1st Edition

ISBN: 9780132162302

Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

Publisher: PEARSON

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The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

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Textbook Question

Chapter 9, Problem 9.2MC

Fernandez Company had an accounts receivable balance of $150,000 on December 31, Year 2, and $175,000 on December 31, Year 3. The company wrote off $40,000 of accounts receivable during Year 3. Sales for Year 3 totaled $600,000, and all sales were on account. The amount collected from customers on accounts receivable during Year 3 was:

a. $575,000
b. $531,000
c. $600,000
d. $535,000

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Chapter 9, Problem 9.1MC

Chapter 9, Problem 9.3MC

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Chapter 9 Solutions

Intermediate Accounting

Ch. 9 - Prob. 9.1Q Ch. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3Q Ch. 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. 9.8Q Ch. 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. 9.1BE Ch. 9 - Prob. 9.2BE Ch. 9 - Prob. 9.3BE Ch. 9 - Prob. 9.4BE Ch. 9 - Prob. 9.5BE Ch. 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. 9.13BE Ch. 9 - Prob. 9.14BE Ch. 9 - Prob. 9.15BE Ch. 9 - Assigned Receivables. Using the information...Ch. 9 - Factoring Receivables without Recourse. Nicks...Ch. 9 - Prob. 9.18BE Ch. 9 - Prob. 9.19BE Ch. 9 - Prob. 9.20BE Ch. 9 - Prob. 9.21BE Ch. 9 - Prob. 9.22BE Ch. 9 - Internal Controls. Identify whether the following...Ch. 9 - Prob. 9.24BE Ch. 9 - Prob. 9.25BE Ch. 9 - Prob. 9.26BE Ch. 9 - Prob. 9.27BE Ch. 9 - Prob. 9.28BE Ch. 9 - Prob. 9.1E Ch. 9 - Volume Discounts, Sales Discounts. Sodesta Company...Ch. 9 - Prob. 9.3E Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Prob. 9.5E Ch. 9 - Prob. 9.6E Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Percentage of Accounts...Ch. 9 - Prob. 9.9E Ch. 9 - Assigning Receivables, Factoring Receivables....Ch. 9 - Prob. 9.11E Ch. 9 - Factoring Receivables with and without Recourse....Ch. 9 - Factoring Receivables without Recourse, Factoring...Ch. 9 - Prob. 9.14E Ch. 9 - Prob. 9.15E Ch. 9 - Prob. 9.16E Ch. 9 - Prob. 9.18E Ch. 9 - Prob. 9.1P Ch. 9 - Prob. 9.2P Ch. 9 - Prob. 9.3P Ch. 9 - Prob. 9.4P Ch. 9 - Prob. 9.5P Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7P Ch. 9 - Prob. 9.8P Ch. 9 - Prob. 9.9P Ch. 9 - Prob. 9.10P Ch. 9 - Prob. 9.11P Ch. 9 - Prob. 1JC Ch. 9 - Prob. 2JC Ch. 9 - Prob. 1FSAC Ch. 9 - Prob. 1SSC Ch. 9 - Prob. 2SSC Ch. 9 - Prob. 1BCC

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Solution Summary: The author explains that the correct option is "d". Credit sales and closing receivables are 150,000 and 175,000 respectively.

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