Homework Answers
| Accounts | Debit | Credit |
| Allowance for doubtful accounts | $11,920 | |
| Accounts Receivables | $11,920 |
Option D. is correct answer.
Add Answer to:
Geary Co. assigned $1,600,000 of accounts receivable to Kwik Finance Co. as security for a loan...
Tamara Co, assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a loan of $670,000. Rayan...
Tamara Co, assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a loan of $670,000. Rayan charged a 2% commission on the amount of the loan, the interest rate on the note was 10%. During the first month, Tamara collected $220,000 on assigned accounts after deducting $760 of discounts. Tamara accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. 8. The amount of cash Tamara received from Rayan at the time of the transfer was
0 QUESTION 5 Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co....
0 QUESTION 5 Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission...
Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as...
Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission charged?
can someone explain how i got this answer pleas, i could not understand pleas explain ,,...
can someone explain how i got this answer pleas, i could
not understand pleas explain ,, thank you
Pr. 7-161-Accounts receivable assigned Prepare journal entries for Mars Co. for: (a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Mars as security for a loan of $425,000. Utley charged a 3% commission on the accounts, the interest rate on the note is 12% (b) During the first month, Mars collected $200,000 on assigned accounts after...
Part Three: Problem (8 points) On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable...
Part Three: Problem (8 points) On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable to Easy Finance Corporation as security for a loan of $840,000. Easy Finance Corporation charged a 2% finance charge on the amount of the loan; the interest rate on the loan was 10%. During the month of January, Jason collected $220,000 on assigned accounts receivable. Jason Company made the first partial payment of the loan on January 31, 2019. A. Required: Prepare the required...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
3. Whispering Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following...
3. Whispering Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are available for 2020 Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $4,244,100 57,800 16,450 7,250 32,230 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the...
On September 1, Riva Co
On September 1, Riva Co. assigns specific receivables totaling $750,000 to Pacific Bank as collateral on a $625,000, 12 percent note. Riva Co. will continue to collect the assigned accounts receivable. Pacific also assesses a 2 percent service charge on the total accounts receivable assigned. Riva Co. is to make monthly payments to Pacific with cash collected on assigned accounts receivable. Collections of assigned accounts during September totaled $260,000 less cash discounts of $3,500. What amount is owed to Pacific...
Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable...
Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the...
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $800,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% of the accounts receivable assigned.Required:Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If...
Tamara Co, assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a loan of $670,000. Rayan charged a 2% commission on the amount of the loan, the interest rate on the note was 10%. During the first month, Tamara collected $220,000 on assigned accounts after deducting $760 of discounts. Tamara accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. 8. The amount of cash Tamara received from Rayan at the time of the transfer was
0 QUESTION 5 Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission...
Accounts Receivable in the amount of $500,000 were assigned to Mariucci Finance Co. by Springfield as security for a loan. Mariucci withheld $75,000 of the A/R balance and loaned the rest of collectibles of $425,000 less a finance charge. Mariucci charged a 3% commission on a certain balance of A/R; the interest rate on the note is 12%. If the net proceeds of the loan were $410,000 then on what dollar amount of A/R was the commission charged?
can someone explain how i got this answer pleas, i could
not understand pleas explain ,, thank you
Pr. 7-161-Accounts receivable assigned Prepare journal entries for Mars Co. for: (a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Mars as security for a loan of $425,000. Utley charged a 3% commission on the accounts, the interest rate on the note is 12% (b) During the first month, Mars collected $200,000 on assigned accounts after...
Part Three: Problem (8 points) On January 1, 2019, Jason Company assigned $1,000,000 of accounts receivable to Easy Finance Corporation as security for a loan of $840,000. Easy Finance Corporation charged a 2% finance charge on the amount of the loan; the interest rate on the loan was 10%. During the month of January, Jason collected $220,000 on assigned accounts receivable. Jason Company made the first partial payment of the loan on January 31, 2019. A. Required: Prepare the required...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
3. Whispering Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are available for 2020 Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $4,244,100 57,800 16,450 7,250 32,230 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the...
Most questions answered within 3 hours.
-
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 2 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 2 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 2 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 2 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 3 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 3 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 3 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 3 hours ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 3 hours ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 3 hours ago -
Imagine that a chemist puts 6.40 mol each of
C3H8 and O2 in a 1.00-L container...
asked 3 hours ago -
How much money should be invested today in order to have $8340
at the end of...
asked 3 hours ago