HW ch. 7 - $20,500 *250,000*.05 Accounts Rec. $250,000...

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Pritesh Pate BE 7-2 ACC 310 HW Ch. 7 June 1 Accounts Rec.  $50,000  9/24/2009 Sales $50,000  12 Cash $48,500  Sales Discounts $1,500  Accounts Rec. $50,000  BE 7-4 Bad Debt Expense $28,000  1,400,000*.0 Allowance for Doubtful Accounts $28,000  BE 7-5 a) Bad Debt Expense $22,600  250,000*.1-2 Allowance for Doubtful Accounts $22,600  b) Bad Debt Exp. $22,200  24,600-2,40 Allow for Doubt. Acct's $22,200  BE 7-7 Notes Rec $20,000  Discount on Notes Rec. $3,471  Cash $16,529  Discount on Notes Rec. $1,653  Interest Rev. $1,653  Discount on Notes Rec. $1,818  Interest Rev. $1,818  Cash $20,000  Notes Rec. $20,000  BE 7-11 Cash $227,500  (.05+.04)*25 Due from Factor $10,000  .04*250,000 Loss on Sale of Receivables
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Unformatted text preview: $20,500 *250,000*.05 Accounts Rec. $250,000 Recourse Obligation $8,000 BE 7-13 Net Sales/Avg Trade Rec. = 12442/((912+953)/2) = 13.34 times E 7-6 July 1 Accounts Rec. $30,000 Sales $30,000 10 Cash $29,100 Sales Discounts $900 Accounts Rec. $30,000 17 Accounts Rec. $250,000 Sales $250,000 30 Cash $250,000 Accounts Rec. $250,000 E 7-11 Balance 1/1 700-255= $445 One year 4/12 -Invoice #2412 1710-1000-(890-490)= $310 259 days 11/18-Invoice #5681 2000-1250= $750 43 days $1,505 The three amounts that Alstott Co. has not paid should be looked into. tel .02-2400 00 50,000 5+8,000...
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HW ch. 7 - $20,500 *250,000*.05 Accounts Rec. $250,000...

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