Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
1st Edition
ISBN: 9780134047430
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 9, Problem 1SSC
1.
To determine
Conditions to be satisfied for the consideration of factoring arrangement as sale.
2.
To determine
The recognition criteria of transaction in case of company A.
3.
To determine
The recognition criteria of transaction in case of company B.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Defining common receivables terms
Match the terms with their correct definition.
Title
What are some common types of receivables other than accounts receivable and notes receivable?View..
Description
What are some common types of receivables other than accounts receivable and notes receivable?View Solution:What are some common types of receivables other than accounts
EXERCISE 1
After reading all the terms, principles, and concepts on Receivable Financing, let us check your
understanding of these. In the space provided, write the term/s being asked in the following
statements:
1. This is the criterion to determine whether the transfer is accounted for as
borrowing.
2. What account to debit if the company pays a delinquent notes receivable that
was previously discounted.
3. What account to credit if the customer's notes receivable become delinquent
and was not previously discounted.
4. When accounts receivable is factored, the accounts payable shall be credited.
True or False?
5. The interest on a non-interest bearing note is equal to its discount amount.
6. The practice of realizing cash from accounts receivable before its maturity date
is widespread. Defalcation is one of them. True or False?
7. A 120-day, 10% interest-bearing note receivable is sold to a bank with recourse
after being held for 60 days. The proceeds are calculated using an 8%…
Chapter 9 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
Ch. 9 - Prob. 9.1QCh. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3QCh. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - Prob. 9.8QCh. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...
Ch. 9 - Is the face value of a note receivable exchanged...Ch. 9 - What do firms use to record the sales value of a...Ch. 9 - Explain why a company must have highly effective...Ch. 9 - The following are held by YRT Corporation at...Ch. 9 - Fernandez Company had an accounts receivable...Ch. 9 - On its December 31, Year 2, balance sheet, Red...Ch. 9 - Stanberry Company sold 500,000 of net accounts...Ch. 9 - On November 30, Year 1, Derin Corporation agreed...Ch. 9 - Which of the following disclosures about accounts...Ch. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Sales Discounts, Most-Likely-Amount Method. On...Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Recovery....Ch. 9 - Bad Debt Expense, Journal Entry. Paul Anchor...Ch. 9 - Bad Debt Expense. Journal Entry. Paul Anchor,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.13BECh. 9 - Prob. 9.14BECh. 9 - Prob. 9.15BECh. 9 - Assigned Receivables. Using the information...Ch. 9 - Factoring Receivables without Recourse. Nicks...Ch. 9 - Prob. 9.18BECh. 9 - Prob. 9.19BECh. 9 - Prob. 9.20BECh. 9 - Prob. 9.21BECh. 9 - Prob. 9.22BECh. 9 - Internal Controls. Identify whether the following...Ch. 9 - Prob. 9.24BECh. 9 - Prob. 9.25BECh. 9 - Prob. 9.26BECh. 9 - Prob. 9.27BECh. 9 - Prob. 9.28BECh. 9 - Prob. 9.1ECh. 9 - Volume Discounts, Sales Discounts. Sodesta Company...Ch. 9 - Prob. 9.3ECh. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Prob. 9.5ECh. 9 - Prob. 9.6ECh. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Percentage of Accounts...Ch. 9 - Prob. 9.9ECh. 9 - Assigning Receivables, Factoring Receivables....Ch. 9 - Prob. 9.11ECh. 9 - Factoring Receivables with and without Recourse....Ch. 9 - Factoring Receivables without Recourse, Factoring...Ch. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.18ECh. 9 - Prob. 9.1PCh. 9 - Prob. 9.2PCh. 9 - Prob. 9.3PCh. 9 - Prob. 9.4PCh. 9 - Prob. 9.5PCh. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Prob. 9.9PCh. 9 - Prob. 9.10PCh. 9 - Prob. 9.11PCh. 9 - Prob. 1JCCh. 9 - Prob. 2JCCh. 9 - Prob. 1FSACCh. 9 - Prob. 1SSCCh. 9 - Prob. 2SSCCh. 9 - Prob. 1BCC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Prepare the journal entry to reconcile the bank statement in EB9.arrow_forwardMorgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor, Stanley, had net sales of $1,090,600 and average accounts receivable of $142,100. (a) Calculate the accounts receivable turnover for both companies. (b) Which company is doing a better job of managing its accounts receivables? Complete this question by entering your answers in the tabs below. Required A Required B Compute accounts receivable turnover for both companies. Morgan Stanley Choose Numerator: 1 1 1 Accounts Receivable Turnover Choose Denominator: = = Accounts Receivable Turnover Accounts receivable turnover times timesarrow_forwardQuestion: 1. What is the correct source documents for credit purchase by business. 2. what is the correct source documents for bank charges from business bank account. reqiured: please answer this question by giving one of the correct source documents for this two questions.arrow_forward
- Question: 1. what is the correct source documents for credit sales by business X. option: a) invoice issued by business X. b) Receipts issued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g) credit note issued by business X. reqiured: please answer this question by choosing the right source document.arrow_forwardharrow_forwardSelect the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…arrow_forward
- Question 1 of 18 Which of the following should be recorded in Accounts Receivable? Select the correct response: Receivables from officers Receivables from subsidiaries ODividends receivable None of thesearrow_forwardDeposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank Deposit d. All of the abovearrow_forwardPromissory notes can be used in which of the following cases? a. Lending money b. All the given options c. Borrowing money d. Credit purchases or credit sales Clear my choicearrow_forward
- Which one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of creditarrow_forwardQuestion - Notes Receivables How can Notes Receivables be sold to another party? What is the process exactly? Please explain.arrow_forward10 Confirmation of a credit may be given by______ A, the beneficiary at the request of the importer B. the advising bank at the request of the issuing bank c.the advising bank after the receipt of correct documentatior d. the issuing bank after the receipt of correct documentationarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE LCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Understanding Credit; Author: UCBStudentAffairs;https://www.youtube.com/watch?v=EBdXREhOuME;License: Standard Youtube License