Homework Answers
Journal entries:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| March 3 |
cash loss on sale of receivables ($764900 x 6%) Accounts receivable |
$719006 $45894 . |
. . $764900 |
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--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its rec...
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...
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
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors...
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Tamarisk, Inc.' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Mar. 3 Click if vou would like to Show Work for this qwestion: Open Show Work
View Policies Current Attempt in Progress The ledger of Kingbird, Inc. on March 31, 2020, includes...
View Policies Current Attempt in Progress The ledger of Kingbird, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue 2,800 2,300 33,600 8,600 An analysis of the accounts shows the following. 1. 2. 3 Insurance expires at the rate of $200 per month. Supplies on hand total $1,200. The equipment depreciates $300 per month. During March, services were performed for two-fifths of the unearned service revenue. Prepare...
Question 3 --/1 View Policies Current Attempt in Progress Sweet Co. uses the net method to account for cash discounts....
Question 3 --/1 View Policies Current Attempt in Progress Sweet Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2017, Sweet received full payment for the June 1 sale. Prepare the required journal entries for Sweet Co. (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...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account...
View Policies Current Attempt in Progress Kingbird University sells 3,000 season basketball tickets at $40 each...
View Policies Current Attempt in Progress Kingbird University sells 3,000 season basketball tickets at $40 each for the entire 10-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (b) Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent...
how can I solve these two questions? Question 8 - 1 View Policies Current Attempt in...
how can I solve these two questions?
Question 8 - 1 View Policies Current Attempt in Progress Bramble Inc. factors receivables with a carrying amount of $202,200 to Joffrey Company for $177,700 on a with recourse basis. The recourse provision has a fair value of $1,850. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Bramble Inc. (If no entry is required, select "No Entry for the account...
Question 11 -/1 View Policies Current Attempt in Progress Sheffield Corp. Supply does not segregate sales...
Question 11 -/1 View Policies Current Attempt in Progress Sheffield Corp. Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,370.All sales are subject to a 6 % sales tax. Compute sales taxes payable. $ Sales taxes payable 870 Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Debit Account Titles and Explanation...
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...
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
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Tamarisk, Inc.' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Mar. 3 Click if vou would like to Show Work for this qwestion: Open Show Work
View Policies Current Attempt in Progress The ledger of Kingbird, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue 2,800 2,300 33,600 8,600 An analysis of the accounts shows the following. 1. 2. 3 Insurance expires at the rate of $200 per month. Supplies on hand total $1,200. The equipment depreciates $300 per month. During March, services were performed for two-fifths of the unearned service revenue. Prepare...
Question 3 --/1 View Policies Current Attempt in Progress Sweet Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2017, Sweet received full payment for the June 1 sale. Prepare the required journal entries for Sweet Co. (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...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account...
View Policies Current Attempt in Progress Kingbird University sells 3,000 season basketball tickets at $40 each for the entire 10-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (b) Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent...
how can I solve these two questions?
Question 8 - 1 View Policies Current Attempt in Progress Bramble Inc. factors receivables with a carrying amount of $202,200 to Joffrey Company for $177,700 on a with recourse basis. The recourse provision has a fair value of $1,850. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Bramble Inc. (If no entry is required, select "No Entry for the account...
Question 11 -/1 View Policies Current Attempt in Progress Sheffield Corp. Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,370.All sales are subject to a 6 % sales tax. Compute sales taxes payable. $ Sales taxes payable 870 Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Debit Account Titles and Explanation...
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