Consider the following two (2) IINDEPENDENT situations Situation #1 On December 1, Y4; Aylmer Inc factors, WITHOUT recourse, $450,000 of accounts receivable with Mapleton Commercial Factoring. Mapleton Commercial Factoring will asssess a finance charge of 2% of the amount of the accounts receivable. Mapleton also withholds an initial amount equal to 3% of the accounts receivable for any potential returns and allowances. REQUIRED: Prepare the entries for BOTH Aylmer Inc and Mapleton Commercial Factoring on December 1, Y4 Situation #2 On January 1, Y3; Aylmer Inc sold some merchandise to London Inc for $600,000 London has poor credit and signed a two-year, zero-interest bearing note. The market rate is 8% REQUIRED: Prepare ALL the necessary entries for Aylmer Inc for Y3 and Y4 (show all of your work)

Consider the following two (2) IINDEPENDENT situations Situation #1 On December 1, Y4; Aylmer Inc factors, WITHOUT recourse, $450,000 of accounts receivable with Mapleton Commercial Factoring. Mapleton Commercial Factoring will asssess a finance charge of 2% of the amount of the accounts receivable. Mapleton also withholds an initial amount equal to 3% of the accounts receivable for any potential returns and allowances. REQUIRED: Prepare the entries for BOTH Aylmer Inc and Mapleton Commercial Factoring on December 1, Y4 Situation #2 On January 1, Y3; Aylmer Inc sold some merchandise to London Inc for $600,000 London has poor credit and signed a two-year, zero-interest bearing note. The market rate is 8% REQUIRED: Prepare ALL the necessary entries for Aylmer Inc for Y3 and Y4 (show all of your work)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The answer given is in journal entry form, the question is asking for tabular summary form. Could this please be provided?
please help with the question that is attached as a picture. thanks
When matching bank or credit card downloaded transactions to a transaction already recorded in QuickBooks Online, what are the possible actions that appear in the Action column?
Which of the following is described as an online “living entity”? Social media résumé Chronological résumé Functional résumé Infographic résumé Traditional résumé All of these choices are correct. Explain your answer, and cite sources.
You can track your finances using all of the following, EXCEPT: O Quickbooks O specific Apps and websites O your memory O Excel
Dinesh bhai
Describe the “Chart of Accounts” and discuss the importance of this list when using Quick Books.
How can you check for unbilled charges or time in QuickBooks Online? Select all that apply. Via the money bar in the Vendor center Via the Reports center Via the Unbilled Charges card in the Dashboard Via the money bar in the Sales center Via the money bar in the Time tab in the left-hand navigation
Please watch the following video, then answer the prompt below: https://youtu.be/nfkqCv3Rd_g: copy and paste it to view After watching, answer the question below: Describe the Time Value of Money.
Show a journal entry writing off an account using both the allowance method and the direct write-off method. NOTE: YOU CAN INCLUDE ANY AMOUNTS AS LONG AS THEY MAKE SENSE, BUT DO NOT FORGET TO INCLUDE ACTUAL NUMBERS FOR THIS JOURNAL SHOWING BOTH METHODS AS STATED ABOVE. THIS CAN BE MADE UP BUT DO NOT FORGET THE NUMBERS.
Further info is in the attached images For the Excel part of the question give the solutions in the form of the Excel equations. Please and thank you! :) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B34 enter the formula "= B9". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text. Check your worksheet by changing the beginning work in process inventory to 100 units, the units started into production during the period to 2,500 units, and the units in ending work in process inventory to 200 units, keeping all of the other data the same as in the original example. If your worksheet is operating properly, the cost per equivalent unit for materials should now be $152.50 and the cost per equivalent unit for conversion should be $145.50. Thank you!
can you help with this asap please its for homework