Homework Answers
| Mar 3 | Cash | 656,450 | |
|
Factoring expense (691,000*5%) |
34,550 | ||
| Accounts Receivable | 691,000 |
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On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors...
On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a se...
On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Shamrock, Inc. books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its rec...
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Sweet Acacia Industries' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
please help with this accounting question! Question 11 View Policies Current Attempt in Progress On March...
please help with this accounting question!
Question 11 View Policies Current Attempt in Progress On March 3, Oriole Company sells $736,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Oriole Company books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3...
Question 11 View Policies Current Attempt in Progress On March 3, Indigo Corporation sells $654,300 of its receivab...
Question 11 View Policies Current Attempt in Progress On March 3, Indigo Corporation sells $654,300 of its receivables to Western Factors Inc Western Factors Inc, assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Indigo Corporation books to record the sale of the receivables. (Credit occount titles are automatically indented when amount is entered Do not inden manuel Date Account Titles and Explanation Debit Credit Mar. 3 @ 303 eTextbook and Media List...
Exercise 8-7 Presented below are two independent situations. On March 3, Kitselman Appliances sells $763,800 of its rece...
Exercise 8-7 Presented below are two independent situations. On March 3, Kitselman Appliances sells $763,800 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) On May 10, Fillmore Company sold merchandise for $14,800 and accepted the customer’s America Bank MasterCard....
Flounder Woodcrafters sells $231,400 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial...
Flounder Woodcrafters sells $231,400 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 7% and retains an amount equal to 6% of accounts receivable. Flounder estimates the fair value of the recourse liability to be $8,010. Prepare the journal entry for Flounder to record the sale. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a $67,200, 8%, 1-year note payable. (а) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Debit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the...
Question 9 Tamarisk, Inc. issued $593,000 of 5-year, 7 % bonds at 98 on January 1,...
Question 9 Tamarisk, Inc. issued $593,000 of 5-year, 7 % bonds at 98 on January 1, 2019. The bonds pay interest annually Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the total cost of borrowing for these bonds Total cost of borrowing Prepare the journal entry to record the issuance of the bonds,, assuming the bonds...
Question 2 On January 1, 2020, Tamarisk. Co sells property for which it had paid $694,100...
Question 2 On January 1, 2020, Tamarisk. Co sells property for which it had paid $694,100 to Sargent Company, receiving in return Sargent's zero-interest-bearing note for $900,000 payable in 5 years. What entry would Tamarisk make to record the sale, assuming that Tamarisk frequently sells similar items of property for a cash sales price of $637,000? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1...
On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Shamrock, Inc. books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Sweet Acacia Industries' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
please help with this accounting question!
Question 11 View Policies Current Attempt in Progress On March 3, Oriole Company sells $736,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Oriole Company books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3...
Question 11 View Policies Current Attempt in Progress On March 3, Indigo Corporation sells $654,300 of its receivables to Western Factors Inc Western Factors Inc, assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Indigo Corporation books to record the sale of the receivables. (Credit occount titles are automatically indented when amount is entered Do not inden manuel Date Account Titles and Explanation Debit Credit Mar. 3 @ 303 eTextbook and Media List...
Flounder Woodcrafters sells $231,400 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 7% and retains an amount equal to 6% of accounts receivable. Flounder estimates the fair value of the recourse liability to be $8,010. Prepare the journal entry for Flounder to record the sale. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a $67,200, 8%, 1-year note payable. (а) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Debit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the...
Question 9 Tamarisk, Inc. issued $593,000 of 5-year, 7 % bonds at 98 on January 1, 2019. The bonds pay interest annually Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the total cost of borrowing for these bonds Total cost of borrowing Prepare the journal entry to record the issuance of the bonds,, assuming the bonds...
Question 2 On January 1, 2020, Tamarisk. Co sells property for which it had paid $694,100 to Sargent Company, receiving in return Sargent's zero-interest-bearing note for $900,000 payable in 5 years. What entry would Tamarisk make to record the sale, assuming that Tamarisk frequently sells similar items of property for a cash sales price of $637,000? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1...
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