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A $12,000 account receivable owing from Smith Co. to Jones Inc. was converted into a 6%,...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell engaged in the following activities involving notes receivable a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yamella 6-month, 11% note as payment b. On December 1, 2019, Yarnell sold an $8,500 system to Searfoss Inc. Starfoss gave Yarella 9- month, 10% note as payment c. On May 1, 2020, Ross paid the amount due on its note....
On November 30, 2019, Paxton & Smith Inc purchased two delivery vans for a total of...
On November 30, 2019, Paxton & Smith Inc purchased two delivery vans for a total of €80.000, issuing a one-year, 4% note payable, all due at maturity. The interest on this loan is stated separately. a. Record the adjusting entry regarding the interest at December 31, 2019. b. What is the total liability related to this note reported in Paxton & Smith Inc's December 31, 2019, balance sheet? c. What is the amount of interest expense Paxton & Smith Inc...
Sheffield Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Sheffield Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 495,100 Transactions during 2020 and other information relating to Sheffield’s long-term receivables were as follows. 1. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Sheffield’s electronics division to New York Company. Principal payments of $800,000 plus appropriate interest are...
Part 3 of 3 Lynbrook Inc. sells a variety of merchandise to retail stores on account,...
Part 3 of 3 Lynbrook Inc. sells a variety of merchandise to retail stores on account, but it insists that any customer who fails to pay an invoice when due must replace it with an interest-bearing note. The company makes annual adjustments on December 31. On October 1, 2020 Lynbrook converted an Accounts Receivable balance from Scan House in the amount of $20,000 to a 4 month 12% Note Receivable. Required: A. Prepare journal entries (in general journal form) to...
Sweet Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Sweet Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $1,200,000 Note receivable from officer 491,300 Transactions during 2020 and other information relating to Sweet’s long-term receivables were as follows. 1. The $1,200,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Sweet’s electronics division to New York Company. Principal payments of $400,000 plus appropriate interest are...
In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105
Note ReceivableIn the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $ 3,605 in payment of this note receivable. Further investigation reveals that on November 19,20 × 7, this note receivable was received from Fast Feet Co. for $ 3,500....
Indigo Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Indigo Inc. had the following long-term receivable account
balances at December 31, 2019.
Note receivable from sale of division
$1,800,000
Note receivable from officer
439,100
We were unable to transcribe this imagePrepare the long-term receivables section of Indigo's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) INDIGO INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Indigo's...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
Reed Co. records accounting transactions and events during the period and makes adjustments at the end...
Reed Co. records accounting transactions and events during the period and makes adjustments at the end of the period. Record the following transactions in the indicated manner and give the adjusting entry on December 31, 2019. (Two entries for each question.) 1) An insurance policy for two years was acquired on April 1, 2019 for $18,000. 2) Rent of $12,000 for six months for a portion of the building was received on November 1, 2019.
Carla Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Carla Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 495,100 Transactions during 2020 and other information relating to Carla's long-term receivables were as follows. 1. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Carla's electronics division to New York Company. Principal payments of $800,000 plus appropriate interest are...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell engaged in the following activities involving notes receivable a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yamella 6-month, 11% note as payment b. On December 1, 2019, Yarnell sold an $8,500 system to Searfoss Inc. Starfoss gave Yarella 9- month, 10% note as payment c. On May 1, 2020, Ross paid the amount due on its note....
On November 30, 2019, Paxton & Smith Inc purchased two delivery vans for a total of €80.000, issuing a one-year, 4% note payable, all due at maturity. The interest on this loan is stated separately. a. Record the adjusting entry regarding the interest at December 31, 2019. b. What is the total liability related to this note reported in Paxton & Smith Inc's December 31, 2019, balance sheet? c. What is the amount of interest expense Paxton & Smith Inc...
Part 3 of 3 Lynbrook Inc. sells a variety of merchandise to retail stores on account, but it insists that any customer who fails to pay an invoice when due must replace it with an interest-bearing note. The company makes annual adjustments on December 31. On October 1, 2020 Lynbrook converted an Accounts Receivable balance from Scan House in the amount of $20,000 to a 4 month 12% Note Receivable. Required: A. Prepare journal entries (in general journal form) to...
Note ReceivableIn the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $ 3,605 in payment of this note receivable. Further investigation reveals that on November 19,20 × 7, this note receivable was received from Fast Feet Co. for $ 3,500....
Indigo Inc. had the following long-term receivable account
balances at December 31, 2019.
Note receivable from sale of division
$1,800,000
Note receivable from officer
439,100
We were unable to transcribe this imagePrepare the long-term receivables section of Indigo's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) INDIGO INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Indigo's...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
Carla Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 495,100 Transactions during 2020 and other information relating to Carla's long-term receivables were as follows. 1. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Carla's electronics division to New York Company. Principal payments of $800,000 plus appropriate interest are...
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