The journal entries to record the lending arrangement. Given information: Accounts receivables assigned for $420,000. Borrowed amount is $350,000.

Question

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Answer 1

Question

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

c.

To determine

The record of the account receivable in the balance sheet of M.

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Answer 2

Question

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

c.

To determine

The record of the account receivable in the balance sheet of M.

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Answer 3

Question

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

c.

To determine

The record of the account receivable in the balance sheet of M.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

c.

To determine

The record of the account receivable in the balance sheet of M.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

c.

To determine

The record of the account receivable in the balance sheet of M.

Answer 6

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

Answer 7

Chapter 9, Problem 9.9E

a.

To determine

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

Answer 8

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

Answer 9

b.

To determine

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

Answer 10

c.

To determine

The record of the account receivable in the balance sheet of M.

Answer 11

c.

To determine

The record of the account receivable in the balance sheet of M.

Answer 12

Expert Solution & Answer

Answer 13

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Answer 14

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Answer 15

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The journal entries to record the lending arrangement. Given information: Accounts receivables assigned for $420,000. Borrowed amount is $350,000.

Solution Summary: The author explains journalizing as the process of recording the transactions of an organization in a chronological order.

Concept explainers

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.

The record of the account receivable in the balance sheet of M.

Want to see the full answer?

Chapter 9 Solutions

The journal entries to record the lending arrangement. Given information: Accounts receivables assigned for $420,000. Borrowed amount is $350,000.

Solution Summary: The author explains journalizing as the process of recording the transactions of an organization in a chronological order.

Concept explainers

The journal entries to record the lending arrangement. Given information: Accounts receivables assigned for $420,000. Borrowed amount is $350,000.

The journal entries of cash collection on receivables and payment in assignment arrangement. Given information: Cash collection from accounts receivables is for $110,000. Interest is 7% per annum on opening balance of loan each month. Opening balance of loan during first month is $350,000.

The record of the account receivable in the balance sheet of M.

Want to see the full answer?

Chapter 9 Solutions

The journal entries to record the lending arrangement.

Given information:

Accounts receivables assigned for $420,000.

Borrowed amount is $350,000.

The journal entries of cash collection on receivables and payment in assignment arrangement.

Given information:

Cash collection from accounts receivables is for $110,000.

Interest is 7% per annum on opening balance of loan each month.

Opening balance of loan during first month is $350,000.