Homework Answers
No Journal entry is required on January 1, 2020.
Explanation: Accounts receivable are only assign as a collateral security. They are not transferred. So no journal entry is required.
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On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Your answer is partially correct. Prepare the April 1, 2020,...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National Bank as collateral for a $301,600 loan due July 1, 2020. The assignment agreement calls for Wildhorse to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the journal entry for wildhorse company
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
4. (10 points)On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to the...
4. (10 points)On March 1,
2014, Rasheed Company assigns $800,000 of its accounts receivable
to the Third National Bank as collateral for a $500,000 loan due
April 1, 2014. The assignment agreement calls for Rasheed Company
to continue to collect the receivables. Third National Bank
assesses a finance charge of 3% of the accounts receivable, and
interest on the loan is 9% (a realistic rate of interest for a note
of this type).a. Prepare the March 1, 2014, journal entry...
Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the...
Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the Third National Bank as collateral for assignment agreement callls for Cheyenne to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for $336,000 loan due July 1, 2017. The note of this type) Prepare the April 1, 2017, journal entry for C fele...
4. (10 points) On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to...
4. (10 points) On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to the Third National Bank as collateral for a $500,000 loan due April 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 9% (a realistic rate of interest for a note of this type) a. Prepare the March 1, 2014,...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts receivable to the BLANK Bank...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
At the end of 2020, Grouper Company has accounts receivable of 5816,000 and an allowance for...
At the end of 2020, Grouper Company has accounts receivable of 5816,000 and an allowance for doubtful accounts of $40,800. On January 16, 2021. Grouper Company determined that its receivable from Ramirez Company of $6,120 will not be collected and management authorized its write-oft. 38:14 Hide Time Prepare the journal entry for Grouper Company to write off the Ramirez receivable. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with...
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction? Debit Cash for $2730000, debit Interest Expense for $270000, and credit Notes Payable for $3000000 Debit Cash for $1830200, debit Interest Expense for $60000, debit Due from Bank for $1400000, and credit Accounts...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU Bank as collateral fora AR: $600,000 note. Iggy Co continues to collect the accounts receivable; the account debtors <X1% are not notified of the arrangement. LMU Bank assesses a finance charge of 1% of the accounts receivable assigned and an interest on the note of 12%. Iggy Co makes monthly 000 - Notes payments to LMU Bank for all cash it collects on the...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Your answer is partially correct. Prepare the April 1, 2020,...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
4. (10 points)On March 1,
2014, Rasheed Company assigns $800,000 of its accounts receivable
to the Third National Bank as collateral for a $500,000 loan due
April 1, 2014. The assignment agreement calls for Rasheed Company
to continue to collect the receivables. Third National Bank
assesses a finance charge of 3% of the accounts receivable, and
interest on the loan is 9% (a realistic rate of interest for a note
of this type).a. Prepare the March 1, 2014, journal entry...
Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the Third National Bank as collateral for assignment agreement callls for Cheyenne to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for $336,000 loan due July 1, 2017. The note of this type) Prepare the April 1, 2017, journal entry for C fele...
4. (10 points) On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to the Third National Bank as collateral for a $500,000 loan due April 1, 2014. The assignment agreement calls for Rasheed Company to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 9% (a realistic rate of interest for a note of this type) a. Prepare the March 1, 2014,...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
At the end of 2020, Grouper Company has accounts receivable of 5816,000 and an allowance for doubtful accounts of $40,800. On January 16, 2021. Grouper Company determined that its receivable from Ramirez Company of $6,120 will not be collected and management authorized its write-oft. 38:14 Hide Time Prepare the journal entry for Grouper Company to write off the Ramirez receivable. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction? Debit Cash for $2730000, debit Interest Expense for $270000, and credit Notes Payable for $3000000 Debit Cash for $1830200, debit Interest Expense for $60000, debit Due from Bank for $1400000, and credit Accounts...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU Bank as collateral fora AR: $600,000 note. Iggy Co continues to collect the accounts receivable; the account debtors <X1% are not notified of the arrangement. LMU Bank assesses a finance charge of 1% of the accounts receivable assigned and an interest on the note of 12%. Iggy Co makes monthly 000 - Notes payments to LMU Bank for all cash it collects on the...
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