The trial balance before adjustment for Concord Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) To obtain additional cash, Concord factors without recourse $25,700 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 3. Dr. $82,900 2,480 4. Cr. $430,000 To obtain a 1-year loan of $56,600, Concord pledges $67,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. Based on an aging analysis, an allowance of $5,385 should be reported. Assume the allowance has a credit balance of $1,156.

The trial balance before adjustment for Concord Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) To obtain additional cash, Concord factors without recourse $25,700 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 3. Dr. $82,900 2,480 4. Cr. $430,000 To obtain a 1-year loan of $56,600, Concord pledges $67,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. Based on an aging analysis, an allowance of $5,385 should be reported. Assume the allowance has a credit balance of $1,156.

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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