receivable account consists of two notes, a $95.000 note and a $355.000 note. The $95.000 note is dated October 31 2021 with principal and interest payable on October 31, 2022. The $355.000 note is dated June 30, 2021. with...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $43,000 in allowance for uncollectible accounts Interest receivable Notes receivable $313,000 16, 10e 450, eee Additional Information: 1 The notes receivable account consists of two notes, a $95.000 note and a $355.000 note. The $95.000 note is dated October 31 2021 with principal and interest payable on October 31, 2022. The $355.000 note is dated June 30, 2021. with...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: 1. Record the January 1 credit balance of $25,615 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Jan. 29 Apr. 18 Allowance for Doubtful Accounts Aug. 9 Nov. 7 Received 40% of the $17,000 balance owed by Kovar Co.,...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Apr. 18 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4,000 cash in full payment of Clark's account. Wrote off the $11,850 balance owed by Iron Horse Co., which...
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