Homework Answers
Answer- Journal Entries
| No | Date | General Journal | Debit | Credit |
| 1 | July 04 | Accounts receivable | $7,245 | |
| Sales | $7,245 | |||
| 2 | July 04 | Cost of goods sold | $5,000 | |
| Merchandise inventory | $5,000 | |||
| 3 | July 09 | Cash ($20,000-$800) | $19,200 | |
| Factoring fee expense ($20,000*4%) | $800 | |||
| Accounts receivable | $20,000 | |||
| 4. | July 17 | Cash | $5,859 | |
| Accounts receivable | $5,859 | |||
| 5. | July 27 | Cash | $10,000 | |
| Notes payable | $10,000 | |||
| 6. | July 27 | No journal entry required |
b-Selling and pledging accounts receivable would most likely require a note to the financial statement.
Kindly give thumbs up if u like my answer...Thanks!!
Add Answer to:
Exercise 9-16 Selling and pledging accounts receivable On November 30, Petrov Co. has $128.700 of accounts...
On June 30, Petrov Co. has $128,700 of accounts receivable.
On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 9 sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. Prepare journal entries to d the above selected July transactions. (The company uses the perpetual inventory system.) (If...
On November 30 , Petrov Co. has $117,400 of accounts receivable and uses the perpetual inventory system.
On November 30 , Petrov Co. has $117,400 of accounts receivable and uses the perpetual inventory system.Dec. 4 Sold $9,005 of merchandise (that had cost $5,763) to customers on credit, terms n / 30. 9 Sold $16,436 of accounts receivable to Main Bank. Main charges a 8% factoring fee. 17 Received $4,953 cash from customers in payment on their accounts. 27 Borrowed $9,392 ' cash from Main Bank, pledging $12,210 of accounts receivable as...
Check my work Exercise 7-16 Selling and pledging accounts receiva ble LO C3 On November 30, Petrov Co. has $13...
Check my work Exercise 7-16 Selling and pledging accounts receiva ble LO C3 On November 30, Petrov Co. has $130,600 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $7,695 of merchandise (that had cost $4,925) to customers on credit, terns n/30. 9 Sold $18,284 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $4, 232 cash from customers in payment on their accounts. 27 Borrowed $10,448 cash from Main Bank, pledging...
On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise...
On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise (that had cost $5,706) to customers on credit 9 sold $20,748 of accounts receivable to Main Bank. Main charges a 5% factoring fee. 17 Received $4,903 cash from customers in payment on their accounts 27 Borrowed $11,856 cash from Main Bank, pledging $15,413 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses...
Chapter 07 Homework A Saved On June 30, Petrov Co. has $124,100 of accounts receivable. July...
Chapter 07 Homework A Saved On June 30, Petrov Co. has $124,100 of accounts receivable. July 4 Sold $6,485 of merchandise (that had cost $4,150) to customers on credit terms n/30. 9 Sold $17,374 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $3,567 cash from customers in payment on their accounts. 27 Borrowed $9,928 cash from Main Bank, pledging $12,906 of accounts receivable as security for the loan. points Prepare journal entries to record...
On November 30, Petrov Co. has $136,700 of accounts receivable and uses the perpetual inventory system....
On November 30, Petrov Co. has $136,700 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $9,850 of merchandise (that had cost $6,384) to customers on credit, terus n/30. 9 Sold $19, 138 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,418 cash from customers in payment on their accounts. 27 Borrowed $10,936 cash from Main Bank, pledging $14,217 of accounts receivable as security for the loan. (1) Prepare journal entries...
FASHION CENTRE Adjusted Trial Balance November 30, 2015 Debit $22,000 Credit Cash....... Accounts receivable Merch...
FASHION CENTRE Adjusted Trial Balance November 30, 2015 Debit $22,000 Credit Cash....... Accounts receivable Merchandise inventory Supplies..... Prepaid insurance Long-term investment.. Equipment .. Accumulated depreciation-equipment... Accounts payable. Salaries payable.. Interest payable Income tax payable Unearned revenue. 30,600 25,000 950 1,200 37,000 26.800 $ 16,080 34,400 1,210 175 1,100 600 35,000 16,400 25,000 Bank loan payable (matures 2018) Common shares. Retained earnings Dividends Sales ..... Interest revenue Sales discounts Sales returns and allowances. Cost of goods sold .. Salaries expense. Rent...
Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...
Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November Nov. 3 The company purchased $3,300 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $871 on credit to ). Than for $957, subject to a $19 sales discount if paid by the end of the month. 9 The company borrowed $2,825 cash by...
NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts...
NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts During December, Penny made credit sales of $200.000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2,910. Uncollectible account expense is estimated as 1% of credit sales. No sales returns are expected and ignore cost of goods sold. REQUIRED: Journalize sales, collections, write-offs of uncollectables, and uncollectible-account expense...
