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Wednesday, 23 October 2013

Exercise 7-10 Selling and pledging accounts receivable L.O. C3 On June 30, Roman Co. has $134,000 of accounts receivable. July 4 Sold $7,390 of merchandise (that had cost $4,730) to customers on credit. 9 Sold $18,760 of accounts receivable to Center Bank. Center charges a 4% factoring fee. 17 Received $4,065 cash from customers in payment on their accounts. 27 Borrowed $10,720 cash from Center Bank, pledging $13,936 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses the perpetual inventory system.)

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Exercise 7-10 Selling and pledging accounts receivable L.O. C3 On June 30, Roman Co. has $134,000 of accounts receivable.    ...
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At year-end (December 31), Alvare Company estimates its bad debts as 0.30% of its annual credit sales of $743,000. Alvare records its Bad Debts Expense for that estimate. On the following February 1, Alvare decides that the $372 account of P. Coble is uncollectible and writes it off as a bad debt. On June 5, Coble unexpectedly pays the amount previously written off. Prepare the journal entries of Alvare to record these transactions and events of December 31, February 1, and June 5.

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At year-end (December 31), Alvare Company estimates its bad debts as 0.30% of its annual credit sales of $743,000. Alvare records its Ba...

Sami Company recorded the following selected transactions during November 2011: Date General Journal Debit Credit Nov. 5 Accounts Receivable—Surf Shop 5,363 Sales 5,363 10 Accounts Receivable—Yum Enterprises 1,918 Sales 1,918 13 Accounts Receivable—Matt Albin 1,125 Sales 1,125 21 Sales Returns and Allowances 290 Accounts Receivable—Matt Albin 290 30 Accounts Receivable—Surf Shop 3,999 Sales 3,999

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Sami Company recorded the following selected transactions during November 2011: Date General Journal Debit Credit Nov...