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On June 30, Petrov Co. has $148,200 of accounts receivable. July 4 Sold $8,915 of merchandise...
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...
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...
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...
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 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...
On June 30, year 1, Apaca Shoes had outstanding accounts receivable of $500,000. On July 1,...
On June 30, year 1, Apaca Shoes had outstanding accounts receivable of $500,000. On July 1, year 1, the company borrowed $350,000 from the EX Finance Corporation and signed a promissory note. Interest at 11% is payable monthly. The company assigned specific receivables totaling $500,000 as collateral for the loan. EX Finance charges a finance fee equal to 2% of the accounts receivable assigned. Required: Prepare the journal entry to record the borrowing on the books of Apaca Shoes.
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...
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...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900)...
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...
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...
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...
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 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...
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...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900)...
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