Question
1)Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 4.5% charge on sales for using its card. On May 26,
1)Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 4.5% charge on sales for using its card. On May 26, Brinker had $5,000 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit
1A)On July 9, Mifflin Company receives a $8,900, 90-day, 12% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note. (Use 360 days a year.)
1B)On November 1, Orpheum Company accepted a $11,300, 90-day, 12% note from a customer to settle an account. What entry should be made on the November 1 to record the note acceptance
1C)Jervis sells $2,700 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 4% factoring fee. What entry should Jervis make to record the transaction
1D) Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500, allowance for doubtful accounts of $1,045 (credit) and sales of $1,115,000. If uncollectible accounts are estimated to be 8% of accounts receivable, what is the amount of the bad debts expense adjusting entry?
1E) On February 1, a customer's account balance of $4,200 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method
1F) On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $98,100; Allowance for Doubtful Accounts, credit balance of $1,051. What amount should be debited to Bad Debts Expense, assuming 4% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible
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