3. EX.09-05 O eBook Entries to Write Off Accounts Receivable Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. b. Journalize the entry to record the write-off, assuming that the allowance method is used. 4. EX.09-19 eBook I Show Me How Determine Due Date and Interest on Notes 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 a. January 10* $40,000 5% 90 days b. March 19 18,000 8. 180 days June 5 90,000 30 days C. d. September 8 36,000 90 days 3. e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) (b) (c) (d) (e)
3. EX.09-05 O eBook Entries to Write Off Accounts Receivable Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. b. Journalize the entry to record the write-off, assuming that the allowance method is used. 4. EX.09-19 eBook I Show Me How Determine Due Date and Interest on Notes 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 a. January 10* $40,000 5% 90 days b. March 19 18,000 8. 180 days June 5 90,000 30 days C. d. September 8 36,000 90 days 3. e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) (b) (c) (d) (e)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...
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Question
![3. EX.09-05
O eBook
Entries to Write Off Accounts Receivable
Quantum Solutions Company, a computer consulting firm, has decided to write off the
$33,550 balance of an account owed by a customer, Alliance Inc.
a. Journalize the entry to record the write-off, assuming that the direct write-off method is
used.
b. Journalize the entry to record the write-off, assuming that the allowance method is used.
4. EX.09-19
eBook
I Show Me How
Determine Due Date and Interest on Notes
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
a. January 10*
$40,000
5%
90 days
b.
March 19
18,000
8.
180 days
June 5
90,000
30 days
C.
d. September 8
36,000
90 days
3.
e. November 20
27,000
4
60 days
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
Note
Due Date
Interest
(a)
(b)
(c)
(d)
(e)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f7da148-1e47-4177-8c96-41a2f440c67c%2F315616d1-1456-4fc3-85a8-100f57c2f221%2Fayzvdb8.jpeg&w=3840&q=75)
Transcribed Image Text:3. EX.09-05
O eBook
Entries to Write Off Accounts Receivable
Quantum Solutions Company, a computer consulting firm, has decided to write off the
$33,550 balance of an account owed by a customer, Alliance Inc.
a. Journalize the entry to record the write-off, assuming that the direct write-off method is
used.
b. Journalize the entry to record the write-off, assuming that the allowance method is used.
4. EX.09-19
eBook
I Show Me How
Determine Due Date and Interest on Notes
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
a. January 10*
$40,000
5%
90 days
b.
March 19
18,000
8.
180 days
June 5
90,000
30 days
C.
d. September 8
36,000
90 days
3.
e. November 20
27,000
4
60 days
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
Note
Due Date
Interest
(a)
(b)
(c)
(d)
(e)
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