Homework Answers
Journal entry
| date | account title and explanation | Debit | Credit |
| Mar 3 | Cash (736600*96%) | 707136 | |
| Service charge | 29464 | ||
| Account receivable | 736600 |
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please help with this accounting question! Question 11 View Policies Current Attempt in Progress On March...
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its rec...
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 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 Sweet Acacia Industries' 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...
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...
please help with this accounting question! Question 9 View Policies Current Attempt in Progress Assume the...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain 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 $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
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
please help with this accounting question! ades Question 10 View Policies Current Attempt in Progress Wildhorse Cou...
please help with this accounting question!
ades Question 10 View Policies Current Attempt in Progress Wildhorse Courses the percentage-of-receivables basis to record bad debt expense and concludes that of accounts receivable will become uncollectible, Accounts recei are $382.600 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,613 onferences PLUS Support Cal Prepare the adjusting journal entry to record bad debt expense for the year. If the allowance for doubtful counts had...
Question 1 of 2 ./15 E View Policies Current Attempt in Progress On January 6, Bramble...
Question 1 of 2 ./15 E View Policies Current Attempt in Progress On January 6, Bramble Corp. sells merchandise on account to Harley Inc. for 58,100, terms 3/10,130. On January 16, Harley pays the amount due Prepare the entries on Bramble Corp's books to record the sale and related collection (Omit cost of goods sold entries) (Credit account titles are automatically Indented when amount is entered. Do not indent vonually. Record journal entries in the order presented in the problem)...
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...
please help with this accounting question! Question 5 View Policles Current Attempt in Progress Sandhill Co....
please help with this accounting question!
Question 5 View Policles Current Attempt in Progress Sandhill Co. has accounts receivable of $97,200 m March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $1,891 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current...
please help with this accounting question! Question 2 View Policies Current Attempt in Progress Consider these tran...
please help with this accounting question!
Current Attempt in Progress Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Cullumber Company accepted a Visa card in payment of a $350 lunch bill. The bank charges a 4% fee. What entry should Cullumber make? Marin Inc. sold its accounts receivable of $62.600. What entry should Marin make, given a service charge of 4 % on the amount of receivables so (a) () No....
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 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 Sweet Acacia Industries' 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...
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...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain 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 $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
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
please help with this accounting question!
ades Question 10 View Policies Current Attempt in Progress Wildhorse Courses the percentage-of-receivables basis to record bad debt expense and concludes that of accounts receivable will become uncollectible, Accounts recei are $382.600 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,613 onferences PLUS Support Cal Prepare the adjusting journal entry to record bad debt expense for the year. If the allowance for doubtful counts had...
Question 1 of 2 ./15 E View Policies Current Attempt in Progress On January 6, Bramble Corp. sells merchandise on account to Harley Inc. for 58,100, terms 3/10,130. On January 16, Harley pays the amount due Prepare the entries on Bramble Corp's books to record the sale and related collection (Omit cost of goods sold entries) (Credit account titles are automatically Indented when amount is entered. Do not indent vonually. Record journal entries in the order presented in the problem)...
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...
please help with this accounting question!
Question 5 View Policles Current Attempt in Progress Sandhill Co. has accounts receivable of $97,200 m March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $1,891 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current...
please help with this accounting question!
Current Attempt in Progress Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Cullumber Company accepted a Visa card in payment of a $350 lunch bill. The bank charges a 4% fee. What entry should Cullumber make? Marin Inc. sold its accounts receivable of $62.600. What entry should Marin make, given a service charge of 4 % on the amount of receivables so (a) () No....
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