accounting - 2000 cash (+a) 50,000 note receivable (-a)...

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Mitchell Stefani Hw ch. 7 PA 2,3,4,5 PA 2) 1) *- Allowance for doubtful Accounts(xa) + beg bal. 298,959 write-offs 1,938,920 charged to costs and expenses 1,754,524 ending balance 114,563 2) a) bad debt expense (+e,-se) 1,938,920 Allowance for doubtful accounts (+xa,-a) 1,938,920 b) Allowance for doubtful accounts (-xa,+a) 1,938,920 accounts receivable (-a) 1,938,920 3) Notes receivable would have decreased by 20,000 and net accounts would all be less because of the write off. Net income would would decrease because that is less assets that you are receiving. PA 3) Feb. 28, 2006 Note Receivable (+a) 50,000 cash (-a) 50,000 31-Mar-06 interest receivable (+a) 333.33 interest revenue 333.33 June 30,2006 interest receivable (+a) 1000 interest revenue 1000 Aug. 31,2006 cash(+a) 2000 interest receivable (-a) 2000 Sept. 30, 2006
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interest receivable (+a) 333.33 interest revenue 333.33 Dec. 31, 2006 interest receivable (+a) 1000 interest revenue 1000 Feb. 28,2007 cash (+a) 2000 interest receivable (-a)
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Unformatted text preview: 2000 cash (+a) 50,000 note receivable (-a) 50,000 PA 4) Dec. 31, 2005 Interest receivable (+a) 300 Interest revenue 300 Bad debt expense (+e,-se) 102,250 allowance for doubtful accounts (+xa,-a) 102,250 Allowance for doubtful accounts (-xa,+a) 102,250 accounts receivable (-a) 102,250 Interest receivable (+a) 300 interest revenue (+r,+se) 300 Notes receivable (+a) 120,000 sales in exchange for notes (+r,+se) 120,000 PA 5) 1) 2002 coca-cola turnover ratio: 9.2 days to collect: 39.6 pepsi turnover ratio: 9.7 days to collect: 37.6 2003 coca-cola turnover ratio: 10 days to collect: 36.5 pepsi turnover ratio: 9.4 days to collect: 39 Coca cola has a little advantage to turn its' receivables into money first. 2) coca-cola seems more consistent in its doubtful accounts, but they both seem to be gaining some optimism in their abilities to collect the receivables....
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This note was uploaded on 04/15/2008 for the course ACC 2361 taught by Professor Steverson during the Spring '08 term at Texas State.

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accounting - 2000 cash (+a) 50,000 note receivable (-a)...

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