INTERMEDIATE ACCOUNTING(LL)-W/CONNECT
9th Edition
ISBN: 9781260216141
Author: SPICELAND
Publisher: MCG CUSTOM
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Chapter 7, Problem 7.8BE
To determine
Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.
To explain: Whether combining of both receivables on one line in the current assets section of the
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12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT
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question 58
Short-term commercial bank loans can be used to finance inventory and accounts receivable.
TRUE OR FALSE
Chapter 7 Solutions
INTERMEDIATE ACCOUNTING(LL)-W/CONNECT
Ch. 7 - Prob. 7.1QCh. 7 - Prob. 7.2QCh. 7 - Prob. 7.3QCh. 7 - Prob. 7.4QCh. 7 - Prob. 7.5QCh. 7 - Prob. 7.6QCh. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...Ch. 7 - Briefly explain the difference between the income...
Ch. 7 - Prob. 7.11QCh. 7 - Is any special accounting treatment required for...Ch. 7 - Explain any possible differences between...Ch. 7 - Prob. 7.14QCh. 7 - What is meant by the discounting of a note...Ch. 7 - What are the key variables that influence a...Ch. 7 - Explain how the CECL model (introduced in ASU No....Ch. 7 - Prob. 7.18QCh. 7 - Prob. 7.19QCh. 7 - (Based on Appendix 7B) Marshall Companies, Inc.,...Ch. 7 - Prob. 7.21QCh. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Cash discounts; gross method LO73 On December 28,...Ch. 7 - Prob. 7.5BECh. 7 - Sales re turns LO74 During 2018, its first year...Ch. 7 - Sales re turns LO74 Refer to the situation...Ch. 7 - Prob. 7.8BECh. 7 - Prob. 7.9BECh. 7 - Uncollectible accounts; balance sheet approach ...Ch. 7 - Uncollectible accounts; solving for unknown LO75,...Ch. 7 - Prob. 7.12BECh. 7 - Note receivable LO77 On December 1, 2018,...Ch. 7 - Long-term notes receivable LO74 On April 19,...Ch. 7 - Prob. 7.15BECh. 7 - Factoring of accounts receivable LO78 Refer to...Ch. 7 - Prob. 7.17BECh. 7 - Discounting a note LO78 On March 31, Dower...Ch. 7 - Receivables turnover LO78 Camden Hardwares credit...Ch. 7 - Prob. 7.20BECh. 7 - Prob. 7.21BECh. 7 - Impairments of Accounts Receivable Appendix 7B...Ch. 7 - Credit Losses on Accounts Receivable (CECL Model) ...Ch. 7 - Prob. 7.1ECh. 7 - Prob. 7.2ECh. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Trade and cash discounts; the gross method and the...Ch. 7 - Prob. 7.6ECh. 7 - Cash discounts; the net method LO73 [This is a...Ch. 7 - Sales returns LO74 Halifax Manufacturing allows...Ch. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Uncollectible accounts; allowance method; balance...Ch. 7 - Uncollectible accounts; allowance method and...Ch. 7 - Uncollectible accounts; allowance method; solving...Ch. 7 - Note receivable LO77 On June 30, 2018, the...Ch. 7 - Noninterest-bearing note receivable LO77 [This is...Ch. 7 - Long-term notes receivable LO77 On January 1,...Ch. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Factoring of accounts receivable with recourse ...Ch. 7 - Factoring of accounts receivable with recourse...Ch. 7 - Discounting a note receivable LO78 Selkirk...Ch. 7 - Concepts; terminology LO71 through LO78 Listed...Ch. 7 - Receivables; transaction analysis LO73, LO75...Ch. 7 - Prob. 7.25ECh. 7 - Prob. 7.26ECh. 7 - Prob. 7.27ECh. 7 - Prob. 7.28ECh. 7 - Prob. 7.29ECh. 7 - Prob. 7.30ECh. 7 - Impairments of Notes Receivable Appendix 7B At...Ch. 7 - Prob. 7.32ECh. 7 - Prob. 7.33ECh. 7 - Prob. 7.34ECh. 7 - Uncollectible accounts; allowance method; income...Ch. 7 - Uncollectible accounts; Amdahl LO75 Real World...Ch. 7 - Bad debts; Nike, Inc. LO75 Real World Financials...Ch. 7 - Uncollectible accounts LO75, LO76 Raintree...Ch. 7 - Prob. 7.5PCh. 7 - Notes receivable; solving for unknowns LO77...Ch. 7 - Prob. 7.7PCh. 7 - Prob. 7.8PCh. 7 - Prob. 7.9PCh. 7 - Prob. 7.10PCh. 7 - Prob. 7.11PCh. 7 - Accounts and notes receivable; discounting a note...Ch. 7 - Prob. 7.13PCh. 7 - Prob. 7.14PCh. 7 - Prob. 7.15PCh. 7 - Prob. 7.16PCh. 7 - Prob. 7.17PCh. 7 - Prob. 7.1BYPCh. 7 - Prob. 7.2BYPCh. 7 - Prob. 7.3BYPCh. 7 - Real World Case 74 Sales returns; Green Mountain...Ch. 7 - Ethics Case 75 Uncollectible accounts LO75 You...Ch. 7 - Prob. 7.6BYPCh. 7 - Prob. 7.7BYPCh. 7 - Prob. 7.8BYPCh. 7 - Prob. 7.9BYPCh. 7 - Prob. 7.10BYPCh. 7 - Prob. 7.11BYPCh. 7 - Prob. 1CCTC
