Financial Accounting Fundamentals, Fifth Edition Chapter 7 Accounting for Receivables Warner Company's year- end unadjusted trial balance shows accounts receivable of $99,000, allowance for OS 7-1 doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 0.5% sales. Prepare the December 31 year-end adjusting entry for uncollectibles. of Percent of sales method P2 On August 2, 2015, Jun Co. receives a S6,000, 90-day, 12% note on his $6,000 account. (1) Compute the matur August 2. from customer Ryan Albany as payment ity date for this note. (2) Prepare Jun's journal entry for as 7-8 Note receivable 02 On August 2, 2015, Jun Co. receives a S6.000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31, 2015 as 7-9 Note receivable honored P3 Daw Company's December 31 year-end unadjusted trial balance shows a S10,000 balance in Notes aS 7-10 Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare any Note receivable necessary journal entries for December 31 and for the note's maturity date assuming it is honored. P3 Record the sale by Balus Company of $125,000 in accounts receivable on May 1, Balus is charged a 2.5% factoring fee. as 7-11 The following data are taken from the comparative balance sheets of Ruggers Company. Compute and interpret i as 7-12 Accounts receivable turnover A1 ts accounts receivable turnover for year 2015 (competitors average a turnover of 7.5). 2015 2014 Accounts receivable, net.$153,400 $138.500 Net sales 861,105 910.600 Answer each of the following related to international accounting standards. a. Explain (in general terms) how the accounting for recognition of receivables is different between IFRS QS 7-13 ferent between IFRS International Intern standards ational a and U.S. GAAP ferent between IFRS CI and U.S. GAAP