10.

Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $13,500 beginning one year from today. The interest rate on the note is 6%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

What amount did Canliss borrow?

Table or calculator function:
Payment:
n =
i =
Present Value:

11.

The following information is taken from the 2013 annual report to shareholders of Hewlett-Packard (HP) Co.

	For Fiscal 2013			For Fiscal 2012
Provision for doubtful accounts	$	29	million	$	106	million
	At Fiscal Year-end 2013			At Fiscal Year-end 2012
Accounts receivable, net		15,906	million		16,437	million
Accounts receivable, gross		16,268	million		16,931	million

During Burns Company's first year of operations, credit sales totaled $152,000 and collections on credit sales totaled $111,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $360 of specific accounts as uncollectible.

Required:
1.	Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the entry to write-off specific accounts: ?

Record the bad debt expense: ?

2.	Show the year-end balance sheet presentation for accounts receivable.

Partial Balance Sheet

12.

A summary of Klugman Company's December 31, 2016, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:

Age Group	Amount		%
060 days	$52,000		.5
6190 days	18,000		1.0
91120 days	2,200		10.0
Over 120 days	1,000		50.0

The allowance for uncollectible accounts had a balance of $1,320 on January 1, 2016. During the year, bad debts of $670 were written off.

Required:

Prepare all journal entries for 2016 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the entry to write off specific accounts: ?

Record the entry to adjust allowance for collectible end?

General Journal Debit Credit

DATE	GENERAL JOURNAL	DEBIT	CREDIT
June 30,2016