Date maker face term interest may 16 rice inc 12000

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Date Maker Face Term Interest May 16 Rice Inc. $12,000 60 days 10% May 25 Smelter Co. 30,000 60 days 9% June 30 Kupp Corp. 15,000 6 months 12% Worksheet.xls File Edit View Insert Format Tools Data Window Help A B C D E F G Total Number of Days Outstanding 0–30 31–60 91–120 Over 120 Accounts receivable % uncollectible Estimated bad debts $375,000 $90,000 $220,000 1 2 3 4 5 6 7 $10,000 $15,000 10% 8% 61–90 $40,000 5% 4% 1% Journalize transactions related to bad debts. (SO 2, 3) (a) Tot. est. bad debts $10,100 Journalize entries to record transactions related to bad debts. (SO 3) (a) (2) $12,000 Prepare entries for various notes receivable transactions. (SO 2, 4, 5, 8, 9) PDF Watermark Remover DEMO : Purchase from to remove the watermark
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Continuing Cookie Chronicle 431 During July, the following transactions were completed. July 5 Made sales of $7,200 on Marty Co. credit cards. 14 Made sales of $1,000 on Visa credit cards.The credit card service charge is 3%. 14 Added $510 to Marty Co. credit card customer balances for finance charges on unpaid balances. 15 Received payment in full from Rice Inc. on the amount due. 25 Received notice that the Smelter Co. note has been dishonored. (Assume that Smelter Co. is expected to pay in the future.) Instructions (a) Journalize the July transactions and the July 31 adjusting entry for accrued interest receiv- able. (Interest is computed using 360 days.) (b) Enter the balances at July 1 in the receivable accounts. Post the entries to all of the receiv- able accounts. (c) Show the balance sheet presentation of the receivable accounts at July 31. P9-7B On January 1, 2010, Furball Company had Accounts Receivable $98,000 and Allowance for Doubtful Accounts $8,100. Furball Company prepares financial statements annually. During the year the following selected transactions occurred. Jan. 5 Sold $10,800 of merchandise to Kandle Company, terms n/30. Feb. 2 Accepted a $10,800, 4-month, 10% promissory note from Kandle Company for the balance due. 12 Sold $13,500 of merchandise to Lowe Company and accepted Lowe’s $13,500, 2-month, 10% note for the balance due. 26 Sold $7,000 of merchandise to Barrel Co., terms n/10. Apr. 5 Accepted a $7,000, 3-month, 8% note from Barrel Co. for the balance due. 12 Collected Lowe Company note in full. June 2 Collected Kandle Company note in full. July 5 Barrel Co. dishonors its note of April 5. It is expected that Barrel will eventually pay the amount owed. 15 Sold $12,000 of merchandise to Bushel Co. and accepted Bushel’s $12,000, 3-month, 12% note for the amount due. Oct. 15 Bushel Co.’s note was dishonored. Bushel Co. is bankrupt, and there is no hope of future settlement. Instructions Journalize the transactions. (b) Accounts receivable $38,160 (c) Total receivables $53,310 Prepare entries for various receivable transactions. (SO 2, 4, 5, 6, 7, 8) PROBLEMS: SET C w w w . w i l e y . c o m / c o l l e g e / w e y g a n d t Visit the book’s companion website at , and choose the Student Companion site, to access Problem Set C. w w w .
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