ex 9- 19

More than 120 days Total receivables 76,000 97000 $1,300,000 15 10 a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit balance of $95.000 on January 1 and the company uses the analysis of receivables method. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? 081.6 EX 9-19 Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: interest Rate 5% 8 Date of Note Face Amount a. January 10* $40,000 b. March 19 18,000 June 5 90,000 d. September 8 36,000 27,000 e. November 20 *Assume that February has 28 days. Term of Note 90 days 180 days 30 days 90 days 60 days C. 7 4 OB). 6 EX 9-20 Entries for notes receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture nent of the note at maturity