Financial & Managerial Accounting 14th Ed. W/ PAC LMS Intg CNOWv2 2S
14th Edition
ISBN: 9781337591027
Author: WARREN, Reeve, Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 8, Problem 8.6BPR
Sales and notes receivable transactions
The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:
Jan. | 21. | Sold merchandise on account to Black Tie Co., $28,000. The cost of goods sold was $16,800. |
Mar. | 18. | Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account. |
May. | 17. | Received from BlackTie Co. the amount due on the note of March 18. |
June. | 15. | Sold merchandise on account, terms 1/10, n/30, to Pioneer Co. for $17,700. Record the sale net of the discount. The cost of goods sold was $ 10,600. |
21. | Loaned $ 18,000 cash to JR Stutts, receiving a 30-day, 8% note. | |
25. | Received from Pioneer Co. the amount due on the invoice of June 15, less 1% discount. | |
July. | 21. | Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.) |
Sept. | 19. | Received from JR Stutts the amount due on her note of July 21. |
22. | Sold merchandise on account to Wycoff Co., $20,000. The cost of goods sold was $12,000. | |
Oct. | 14 | Accepted a 30-day, 6% note for $20,000 from Wycoff Co. on account. |
Nov. | 13. | Wycoff Co. dishonored the note dated October 14. |
Dec. | 28. | Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 45 days at 8% computed on the maturity value of the note. |
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Chapter 8 Solutions
Financial & Managerial Accounting 14th Ed. W/ PAC LMS Intg CNOWv2 2S
Ch. 8 - What are the three classifications of receivables?Ch. 8 - Dans Hardware is a small hardware store in the...Ch. 8 - What kind of an account (asset, liability, etc.)...Ch. 8 - After the accounts are adjusted and closed at the...Ch. 8 - A firm has consistently adjusted its allowance...Ch. 8 - Which of the two methods of estimating...Ch. 8 - Neptune Company issued a note receivable to...Ch. 8 - Prob. 8DQCh. 8 - The maker of a 240,000, 6%, 90-day note receivable...Ch. 8 - The note receivable dishonored in Discussion...
Ch. 8 - Direct write-off method Journalize the following...Ch. 8 - Allowance method Journalize the following...Ch. 8 - Percent of sales method At the end of the current...Ch. 8 - Analysis of receivables method At the end of the...Ch. 8 - Note receivable Prefix Supply Company received a...Ch. 8 - Prob. 8.1EXCh. 8 - Nature of uncollectible accounts MGM Resorts...Ch. 8 - Entries for uncollectible accounts, using direct...Ch. 8 - Entries for uncollectible receivables, using...Ch. 8 - Prob. 8.5EXCh. 8 - Providing for doubtful accounts At the end of the...Ch. 8 - Number of days past due Toot Auto Supply...Ch. 8 - Aging of receivables schedule The accounts...Ch. 8 - Estimating allowance for doubtful accounts Evers...Ch. 8 - Adjustment for uncollectible accounts Using data...Ch. 8 - Estimating doubtful accounts Outlaw Bike Co. is a...Ch. 8 - Entry for uncollectible accounts Using the data in...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Prob. 8.15EXCh. 8 - Effect of doubtful accounts on net income Using...Ch. 8 - Prob. 8.17EXCh. 8 - Entries for bad debt expense under the direct...Ch. 8 - Determine due date and interest on notes Determine...Ch. 8 - Entries for notes receivable Valley Designs Issued...Ch. 8 - Entries for notes receivable The series of five...Ch. 8 - Entries for notes receivable, including year-end...Ch. 8 - Entries for receipt and dishonor of note...Ch. 8 - Entries for receipt and dishonor of notes...Ch. 8 - Receivables on the balance sheet List any errors...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Prob. 1ADMCh. 8 - Ralph Lauren: Accounts receivable turnover and...Ch. 8 - Prob. 3ADMCh. 8 - Ralph Lauren and L Brands: Average accounts...Ch. 8 - Prob. 8.1TIFCh. 8 - Communication On January 1, Xtreme Co. began...
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