Question 7 3-Pac Co. uses the Allowance Method to account for uncollectible Accounts Receivable. They are informed that Perry Stark, a customer who owes them $4,000 is bankrupt. Stark pays them $1,000, and the remainder must be written off the correct entry to record this would be Debit Cash for $1,000, debit Bed Debt Expense for $3,000 and credit Accounts Receivable for $4,000, O Debit Cash for $1,000, debit Allowance for Doubtful Accounts for $3,000 and credit Accounts Receivable for $4,000. Debit Cash for $4,000 and credit Accounts Receivable for $4,000. Debit Allowance for Doubtful Accounts and credit Accounts Receivable for $4,000, Questions The Gallante Smoke Shop had written off a $500 receivable that had been owed by P. Lang. Lang unexpectedly remitted the 5500, so the Galante Company must record the following: Debit Cash and Credit Accounts Receivable for $500 Debit Accounts Receivable and credit Allowance for Doubtful Accounts for $500 Debit Accounts Receivable and credit Allowance for Doubtful Accounts for $500 and then Debit Cash and credit Accounts Receivable for $500 O No entry is required because the receivable had been written of Question 11 Calculate the amount of Interest Revenue that would be earned on a $12,000,9%, 4 month promissory note receivable (do NOT show the sign) exact number, no tolerance CES Question 12 The maturity value of a $12,000, 9%, 4 month promissory Note Receivable would be (use no s or comma or decimal points in your answer): exact number, no tolerance ES CALCULATOR PRINTER VERSION BACK NEXT Question 13 The amount of interest that would be eamed on a $4,000, 125, 120 day promissory not receivable would be (do not show any scommes or decimal points in your answer): exact number, no tolerance me: 06:00 PM / Remaining: 168 min CALCULATOR SACK NEXT Question 16 Presented below are data on three promissory notes Determine the missing amounts (Use 360 days for calculation. Do not round intermediate calculations.) Maturity Annual Total Date of Note Terms Date Principal Interest Rate Interest Apr1 60 days $930,000 b. July 2 30 days 78,000 5520 C. March 7 6 months 130,600 10 % Question 17 On January 1, 2020, Cullumber Company had Accounts Receivable 5134,200, Notes Receivable $39,600, and Allowance for Douth Accounts $28,200. The not receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2019. Cullumber Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $35,600 of merchandise to Sheldon Company, terms /15. 20 Accepted Sheldon Company's $35,600, 3-month, 7% note for balance due. Feb. 18 Sold $23,900 of merchandise to Patwary Company and accepted Patwary's $23,900, 6-month, 8% note for the amount due. Apr. 20 Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due. May 25 Accepted Potter Inc.'s $19,800, 3-month, 6% note in settlement of a past-due balance on account. Aug. 18 Received payment in full from Patwary Company on note due 25 The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated Sept. Sold $13,000 of merchandise to Stanbrough Company and accepted a $13,000, 6-month, note for the amount due Journalize the transactions, com cost of goods sold entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 30 Tv CALCULATOR PRINTER VER RESOURCES #3 Part 2 14 15 > sults by Study SHOW LIST OF ACCOUNTS Question 7 3-Pac Co. uses the Allowance Method to account for uncollectible Accounts Receivable. They are informed that Perry Stark, a customer who owes them $4,000 is bankrupt. Stark pays them $1,000, and the remainder must be written off the correct entry to record this would be Debit Cash for $1,000, debit Bed Debt Expense for $3,000 and credit Accounts Receivable for $4,000, O Debit Cash for $1,000, debit Allowance for Doubtful Accounts for $3,000 and credit Accounts Receivable for $4,000. Debit Cash for $4,000 and credit Accounts Receivable for $4,000. Debit Allowance for Doubtful Accounts and credit Accounts Receivable for $4,000, Questions The Gallante Smoke Shop had written off a $500 receivable that had been owed by P. Lang. Lang unexpectedly remitted the 5500, so the Galante Company must record the following: Debit Cash and Credit Accounts Receivable for $500 Debit Accounts Receivable and credit Allowance for Doubtful Accounts for $500 Debit Accounts Receivable and credit Allowance for Doubtful Accounts for $500 and then Debit Cash and credit Accounts Receivable for $500 O No entry is required because the receivable had been written of Question 11 Calculate the amount of Interest Revenue that would be earned on a $12,000,9%, 4 month promissory note receivable (do NOT show the sign) exact number, no tolerance CES Question 12 The maturity value of a $12,000, 9%, 4 month promissory Note Receivable would be (use no s or comma or decimal points in your answer): exact number, no tolerance ES CALCULATOR PRINTER VERSION BACK NEXT Question 13 The amount of interest that would be eamed on a $4,000, 125, 120 day promissory not receivable would be (do not show any scommes or decimal points in your answer): exact number, no tolerance me: 06:00 PM / Remaining: 168 min CALCULATOR SACK NEXT Question 16 Presented below are data on three promissory notes Determine the missing amounts (Use 360 days for calculation. Do not round intermediate calculations.) Maturity Annual Total Date of Note Terms Date Principal Interest Rate Interest Apr1 60 days $930,000 b. July 2 30 days 78,000 5520 C. March 7 6 months 130,600 10 % Question 17 On January 1, 2020, Cullumber Company had Accounts Receivable 5134,200, Notes Receivable $39,600, and Allowance for Douth Accounts $28,200. The not receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2019. Cullumber Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $35,600 of merchandise to Sheldon Company, terms /15. 20 Accepted Sheldon Company's $35,600, 3-month, 7% note for balance due. Feb. 18 Sold $23,900 of merchandise to Patwary Company and accepted Patwary's $23,900, 6-month, 8% note for the amount due. Apr. 20 Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due. May 25 Accepted Potter Inc.'s $19,800, 3-month, 6% note in settlement of a past-due balance on account. Aug. 18 Received payment in full from Patwary Company on note due 25 The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated Sept. Sold $13,000 of merchandise to Stanbrough Company and accepted a $13,000, 6-month, note for the amount due Journalize the transactions, com cost of goods sold entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 30 Tv CALCULATOR PRINTER VER RESOURCES #3 Part 2 14 15 > sults by Study SHOW LIST OF ACCOUNTS