Homework Answers
| Debit | Credit | |||
| July 04 | Accounts receivable | 6485 | ||
| Sales | 6485 | |||
| July 04 | Cost of goods sold | 4150 | ||
| Merchandise inventory | 4150 | |||
| July 09 | Cash | 16332 | ||
| Factoring fee expense | 1042 | =17374*6% | ||
| Accounts receivable | 17374 | |||
| July 17 | Cash | 3567 | ||
| Accounts receivable | 3567 | |||
| July 27 | Cash | 9928 | ||
| Notes payable | 9928 | |||
| July 27 | No journal entry required |
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Chapter 07 Homework A Saved On June 30, Petrov Co. has $124,100 of accounts receivable. July...
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...
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...
Exercise 9-16 Selling and pledging accounts receivable On November 30, Petrov Co. has $128.700 of accounts...
Exercise 9-16 Selling and pledging accounts receivable On November 30, Petrov Co. has $128.700 of accounts receivable and uses the perpetual inventory sys. tem. (1) Prepare journal entries to record the following transactions. (2) Which transaction would most likely require a note to the financial statements? Dec. 4 Sold $7,245 of merchandise (that had cost $5.000) to customers on credit, terms n/30. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859...
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...
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...
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...
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June...
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $960,000. Lonergan needs approximately $590,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives: a. Borrow $590,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the...
Chapter 07 Homework Saved 14 Liang Company began operations on January 1, 2017. During its first two years, the company...
Chapter 07 Homework Saved 14 Liang Company began operations on January 1, 2017. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2017 points a. Sold $1,348,400 of merchandise (that had cost $981,600) on credit, terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $669,600 cash in payment of accounts receivable. d. In adjusting the accounts on December...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year a. Sold $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable. d....
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 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...
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...
Exercise 9-16 Selling and pledging accounts receivable On November 30, Petrov Co. has $128.700 of accounts receivable and uses the perpetual inventory sys. tem. (1) Prepare journal entries to record the following transactions. (2) Which transaction would most likely require a note to the financial statements? Dec. 4 Sold $7,245 of merchandise (that had cost $5.000) to customers on credit, terms n/30. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859...
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...
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...
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...
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $960,000. Lonergan needs approximately $590,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives: a. Borrow $590,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the...
Chapter 07 Homework Saved 14 Liang Company began operations on January 1, 2017. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2017 points a. Sold $1,348,400 of merchandise (that had cost $981,600) on credit, terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $669,600 cash in payment of accounts receivable. d. In adjusting the accounts on December...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year a. Sold $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable. d....
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...
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