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The trial balance before adjustment for Sunland Company shows the following balances.
Dr. | Cr. | |||
|---|---|---|---|---|
Accounts Receivable | $127,200 | |||
| 1,600 | ||||
Sales | $868,400 |
Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.)
| 1. | To obtain additional cash, Sunland factors without recourse $59,400 of accounts receivable with Easy Finance. The finance charge is 11% of the amount factored. | |
| 2. | To obtain a one-year loan of $19,200, Sunland assigns $41,100 of specific receivable accounts to B&C Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to B&C Financial. | |
| 3. | The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. | |
| 4. | The company wishes to increase the allowance account by 2% of net sales. |
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Exercise 7-16
The trial balance before adjustment for Teal Company shows the
following balances.
Dr.
Cr.
Accounts Receivable
$84,800
Allowance for Doubtful Accounts
2,420
Sales Revenue
$434,200
Using the data above, give the journal entries required to record
each of the following cases. (Each situation is independent.)
1.
To obtain additional cash, Teal factors without recourse
$29,700 of accounts receivable with Stills Finance. The finance
charge is 11% of the amount factored.
2.
To obtain a 1-year loan of $57,600,...
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Exercise 7-16
The trial balance before adjustment for Teal Company shows the
following balances.
Dr.
Cr.
Accounts Receivable
$84,800
Allowance for Doubtful Accounts
2,420
Sales Revenue
$434,200
Using the data above, give the journal entries required to record
each of the following cases. (Each situation is independent.)
1.
To obtain additional cash, Teal factors without recourse
$29,700 of accounts receivable with Stills Finance. The finance
charge is 11% of the amount factored.
2.
To obtain a 1-year loan of $57,600,...
how can I solve these two questions?
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