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Exercise 7-20 Presented below is information for Cullumber Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance...
1. 2. 3. Beginning of the year Accounts Receivable balance was $18,000 Net sales (all on...
1. 2. 3. Beginning of the year Accounts Receivable balance was $18,000 Net sales (all on account) for the year were $101,600. Teal does not offer cash discounts Collections on accounts receivable during the year were $81,100 (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Presented below is information for Sheffield Company. 1. Beginning of-the year Accounts Receivable balance was $21,500....
Presented below is information for Sheffield Company. 1. Beginning of-the year Accounts Receivable balance was $21,500. Net sales (all on account) for the year were $109,100. Sheffield does not offer cash discounts 2. Collections on accounts receivable during the year were $88,900. 3. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts Credit account tities are automatically indented when the amount is...
Exercise 7-20 Presented below is information for Flint Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance...
Exercise 7-20 Presented below is information for Flint Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $20,400. Net sales (all on account) for the year were $103,100. Flint does not offer cash discounts. Collections on accounts receivable during the year were $87,500. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically in manually.) No. Account...
Presented below is information for Nash Company. 1. Beginning-of-the-year Accounts Receivable balance was $22,500. 2. Net...
Presented below is information for Nash Company. 1. Beginning-of-the-year Accounts Receivable balance was $22,500. 2. Net sales (all on account) for the year were $107,600. Nash does not offer cash discounts. 3. Collections on accounts receivable during the year were $82,000. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered....
Exercise 7-21 Presented below is information for Ayayai Company 1. Beginning-of-the-year Accounts Receivable balance was $19,800...
Exercise 7-21 Presented below is information for Ayayai Company 1. Beginning-of-the-year Accounts Receivable balance was $19,800 2. Net sales (all on account) for the year were $109,400. Ayayai does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,300 Ayayai is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments...
Presented below is information for Sheffield Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,900. 2. Net...
Presented below is information for Sheffield Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,900. 2. Net sales (all on account) for the year were $105,300. Sheffield does not offer cash discounts. 3. Collections on accounts receivable during the year were $84,300. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for...
Exercise 7-21 Presented below is information for Metlock Company. 1. Beginning-of-the-year Accounts Rece...
Exercise 7-21
Presented below is information for Metlock Company.
1.
Beginning-of-the-year Accounts Receivable balance was
$23,200.
2.
Net sales (all on account) for the year were $106,000. Metlock
does not offer cash discounts.
3.
Collections on accounts receivable during the year were
$82,500.
Metlock is planning to factor some accounts receivable at the end
of the year. Accounts totaling $12,400 will be transferred to
Credit Factors, Inc. with recourse. Credit Factors will retain 7%
of the balances for probable adjustments...
THANK YOU FOR THE HELP!!! Exercise 7-21 Presented below is information for Jones Company. 1. 2....
THANK YOU FOR THE HELP!!!
Exercise 7-21 Presented below is information for Jones Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $15,000. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. Collections on accounts receivable during the year were $70,000. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $135,000 Allowance for doubtful accounts...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
1. 2. 3. Beginning of the year Accounts Receivable balance was $18,000 Net sales (all on account) for the year were $101,600. Teal does not offer cash discounts Collections on accounts receivable during the year were $81,100 (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Presented below is information for Sheffield Company. 1. Beginning of-the year Accounts Receivable balance was $21,500. Net sales (all on account) for the year were $109,100. Sheffield does not offer cash discounts 2. Collections on accounts receivable during the year were $88,900. 3. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts Credit account tities are automatically indented when the amount is...
Exercise 7-20 Presented below is information for Flint Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $20,400. Net sales (all on account) for the year were $103,100. Flint does not offer cash discounts. Collections on accounts receivable during the year were $87,500. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically in manually.) No. Account...
Exercise 7-21 Presented below is information for Ayayai Company 1. Beginning-of-the-year Accounts Receivable balance was $19,800 2. Net sales (all on account) for the year were $109,400. Ayayai does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,300 Ayayai is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments...
Exercise 7-21
Presented below is information for Metlock Company.
1.
Beginning-of-the-year Accounts Receivable balance was
$23,200.
2.
Net sales (all on account) for the year were $106,000. Metlock
does not offer cash discounts.
3.
Collections on accounts receivable during the year were
$82,500.
Metlock is planning to factor some accounts receivable at the end
of the year. Accounts totaling $12,400 will be transferred to
Credit Factors, Inc. with recourse. Credit Factors will retain 7%
of the balances for probable adjustments...
THANK YOU FOR THE HELP!!!
Exercise 7-21 Presented below is information for Jones Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $15,000. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. Collections on accounts receivable during the year were $70,000. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
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