Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just need help on the last ones I got wrong! CALCULATOR SCREEN |PRINTER VERSON BACK Exercise 7-12 Your answer is partially correct. Try again, Presented

Just need help on the last ones I got wrong! image text in transcribed
image text in transcribed
CALCULATOR SCREEN |PRINTER VERSON BACK Exercise 7-12 Your answer is partially correct. Try again, Presented below is information related to Ayayai Corp, which sells merchandise with terms 2/10, net/60. Ayayai Corp. records its sales and receivables net. July 1 Ayayai Corp. sold to Warren Harding Co. merchandise having a sales price of $15,000. 5 Accounts receivable of % 12,300 (gross) are factored with Andre r Jackson Credit Corp. without recourse at a n anong charge or es can s received for the pres coleaos are handled by the finance company. (These accounts were all past the discount period.) company will make the collections. (All the accounts receivable are past the discount period.) record the increase in the receivable on July 11 when the discount period passed) 9 Specific accounts receivable of $12,300 gross are pledged to Ar Land Credit Corp. as security for a loan or so soo at a finance cha ge 0,6% or the eno t or the loa the mana Dec. 29 Warren Harding Co. not es Ayayai that it is ba rupt and will pay only 20% of its account. Give the entry to writ off the uncollectible balance using the allowance method i tent Prepare all necessary entries in general journal form for Ayayai Corp. (If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation DebitCredit 14 7/5 on Sae of

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_2

Step: 3

blur-text-image_3

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

Payroll Accounting

Authors: Bernard J. Bieg, Judith A. Toland

2013 edition

113396253X, 978-1133962533

More Books

Students also viewed these Accounting questions

Question

The smallest storage location in a computer's memory is known as a

Answered: 1 week ago