17. On November 1, 2019, JJ sold some inventory to KG who was short on cash. J agreed to accept a $540,000 non-interest bearing, 6-month note receivable to be paid May 1, 2020. The inventory normally sales for $187.800. Prepare J's entries on the date of sale, December 31, 2019 year end, and the collection of the note of May 1, 2020. (Ignore COGS) 18. On December 1, 2019, I sold some inventory to CG who was short on cash. I agreed to accept a $250,000, 12%, 90-day not receivable to be paid March 1, 2020. Prepare J's entries on the date of sale, December 31, 2019 year end, and the collection of the note of March 1, 2020. (Ignore COGS) e 19. Huff Company is being audited. The auditor gathers pertinent information to prepare the bank reconciliation and find the following: a Balance per books $57,069.46 b. Balance per bank statement $91,182.13 Outstanding checks, 12/31 $34578.80 d. Receipts from 12/31, deposited 1/1 S 5,317.20 Service charge for December $ 15.00 Proceeds on bank loan, 12/5/2019, omitted from company records (discounted for 3 months at 12% interest $11,640.00 Deposit of 12/20 omitted from bank statement $ 2,892.41 Check of Riviera Products charged back on 12/24/19 Redeposited 1/5/20. No entry made for chargeback or h. redeposit $ 873.74 1. Bank recorded a deposit of $3,182.40 $8,181.40 Puff Check changed in error to Huffcct $ 2,690.00 Note collected by bank, 2550 (includes interest of $50 Fee for collecting note $ 10.00 Bank charged account 55.000 for collection of note payable that m. had already been paid Bank recorded a deposit on 12/4 as $4.817.10 that should have nbeen $4,8007.10 Puff deposit erroneously recorded in Huff bank account by obank $ 2.11.20 Prepare the bank reconciliation and any required journal entries. Focus 89 ili La & 17. On November 1, 2019, JJ sold some inventory to KG who was short on cash. J agreed to accept a $540,000 non-interest bearing, 6-month note receivable to be paid May 1, 2020. The inventory normally sales for $187.800. Prepare J's entries on the date of sale, December 31, 2019 year end, and the collection of the note of May 1, 2020. (Ignore COGS) 18. On December 1, 2019, I sold some inventory to CG who was short on cash. I agreed to accept a $250,000, 12%, 90-day not receivable to be paid March 1, 2020. Prepare J's entries on the date of sale, December 31, 2019 year end, and the collection of the note of March 1, 2020. (Ignore COGS) e 19. Huff Company is being audited. The auditor gathers pertinent information to prepare the bank reconciliation and find the following: a Balance per books $57,069.46 b. Balance per bank statement $91,182.13 Outstanding checks, 12/31 $34578.80 d. Receipts from 12/31, deposited 1/1 S 5,317.20 Service charge for December $ 15.00 Proceeds on bank loan, 12/5/2019, omitted from company records (discounted for 3 months at 12% interest $11,640.00 Deposit of 12/20 omitted from bank statement $ 2,892.41 Check of Riviera Products charged back on 12/24/19 Redeposited 1/5/20. No entry made for chargeback or h. redeposit $ 873.74 1. Bank recorded a deposit of $3,182.40 $8,181.40 Puff Check changed in error to Huffcct $ 2,690.00 Note collected by bank, 2550 (includes interest of $50 Fee for collecting note $ 10.00 Bank charged account 55.000 for collection of note payable that m. had already been paid Bank recorded a deposit on 12/4 as $4.817.10 that should have nbeen $4,8007.10 Puff deposit erroneously recorded in Huff bank account by obank $ 2.11.20 Prepare the bank reconciliation and any required journal entries. Focus 89 ili La &