Required information Exercise 7-1 Accounts receivable subsidiary ledger; schedule of accounts receivable LO C1 [The following...
Required information
Exercise 7-1 Accounts receivable subsidiary ledger; schedule of
accounts receivable LO C1
[The following information applies to the questions
displayed below.]
Vail Company recorded the following transactions during
November.
Date
General Journal
Debit
Credit
Nov.
5
Accounts Receivable—Ski Shop
4,314
Sales
4,314
10
Accounts Receivable—Welcome Enterprises
2,274
Sales
2,274
13
Accounts Receivable—Zia Natara
1,333
Sales
1,333
21
Sales Returns and Allowances
344
Accounts Receivable—Zia Natara
344
30
Accounts Receivable—Ski Shop
4,741
Sales
4,741
Exercise 7-1 Part 1
1....
On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 9 sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. Prepare journal entries to d the above selected July transactions. (The company uses the perpetual inventory system.) (If...
On November 30 , Petrov Co. has $117,400 of accounts receivable and uses the perpetual inventory system.Dec. 4 Sold $9,005 of merchandise (that had cost $5,763) to customers on credit, terms n / 30. 9 Sold $16,436 of accounts receivable to Main Bank. Main charges a 8% factoring fee. 17 Received $4,953 cash from customers in payment on their accounts. 27 Borrowed $9,392 ' cash from Main Bank, pledging $12,210 of accounts receivable as...
Check my work Exercise 7-16 Selling and pledging accounts receiva ble LO C3 On November 30, Petrov Co. has $130,600 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $7,695 of merchandise (that had cost $4,925) to customers on credit, terns n/30. 9 Sold $18,284 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $4, 232 cash from customers in payment on their accounts. 27 Borrowed $10,448 cash from Main Bank, pledging...
On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise (that had cost $5,706) to customers on credit 9 sold $20,748 of accounts receivable to Main Bank. Main charges a 5% factoring fee. 17 Received $4,903 cash from customers in payment on their accounts 27 Borrowed $11,856 cash from Main Bank, pledging $15,413 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses...
Chapter 07 Homework A Saved On June 30, Petrov Co. has $124,100 of accounts receivable. July 4 Sold $6,485 of merchandise (that had cost $4,150) to customers on credit terms n/30. 9 Sold $17,374 of accounts receivable to Main Bank. Main charges a 6% factoring fee. 17 Received $3,567 cash from customers in payment on their accounts. 27 Borrowed $9,928 cash from Main Bank, pledging $12,906 of accounts receivable as security for the loan. points Prepare journal entries to record...
On November 30, Petrov Co. has $136,700 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $9,850 of merchandise (that had cost $6,384) to customers on credit, terus n/30. 9 Sold $19, 138 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,418 cash from customers in payment on their accounts. 27 Borrowed $10,936 cash from Main Bank, pledging $14,217 of accounts receivable as security for the loan. (1) Prepare journal entries...
FASHION CENTRE Adjusted Trial Balance November 30, 2015 Debit $22,000 Credit Cash....... Accounts receivable Merchandise inventory Supplies..... Prepaid insurance Long-term investment.. Equipment .. Accumulated depreciation-equipment... Accounts payable. Salaries payable.. Interest payable Income tax payable Unearned revenue. 30,600 25,000 950 1,200 37,000 26.800 $ 16,080 34,400 1,210 175 1,100 600 35,000 16,400 25,000 Bank loan payable (matures 2018) Common shares. Retained earnings Dividends Sales ..... Interest revenue Sales discounts Sales returns and allowances. Cost of goods sold .. Salaries expense. Rent...
Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November Nov. 3 The company purchased $3,300 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $871 on credit to ). Than for $957, subject to a $19 sales discount if paid by the end of the month. 9 The company borrowed $2,825 cash by...
NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts During December, Penny made credit sales of $200.000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2,910. Uncollectible account expense is estimated as 1% of credit sales. No sales returns are expected and ignore cost of goods sold. REQUIRED: Journalize sales, collections, write-offs of uncollectables, and uncollectible-account expense...
Required information
Exercise 7-1 Accounts receivable subsidiary ledger; schedule of
accounts receivable LO C1
[The following information applies to the questions
displayed below.]
Vail Company recorded the following transactions during
November.
Date
General Journal
Debit
Credit
Nov.
5
Accounts Receivable—Ski Shop
4,314
Sales
4,314
10
Accounts Receivable—Welcome Enterprises
2,274
Sales
2,274
13
Accounts Receivable—Zia Natara
1,333
Sales
1,333
21
Sales Returns and Allowances
344
Accounts Receivable—Zia Natara
344
30
Accounts Receivable—Ski Shop
4,741
Sales
4,741
Exercise 7-1 Part 1
1....
Most questions answered within 3 hours.
-
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 1 hour ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 1 hour ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 2 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 3 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 4 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 4 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 4 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 4 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 4 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 4 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 4 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 4 hours ago