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Need asap April tid reported valous selected balances in its 31 December 207 unadjusted trial balance: The folowing transactions and events are noted 1. An
Need asap
April tid reported valous selected balances in its 31 December 207 unadjusted trial balance: The folowing transactions and events are noted 1. An analysis of accounts recelvabie indicates that $850,000 are still in the discount period. An allowance of $85,000 is needed for sales discounts 2. An analysis of accounts recelvable indicated that $203.000 of accounts recelvable should be written oft of the remaining balance. 80% was current, and, affer the allowance for sales discounts, approximately 5% was deemed doubtful. Of the 20 , noncurrent, 75% was doubthul. 3. The US. account recelvable was recorded when the exchange rate was $115. The exchange tate at yearend was $108 4. The special account receNvable was a single eccount receivable from a customer with an excellent credit rating that was translerred to a financhal institution at a discount rate of 4 \& during the period. The cash collected from the firtancial iristitution was credited to an account called "Miscellaneous credits." Manegement has determined that this transaction was to be recorded as a sale/devecogrition but has not yet made the necessary entry, 5. The compary has a note recelvable that las not yet been recorded. The note is a $82,000, three year note that bears an interest tate of 4%. Interest is paid annually. The note was issued on 1 November 207 because of a sale. The market interest rate for accounts of this risk is 8% (PV of S1, EVA of 51, and PVAD olSi) (Use opproprinte foctor(s) from the tobles provided.) Required: Provide journal entries to rellect the above items. (If no entry is required for o tronsaction/event, select "No journal entry required" in the first occount field. Round time volue factor to 5 decimol ploces and final onswers to the nearest whole dollor amount.) 5. The company has a note recelvable that has not yet been recorded. The note is a $82000, three-year note that bears an interest. rate of 4%. Interest is paid annually. The note was issued on 1 November 207 because of a sale. The market interest rate for accounts of this risk is 8% (PV of 51. PVA of51, and PVAD of S1) (Use oppropriate foctor(s) from the tables provided.) Required: Provide joumal entries to reflect the above items. (If no entry is required for o transoction/event, select "No journol entry required" in the first occount field. Round time volue factor to 5 decimal ploces ond final answers to the neorest whole dollor amount.) Step by Step Solution
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