We sold ABC company merchandise on account for $24,000They were unable to pay it so we changed it to a notes receivable for 30 days at 7%.A) What is the journal entry to change the AR to a NRDebitCreditB) What is the journal entry to show receiving the payment for the note receivable and interest?DebitCredit Determine the due date, amount of interest due at maturity and the maturity value on the following notes:OriginationFaceTermInterestDueInterestMaturityValueof Note60 days90 daysDateRateDateAmount$8,000$12,000Amount(a) Mar. 15(b)9%1-May8%Problem 5Theta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes off the account using the allowance method on June 16.Journalize the entry to write off the account. You may omit posting references.DebitCredit

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it to a notes receivable for 30 days at 7%. A) What is the journal entry to change the AR to a NR Debit Credit B) What is the journal entry to show receiving the payment for the note receivable and interest? Debit Credit
Question 1. Accounts Recievable has a debit balance of $3,400, and the allowance for uncollectiable accounts has a credit balance of $550. A $150 accounts recievable is written off. Early the following year, Kolker wrote off $200 of old recievables as uncollectiable. The balance in the Allowance account is now: _________? Please show steps.
What amount will reduce the amount due on an invoice of $6,369.00 to $2,229.15 if the terms of the invoice are 4/10, R.O.G., and the payment was made during the discount period? The invoice date is June 8, 2009. (Do not enter the dollar sign, $, in your answers.) Invoice = Payment = Credit = Balance =
4. If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? a. Uncollectible Accounts Expense b. Accounts Receivable c. Allowance for Doubtful Accounts d. Interest Expense 5. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to - record the collection of the note should include a a. credit to Notes Receivable for $20,300 b. debit to Interest Receivable for $300 c. credit to Interest Revenue for $300 d. debit to Notes Receivable for $20,000 6. The receivable that is usually evidenced by a formal, written instrument of credit is a(n) a. trade receivable b. note receivable c. accounts receivable d. income tax receivable
PLEASE TYPE IT AND NOT HANDWRITTEN A credit card has a balance of P129,776.71 on March 1. The credit card holder paid P10,000 on March 15. He made a purchase of P8,862.54 on March 16 and did not use the credit card until the end of the month. The monthly interest rate is 3.50% on purchases and 3.50% on cash advances. How much is the minimum amount to pay at the end of March?
During the year, Blossom Enterprises made an entry to write off an $8100 uncollectible account. Before this entry was made, the balance in accounts receivable was $100100 and the balance in the allowance account was $9100 (credit balance). The net realizable value of accounts receivable before and after the write-off entry was O$100100. Ⓒ$99100. O $82900 O $91000
ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for invoice# 536 returned NSF. Ms. Mary Opal has agreed to replace the cheque ASAP. ABC Co. should record the following adjusting entry: O A. Debit bank charges expense, credit accounts receivable B. Debit bad debt expense, credit cash O C. Debit cash, credit accounts receivable D. Debit accounts receivable, credit cash Reset Selection
Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit sales to Jelfar Company. What journal entry would Jelfar Company makes when receiving the note from Al Ahlya. Select one: a. Account Receivable 2500 Note Receivable 2500 b. Note receivable 2500 Account Receivable 2500 Oc. Account Receivable 200 Note Receivable 200 O d. Note Receivable 200 Account Receivable 200
On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and signed a 9 month promissory note. What entry should Knight's Stop record on 7/1? (Select ALL that apply) O Credit Accounts Payable for $35,000 O Debit Cash for $35,000 O Credit Long-term Notes Payable for $35,000 O Credit Short-term Notes Payable for $35,000 O Debit Accounts Payable for $35,000 O Credit Cash for $35,000 O Debit Short-term Notes Payable for $35,000 O Debit Long-term Notes Payable for $35,000 ASUS f4 f5 f6 f8 コ/京 f9 f10 f11 & 4 9 Y U G H. K 08 6 图 5 近国 %24
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?
A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit Feedback Area Feedback Question Content Area b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit
On January 1, Year 1, the Accounts Receivable balance was $29,000 and the balance in the Allowance for Doubtful Accounts was $3,400. On January 15, Year 1, an $980 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice O O $28,020 $26,580 $25,600 $24,620

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