Prepare a Trade Receivables Statement of Baba Enterprises for the month of August 2021 to show these transactions.
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- Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the aboveLloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. June 1 Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. 6. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice months number 380. Collected amount due from JPT Store less returns and discounts. 16 Received P6 000 from NOV Convenience Store. Sold goods on account to LPR Co, P34 000. Invoice number 381 347935
- PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?During August 2024, Link Company recorded the following Sales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold Collections on account, $60,500. .Write-offs of uncollectible receivables, $1,820 • Recovery of receivable previously written off, $500. Debit Requirements 1. Journalize Link's transactions during August 2024, assuming Link uses the direct write-off method Credit 2 Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off method Sales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Aug Journalize Link's transactions during August 2024, assuming Link uses the allowance methodOn June 30, 2021, Alpha Co.'s Mega branch showed a Home Office account balance of $2,735 and the Home Office books showed an investment branch Mega of $2,555. The following additional information is given: Home office was charged for $120 for merchandise returned by Mega branch (merchandise is in transit) $1,200 shipment, charged by Home Office to Mega branch was actually sent and retained by Taco branch. Home office collects a Mega branch accounts receivable of $360 and fails to notify the branch. $1,500 shipment, intended and charged to Pasta branch was shipped to Mega branch and retained by the latter $200 emergency cash transfer from Spaghetti branch was not recorded in the Home Office books Home office erroneusly recorded Mega's net income for May 2021 at $1,627.5 The branch reported a net income of $1,267.5 What is the reconciled amount of the Home Office and Mega branch reciprocal amount?
- On 31st August 2021, Rossy Enterprise had a RM155,000 debit balance in Accounts Receivable and a RM6,200 credit balance in Allowance for Doubtful debt. During September 2021, Rossy made the following transactions:Sept 1 : Sales on account, RM590,000.Sept 10: Collection from receivables through online banking, RM627,000.Sept 20: Write-offs of uncollectible receivables, RM7,000.Sept 30: Bad debt was estimated at 3% of the month’s credit sales.Required:1) Journalize all September transactions using the allowance method. Post the entries to Accounts Receivable, Allowance for Doubtful Debt, and Bad Debt Expense. You need to balance off the ledgers and show their balances on 30th September 2021.2) Show the amount of net accounts receivable would Rossy report in its statement of financial position as at 30 September 2021. Is the amount being realistic? Give your reason.Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) - while doing the transactions for 2024 assume the company uses the allowance method and show work and formulasBlossom Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,200: Cuddyer Company, balance $2,200, and Freeze Company. During January the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company (a) Credit Sales Collections $9,000 $7,900 2.600 8.800 7.100 8.500 Returns $0 3.000 Balance in the Freeze Company subsidiary account S 0 What is the January 1 balance in the Freeze Company subsidiary account?
- Wallace Contracting recorded the following transactions during November 2023: Debit Credit 8,500 2,600 General Journal Nov. 3 Accounts Receivable ABC Shop Sales* 8 Accounts Receivable-Colt Enterprises Sales* 11 Accounts Receivable-Red McKenzie Sales* 19 Sales Returns and Allowances* Accounts Receivable-Red Mckenzie 28 Accounts Receivable-ABC Shop Sales* 1,560 214 4,980 8,500 GENERAL LEDGER 2,600 1,560 214 4,980 *Cost of goods sold (or COGS) has been ignored for the purpose of maintaining focus on accounts receivable. Required: 1. Enter the preceding transactions into a General Ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also, enter the transactions in Accounts Receivable Subledger having a T-account for each customer.Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 > Record the sale of receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journalAt December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.