Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. Make necessary journal entries for the following. a) $800 receivables of XYZ Co. is proved to be doubtful which S150 of it is granted

image text in transcribed

6. Make necessary journal entries for the following. a) $800 receivables of XYZ Co. is proved to be doubtful which S150 of it is granted portion b) XYZ Co. collected $100 from the granted portion. c) XYZ Co. collected $300 more and the rest is proved to be uncollectable. Make all of the necessary journal entries for the following (7,8, and 9) independent transactions: 7. The company pledged its $10,000 notes receivables to a bank and received a loan of $8,500. The note is not paid on the maturity. (Protest fee 56) 8. The company discounted its notes receivables for $5,000 and collected $4,400. This note is paid on maturity. 9. The company gave its $60,000 note receivable to a bank for collection. The note is not paid on maturity. Bank protested the note on behalf of the company and credited nottery public fee from company's account for $8

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of External Auditing

Authors: Brenda Porter, Jon Simon, David Hatherly

1st Edition

0471962120, 978-0471962120

More Books

Students also viewed these Accounting questions

Question

state what is meant by the term performance management

Answered: 1 week ago