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Actividad 1: Accounts Receivable 201 March 1 Sold merchandise on account to Mossy, Inc., for $28,000, terms 2/10. n/30. The cost of the merchandise sold
Actividad 1: Accounts Receivable 201 March 1 Sold merchandise on account to Mossy, Inc., for $28,000, terms 2/10. n/30. The cost of the merchandise sold was $19,600. 6 Mossy, Inc., returned merchandise worth $3,000. The teturn merchandise had cost \$2,100. 9 Received payment in full. Instructions: 1. Prepare journal entries to record the following transactions entered by the Adler Company. Adler use perpetual inventory systems. 2. Show calculations for: amount of cash discount, and final balance due. Actividad 2: Allowance for Doubtful Accounts The ledger of the Adler Company at the end of the current year (Dec 31, 20x1), shows Accounts Receivable of $350,000. Instructions: Prepare the adjusting entries for Bad Debt expense at December 31, if (a) Allowance for Doubtful Accounts has a credit balance of $4,000 in the trial balance and bad debts are expected to be 8% of accounts receivable. (Show all calculations.) (b) Allowance for Doubtful Accounts has a debit balance of $6,000 in the trial balance and bad debts are expected to be 8% of accounts receivable. (Show all calculations.) Actividad 3: Notes Receivable 201 May 1 Adler Company, received a $25,000,1-year, 8% note in exchange for an outstanding account receivable from TM Frost. Dec. 31 Accrued interest revenue on the TM Frost note. 202 May 1 Received principal plus interest on the TM Frost note. Instructions: 3. Record the transactions in general journal. 4. Show calculations for: total interest revenues, adjusted interest, and maturity value
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