company XYZ DECIDED THAT THE FOLLOWING accounts are uncollectible a/r - Jamie Moyer, $1,600; a/r david Wright $2500;a/r Carlos Beltran $5000

Accounting 2102 Assignment Chapter 8-Receivables I. Journalize each economic event below: Company XYZ has credit sales of $1,500,000. They estimate that 15% will be uncollectible. Company XVZ decided that the following accounts are uncollectible: AR-Jamie Moyer, $1600, A/R- David l. Wright, $2500 A/R- Carlos Beltran, $5000. 3. Carlos Beltran and David Wright paid amounts owed to XYZ 4. C ompany ABC has $495,000 in receivables. They have decided to sell them to a factor who will charge a 3% fee. charges a 4% fee. be uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000 5. Company ABC sold merchandise to a customer who paid with a Visa credit card. The sale totaled $4800. Visa 6. Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will Merchandise Inventory: $350,000; Prepaid Insurance: $3000: Supplies: $5000. a. Complete the Aging of Receivabl b. Prepare les Report to determine uncollectible amount. Record the transaction Record the a Current Assets section of a balance sheet and prepare the entry to record the estimated uncollectible accounts Aging of Receivables Report Amount of Receivable $300,000 $218,000 $101,000 $88 Days Owed Percent Uncollectible Amount Uncollectible Total Estimated Uncollectible: 91-120 Over 120 18% 0-30 1.5% 61-90 31-60 390 12% 7, Baylee Company sold merchandise to a customer who signed a 6%, 120-day note: Total merchandise sold: $5500 8. The customer (from #7) paid Baylee Company amount owed. 9. J. Patterson purchased merchandise from Keaubie Company for $18,000, signing a 90- day promissory note @ 10. On day 50 of J. Patterson's note, Keaubie Company recorded accrued interest on the note. 11. J. Patterson's note was retired 12. Rouxdy Company has the following note receivables: Date Amount $6000 $12,500 $9000 Rate 6% 8% 12% Length of Note 40 days 90 days 120 days c. 5/6 For each note determine: Due date Total Interest Total Due