Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Accounts Receivable Jan. 1 balance 600,000 Colleetions from customers 5,300,000 6,000,000 Writeoff Charge sales Shareholders subscriptions Deposit on contract Claims against common carrier for damages LOUS from employees Cash advance to affiliates 100,000 Advances to a supplier 35,000 40,000 Merchandise returns 200,000 Allowances to customer 120,000 25,000 Collections on carrier claims 40,000 50,000 for shipping damages 100,000 Collection on subscriptions 10,000 50,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. e. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.

Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Accounts Receivable Jan. 1 balance 600,000 Colleetions from customers 5,300,000 6,000,000 Writeoff Charge sales Shareholders subscriptions Deposit on contract Claims against common carrier for damages LOUS from employees Cash advance to affiliates 100,000 Advances to a supplier 35,000 40,000 Merchandise returns 200,000 Allowances to customer 120,000 25,000 Collections on carrier claims 40,000 50,000 for shipping damages 100,000 Collection on subscriptions 10,000 50,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. e. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.

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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Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
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