Clearbrook Consulting provided services worth $85,000 to a client on credit. Later, the client made a partial payment of $50,000. What is the remaining accounts receivable balance for Clearbrook Consulting?
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- How do you find the amount of payment to be credited and the balance outstanding when you know the amount on the invoice is $600, it was dated on 7/5 with terms of 4/10 and n/60, and that a partial payment of $400 was made on 7/14?naruLuna Company accepted credit cards in payment for $7,100 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet < A Record service revenue on credit card payment and credit card expenses. Note: Enter debits before credits. Transaction 1 General…
- This question is about Accounts Receivable and Allowance of Doubtful Debts. Please provide me with all the relevant journal entries and calculations plus any other solution that's needed to solve this question (I.e. Accounts Receivable and Allowance of Doubtful Debts Ledger). Thank you so much.What should i do? Record the invoices amounting to $81,300 from the contracts. Note: Enter debits before credits. Transaction General Journal Debit Credit 6aPresented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. a. Sold merchandise on account for $64,000 to a customer. Accounts receivable b. Received a promissory note of $57,000 for services performed. Notes receivable Other receivables C. Advanced $10,000 to an employee.
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- Presented below are several receivables transactions. For each transaction, indicate whether the receivables should be reported as accounts receivable, notes receivable, or other receivables on a statement of financial position. (a) Received a promissory note of $12,200 for services performed. Notes Receivable (b) Sold merchandise on account to a customer for $9,30. Other Receivables Accounts Receivable (c) Advanced $5,000 to an employee. (d) Estimated $5,000 of income tax to be refunded. (e) Extended a customer's account for six months by accepting a note in exchange for the amount owed on the account. (f) Sales tax (HST) of $2,500 is recoverable at the end of the quarter.ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.1) Prepare the journal entry to record an uncollectible account receivable of $10,000 using the direct write off method.