Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in theorder of journal entries presented in the previous part.)7/1 Bal.7/57/317/1 Bal7/31 Bal.Notes Receivable22,0004140400Accounts Receivable400Interest Receivable72880648 5:44Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at itsyear-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the followingDateApril 21May 25June 30July 51420Maker24Coote Inc.Brady Co.BMG CorpFace Value$4,0007.20010,800TermDuring July, the following transactions were completed.Made sales of $4,140 on Blossom credit cards.Made sales of $400 on Visa credit cards. The credit card service charge is 3%Received payment in full from Coote Inc. on the amount due.Received payment in full from Brady Co, on the amount due90 days60 days6 monthsMaturity Date Interest RateJuly 20July 24December 318%9%6646%

Receivables, sometimes known as accounts receivable, are sums of money that clients owe a business…

Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648

Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648

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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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $622,324 and Allowance for Doubtful Accounts has a balance of $20,510. What is the net realizable value of the accounts receivable? a.$601,814 b.$642,834 c.$20,510 d.$622,324
Which of the following responses to an accounts receivable confirmation at December 31
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On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
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H5.
A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.
Do not give answer in image formate
Maxwell Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $300,000 1% 31-60 days past due 54,000 3% 61-120 days past due 60,000 6% 121-180 days past due 21,000 10% Over 180 days past due 6,000 20% $441,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $2,520 on December 31, before any adjustments. a. Determine the amount of the adjustment for estimated credit losses on December 31. b. Determine the financial statement effect of a write off of Porter Company's account on the following May 12, in the amount of $1,440. Use negative signs with answers, when appropriate. If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in…
Round answers to nearest dollar
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