The Journal entry to record credit sales. Given information: Credit sale is $12,346,976.

Question

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Answer 1

Question

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

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Answer 2

Question

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

Answer 6

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

Answer 7

Chapter 9, Problem 9.9P

a.

To determine

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

Answer 8

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

Answer 9

b.

To determine

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

Answer 10

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

Answer 11

c.

To determine

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

Answer 12

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

Answer 13

d.

To determine

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

Answer 14

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

Answer 15

e.

To determine

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

Answer 16

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

Answer 17

f.

To determine

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.

Answer 18

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Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

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...

The Journal entry to record credit sales. Given information: Credit sale is $12,346,976.

To prepare: The Journal entry to record credit sales. Given information: Credit sale is $12,346,976.

To prepare: The Journal entry to record sales return. Given information: Sales return is $975,613.

To prepare: The Journal entry to write-off accounts receivables. Given information: Account written-off is $567,890.

To prepare: The Journal entry to record factoring arrangement with recourse. Given information: Factoring arrangement is for $1,450,000 of accounts receivables. Factoring fee is 8% Holding Percentage is 2% Recourse liability is $15,000.

To prepare: The Journal entry to record subsequent recovery of accounts. Given information: Account recovered is $25,675.

To prepare: The Journal entry to record bad debts expense for the year. Given information: Credit sales are $12,346,976. Sales return is $975,613.

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Chapter 9 Solutions

To prepare: The Journal entry to record credit sales.

Given information:

Credit sale is $12,346,976.

To prepare: The Journal entry to record sales return.

Given information:

Sales return is $975,613.

To prepare: The Journal entry to write-off accounts receivables.

Given information:

Account written-off is $567,890.

To prepare: The Journal entry to record factoring arrangement with recourse.

Given information:

Factoring arrangement is for $1,450,000 of accounts receivables.

Factoring fee is 8%

Holding Percentage is 2%

Recourse liability is $15,000.

To prepare: The Journal entry to record subsequent recovery of accounts.

Given information:

Account recovered is $25,675.

To prepare: The Journal entry to record bad debts expense for the year.

Given information:

Credit sales are $12,346,976.

Sales return is $975,613.