chapter 7 final submssion - Chapter 7 part 1(BE7-1 BE7-2...

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Chapter 7 part 1 (BE7-1, BE7-2, BE7-3, BE7-4, BE7-5) BE7-1 Amount reported as cash: $ 94300 BE7-2 cash $48,500.00 sales discounts $1,500.00 accounts receivable $50,000.00 BE7-3 accounts receivable $48,500.00 sales $48,500.00 cash $48,500.00 accounts receivable $48,500.00 BE7-4 Bad debt Expense 28000 allowance for doubtful accounts 28000 BE7-5 a) bad debt expense 22600 allowance for doubtful account 22600 b) Bad debt expense 24600 allowance for doubtful account 24600
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-Chapter 7 part 2 (BE7-6, BE7-7, BE7-11, E7-1, E7-7, E7-22, E7-24) BE7-6 November 1 Journal entry sales 30,000 Notes receivables 30,000 31-Dec Interest Receivable 300 Interest Revenue 300 1-May Cash 30,900 Note receivable 30,000 Interest receivable 300 nterest revenue 600 BE7-7 Note receivable 20,000 discount on note receivable 3,471 cash 16,529 discount on note receivable 1,653 interest on revenue 1,653 discount on note receivable 1,818 Interest revenue 1,818 cash 20,000 notes receivable 20,000 BE7-11 Cash 227,500 due from factor
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This note was uploaded on 04/14/2011 for the course ACCT 3202 taught by Professor Kenmichael during the Spring '11 term at University of Minnesota Duluth.

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chapter 7 final submssion - Chapter 7 part 1(BE7-1 BE7-2...

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