60.1K

Verified Solution

Question

Accounting

need answers some are wrong will thumbsup
image
image
image
image
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $850,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total 53,830,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $29,300. . Determine the amount of the adjusting entry for uncollectible accounts. 36,800 X b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and tad Debt Experse. Accounts Receivable 850,000 Allowance for Doubtful Accounts 29,300 Bad Debt Expense 36,800 x c. Determine the net realizable value of accounts receivable, 820,700 Chad on The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected The amount of the adjusting entry is the amount that will yield an adjusted balance for Allowance for Doubtful Accounts equal to the estimated balance Not Receivable Cube Ice Company received a 120-day, 7% nate for $13,000, datud April 9 from a customer on account. Assume 360 days in a year a. Determine the due date of the note August 2 b. Determine the maturity value of the note 12,360 X Foto Check My Wor The due date is the date the note is to be paid Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank, Aug. 7. Cash Notes Receivable 12.00 Interest Revenue 360 Determine Due Date and Interest on Notes a. 4 Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 5* $94,000 6% 120 days b. February 15 * 27,000 30 days c. May 19 69,000 45 days d. August 20 33,600 5 90 days October 19 52,000 90 days * Assume a leap year in which February has 29 days. 8 e. 7 Assume 360 days in a year when computing the interest. Note Due Date Interest (a) (b) (c) (d) (e) Dec 2 Entries for Notes Receivable, including Year-End Entries The following selected transactions were completed by Interlocking Devices Co, a supplier of zippers for clothing: 2017 Received from Unitarian Clothing and Bags Co, on account, a $60,000, 60-day, 10% note dated December 7 Dec. 31 Recorded an adjusting entry for accrued interest on the note of December Dec. 31 Recorded the closing entry for interest revenue. 2018 Feb. 5 Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 required. the interest to the nearest cent. 2017, Dec. 7 Dec 31 ulu Dec 31 2018, Feb. 5

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students