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- 12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 BANK CURRENCY DTH 62.000121 02 SHARES OF FX RECEIVABLES 62.000What transaction does the above record belong to?A) Acceptance of the policy by the bankB) Endorsement of the policyC) Returning the policy to the bankD) Payment of the policy by the bankE) Collection of the policy by the bankarrow_forwardEf 15.arrow_forwardMC49 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash disbursements per books in December 2020? (WITH SOLUTION) a. P146,000 b. P171,000 c. P249,200 d. P249.200arrow_forward
- EA5-E3 Complete a Bank Reconciliation for Pond Maintenance Corp. In this exercise, you will complete a bank reconciliation as of 12/31/2016 for Pond Maintenance Corp. One of your primary goals is to ensure that the file can be easily under- stood by the end user. Use this information to populate the reconciliation: Deposits in Transit: $10,100 and $1,000 • NSF Check: $7,150 Notes Receivable: $7,000 Outstanding Checks: $3,100 and $600 Bank Charges: $1,100 The bank erroneously deposited a $250 check written to TreeSky Industries into the bank account of Pond Maintenance Corp. The bank statement reflects a 12/31/16 balance of $94,200, while the company's general ledger reflects a 12/31/16 cash balance of $102,600. Modify the appearance of the reconciliation using Format Painter and Quick Styles. Set a conditional formatting rule that will highlight the bank balance if it exceeds $90,000. Apply a header that displays the filename and file path and a footer that displays the current time.…arrow_forward10:43 |0 • 0.16 4G KB/S 70 Document View 1. Credit memos are items that are already added by the bank but have not been added by the book as of the cut off date. 2. Debit memos are amounts that have been deducted by the bank but have not been deducted per book. 3. Examples of debit memo include accounts receivable collected by the bank in favor of the company and loan proceed directly credited by the bank to the account of the customer. 4. Monthly bank reconciliation is one of the internal control features in every company, which is created to show that there is no discrepancy between the cash balance per book records and the cash balance per bank records. 5. Reciprocal accounts should have the same balance after ail adjustments have been made. Determine whether the following reconciling items should be added to the book or bank account balance or deducted from the book or bank account by putting (/) check mark or (x) cross mark on the corresponding column. ADD DEDUCT DEDUCT ADD TO…arrow_forward1. What amount was received from the note receivable discounting? a. 4,017,000b. 4,120,000c. 4,103,000d. 3,965,500 2. What amount should be reported as loss on note receivable discounting? a. 40,000b. 23,000c. 17,000d. 20,000arrow_forward
- QS 6-10 (Algo) Bank reconciliation LO P3 For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether a journal entry is required: Items a. Bank maintenance fee b. NSF checks c. Check printing bank fee d. Deposits in transit e. Bank service charges f. Interest earned on deposits in bank g. Bank collected note receivable on behalf of depositor Bank or Book side Addition or Subtraction Entry required or Notarrow_forwardQUESTION 14 After preparing a bank reconciliation, the collection of a note by the bank on a company's behalf would be recorded with a O Debit to Notes Receivable. O Credit to Cash. O Debit to Interest Receivable. O Credit to Accounts Receivable. O None of the abovearrow_forwardMC51 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash balance per books in December 2020? (WITH SOLUTION) a. P257,200 b. P242,200 c. P207,200 d. P192,200arrow_forward
- 5 Which items appear on the book side of a bank reconciliation? a outstanding cheques b deposits in transit c both a and b d none of the abovearrow_forwardActivity 1 BANK BOOK List of checks paid by the Bank List of checks issued in the Book Chk No o0100 12,000 Chk No oo101 6,000 Chk No o0101 6,000 Chk No o0102 3,000 Chk No o0105 20,000 Chk No o0103 9.900 Chk No o0103 Chk No 21090 9,900 Chk No o0104 15,000 11,000 Chk No o0105 20,000 BANK воок List of deposits recorded in the List of deposits in the Bank Вook July 4 July 18 July 24 July 28 July 1 13,000 9,000 July 4 9,000 30,000 July 18 30,000 23,000 5.400 Using the answers in activity 1, on Comparison of Bank and Book of ABM Consultancy Services, match by putting a check mark on both items. The first item is answered for your reference. BANK BOOK List of checks paid by the Bank List of checks issued in the Book Chk No. o0100 12,000 Chk No. o0101 6,000 Chk No. 00101 6,000 V Chk No. o0102 3,000 BANK BOOK List of deposits in the Bank List of deposits recorded in the Book July 1 13,000 July 4 9,000 July 4 9,000 July 18 30,000arrow_forwardA17.arrow_forward
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