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pls answer will leave thumbs up if correct... Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of
pls answer will leave thumbs up if correct...
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $680,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $3,060,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $31,200. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Note Receivable Cube Ice Company received a 120-day, 8% note for $84,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. C. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 lll llo Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a 6% January 5 * February 15 * $84,000 18,000 120 days 30 days b. 4 c. May 19 68,000 8 45 days d 34,800 5 90 days August 20 October 19 e. 54,000 7 90 days * Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note Due Date Interest (a) (b) $ (c) $ (d) (e) Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 2017 Dec. 7. Dec. 31. Received from Unitarian Clothing and Bags Co., on account, a $96,000, 60-day, 6% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Dec. 31. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 2017, Dec. 7 Dec. 31 Dec. 31 II II Illl II II III. 20Y8, Feb. 5Step by Step Solution
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