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oct21 - 18,000 dr loss 2,000 cr ar 20,000 2 loan dr cash...

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ex 16 sale with recourse selling ar 250,000 finance chg 0.02 5,000 reserves 0.04 buyer is holding back $ recourse obligation 3,000 compute gain or loss proceeds from sale 242,000 face value book value 250,000 Less fin chg Loss (8,000) recourse liab Net proceeds Holding back JE to record the sale cash coll recourse liab dr cash 235,000 net cash coll dr loss on sale 8,000 dr due from factor 10,000 cr accts rec 250,000 cr recourse liab 3,000 253,000 253,000 ex 17 no recourse ar 400,000 finance chg 0.015 6,000 holding back 0.04 16,000 seller (SEK) net proceeds dr cash 378,000 ar dr loss 6,000 loss dr due from factor 16,000 cr acct rec 400,000 net proceeds 400,000 400,000 holding back cash
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buyer (mays) dr accts rec 400,000 cr cash 378,000 cr due to SIK 16,000 cr revenue 6,000 ex14 1 ar fin chg dr cash
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Unformatted text preview: 18,000 dr loss 2,000 cr ar 20,000 2 loan dr cash 50,600 fee dr finance chg 4,400 net cr note payable 55,000 3 rec allow dr bad debt expense 5,850 cr allowance for doubt a/c 5,850 4 dr bad debt expense 6,450 cr allowance for doubt a/c 6,450 Ex 18 1 Land fv bk value dr note receivable 1,416,163 gain cr discount on nr 516,166 N 4 cr land 590,000 face 1,416,163 cr gain on sale 310,000 I 0.12 pv (899,997) disc 516,166 2 n 8 dr notes receivable 400,000 i 0.12 cr discount on nr 178,835 pmt 12,000 cr revenue 221,165 fv 400,000 pv (221,165) disc 178,835 10,000 250,000 (5,000) (3,000) 242,000 (10,000) 232,000 3,000 235,000 394,000 400,000 (6,000) 394,000 16,000 378,000 20,000 2,000 55,000 4,400 50,600 82,000 4,100 desired bal allow 1,750 5,850 4,100 sales 430,000 % 6,450 900,000 590,000 310,000...
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