HW ch_ 7 - $8,000 BE 7-13 Net Sales/Avg Trade Rec. =...

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Pritesh Patel 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*.02 Allowance for Doubtful Accounts $28,000 BE 7-5 a) Bad Debt Expense $22,600 250,000*.1-2400 Allowance for Doubtful Accounts $22,600 b) Bad Debt Exp. $22,200 24,600-2,400 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)*250,000 Due from Factor $10,000 .04*250,000 Loss on Sale of Receivables $20,500 *250,000*.05+8,000 Accounts Rec. $250,000 Recourse Obligation
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Unformatted text preview: $8,000 BE 7-13 Net Sales/Avg Trade Rec. = 12442/((912+953)/2) = 13.34 times PDF created with pdfFactory Pro trial version www.pdffactory.com 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. PDF created with pdfFactory Pro trial version www.pdffactory.com...
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This note was uploaded on 11/21/2009 for the course ACC acc 310 taught by Professor Mlot during the Fall '09 term at N.C. State.

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HW ch_ 7 - $8,000 BE 7-13 Net Sales/Avg Trade Rec. =...

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