A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. B. Accrue one month of interest on the note receivable from Myers Manufacturing.C. Prepare a partial balance sheet showing the net accounts receivable section. EGOMEGrenPart B: Estimating Uncollect XB Tony anQuestion 1 - In Class Exercismheducation.com/ext/map/index.html?_con3Dcon&external_browser3D0&launchUrl=https"N Netflix Google TranslateB D2L* Cengageh HuluE) #5.2Required Informatlon[The following Information applies to the questions displayed below.]Tony and Suzle are ready to expand Great Adventures even further In 2022. Tony belleves that many groups In thecommunity (for example, Boy Scouts, church groups, clvlc groups, and local businesses) would like to hold one-dayoutings for thelr members. Groups would engage In outdoor activitles such as rock climbing, fishing, capture the flag,palntball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be foreach member of the group to learn the Importance of TEAM (Together Everyone Achleves More).Tony knows that most people are not familiar with these types of actlvitles, so to encourage business he allows groups toparticipate In the event before paying. He offers a 5% quick-payment discount to those that pay withIn 10 days after theevent. He also guarantees that at least elght hours of outdoor activitles will be provided or the customer will recelve a20% discount. For the first slx months of the year, the followlng activitles occur for TEAM operatlons.Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneousequipment for $5,000 cash.Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group ofthis size $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges thegroup only $3,000. Great Adventures provides these services on account.Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount.Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures providesservices on account for $4,000, and Reynold's agrees to pay within 30 days.Mar. 27 Reynold's pays the full amount owed, less the 5% quick-payment discount.Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event isscheduled for the following week.Apr, 14 The TEAM adventure is held for members of the Elks Lodge.Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,000,and Myers agrees to pay within 30 days.May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month,8% note receivable to replace the existing account receivable.Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24, e0e tothese groups, with payment due in July.2. Consider the following information as of June 30, 2022.a. Suzie estimates uncollectible accounts to be 10% of accounts recelvable (which does not Include the $6.000 note receivable fromMyers Manufacturing). Prepare the adjusting entry for uncollectible accounts. (If no entry Is required for a particulertransection/event, select "No Journal Entry Required" in the first account fleld.)View transaotion kstJournal entry worksheetMcPrev1 of 1OType here to search

Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. B. Accrue one month of interest on the note receivable from Myers Manufacturing. C. Prepare a partial balance sheet showing the net accounts receivable section.

A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. B. Accrue one month of interest on the note receivable from Myers Manufacturing. C. Prepare a partial balance sheet showing the net accounts receivable section.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Before any adjustments, Snow Company had an end of the year accounts receivable balance of $225,000 and the allowance for uncollectible accounts had a $800 credit balance. An analysis of accounts receivable determines that the allowance for uncollectible accounts should be 4% of accounts receivable. The adjusting entry would include a credit to Allowance for Uncollectible Accounts of: O A. $8,000. O B. $9,800. OC. $9,000. $8,200. OD.
A company has net credit sales of $499000 for the year and it estimates that uncollectible accounts will be 3% of its Account Receivables balance. If Allowance for Doubtful Accounts has a credit balance of $2000 prior to adjustment, its balance after adjustment will be a credit of $16970. $14970. $12970. $14910.
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
On September 10, a credit card account had a balance of $450. A purchase of $47 was made of September 20, and $157 was charged on September 25. A payment of $175 was made on September 28. The interest rate on average daily balance is 1.25% per month. Find the finance charge on October 10 bill.
The Rivers Company reports the following data relative to accounts receivable. The terms of sale are net 30 days. (check the attached photo) Requirement: (A) Compute the accounts receivable turnover and (B) the collection period.
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is made. on the tenth day a $1500 payment is made. on the seventeenth day a $200 charge is made, and a $100 payment. on the twentieth day a $500 charge is made. using the average daily balance method, Caculate the interest charged if the account had a 16.5% rate and the billing period is 31 days.
Question: Presented below is the information for Skysong Company. Beginning of the year Accounts Receivable balance was $23600. Net sales (all on account) for the year were $103100. Skysong does not offer cash discounts. Collections on accounts receivable during the year were $90300. Skysong is planning to factor some accounts receivables at the end of the year. Accounts totaling $14100 will be transfered to Credit Factors, Inc with recourse. Credit Factor will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1021. Prepare the journal entry to record the sale of the receivables. Compute Skysongs accounts receivable turnover for the year, assuming the receivables are sold.