M. Cornett is a corporation that sells breakfast cereal. Based on the accounts listed below, what are M. Cornett's total trade receivables? Income tax refund due $470 Advance due to the company from the company president $210 3-month note due from M. Cornett's main customer $2,050 Interest due this month on the above note $90 Due and unpaid from this month's sales Due and unpaid from last month's sales $9,160 $990

M. Cornett is a corporation that sells breakfast cereal. Based on the accounts listed below, what are M. Cornett's total trade receivables? Income tax refund due $470 Advance due to the company from the company president $210 3-month note due from M. Cornett's main customer $2,050 Interest due this month on the above note $90 Due and unpaid from this month's sales Due and unpaid from last month's sales $9,160 $990

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Ayayai Corporation made credit sales of $27,000 which are subject to 5% sales tax. The corporation also made cash sales which totaled $23,940 including the 5% sales tax. Prepare the entry to record Ayayai's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable Sales Revenue Sales Taxes Payable List of Accounts Debit 28350 Credit 27000 1350
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anhoe Corporation made credit sales of $18,600 which are subject to 7% sales tax. The corporation also made cash sales which taled $24,503 including the 7% sales tax. ) Prepare the entry to record Ivanhoe's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before Credit entries.) Account Titles and Explanation Accounts Receivable Debit 18600 Credit
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Flounder Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $19,635 including the 5% sales tax. (a) Prepare the entry to record Flounder's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit