On April 10, Salt Company received a cheque trom Pepper Company for payment of an invoice dated March 24 for $2,000 with credt terms of 2/10 s/30 On March 28 Pupper had reumed 5200 of m mechandne because it was defective How would this transaction be recorded in Salts cash recepts joumal?
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- On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.On January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000 invoice was dated May 22, and included credit terms of 1/10, n/45. On January 25, the customer returned P600 of the merchandise because it was defective. How would this transaction be recorded in Jema's cash receipts journal?TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should record the transaction as a debit to accounts receivable-A DR circuits and a credit to cash. True or false?
- Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300TB MC Qu. 07-134 (Algo) On July 9, Mifflin Company receives... On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,402; credit Interest Revenue $202; credit Accounts Receivable-P. Summers $10,200. Debit Accounts Receivable-P. Summers $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Accounts Receivable-P. Summers $10,200. ( Prev 10 of 20 Next > 1069 MAR 15 éty MacBook Air F2 F3 F4 ES F6 F7 F8 %23 24 3 4 6 7 8.Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible. May 10 Reinstated the account of Andrew Warren and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Feb. 20 Cash Cash Bad Debt Expense Bad Debt Expense Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren May 10 Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren Bad Debt Expense Bad Debt Expense May 10 Cash Cash Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren
- A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くoThe trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
- Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15, n/30. If Company Blossom remits a check taking advantage of the discount offered, what is the amount of Company Blossom's check? O S710 O $792 O $530 O $620Journalize entries for recognizing accounts receivable. E8.3 (LO 1), AP The following are two independent situations. Instructions a. On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Brumbaugh's bo to record the sale and related collection. (Omit cost of goods sold entries.) b. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $9,000. On February 10, Farley is billed for the amount due of $9,000. On Februa 12, Farley pays $5,000 on the balance due. On March 10, Farley is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.'s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) Journalize receivables transactions.Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $6,900. The cost of the merchandise is $5,000. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Apr. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Apr. 1 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 June 10 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 Oct. 11 fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 Oct. 11 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the…