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Simon Sez Co. deposits all receipts and makes all payments by check. The following information is available from the cash records: Required: Prepare a bank
Simon Sez Co. deposits all receipts and makes all payments by check. The following information is available from the cash records: Required: Prepare a bank reconciliation and proof of cash The Trial Balance before adjustment for Pie, Inc. shows the following balances: Required: Using the data above, provide the journal entries required to record each of the following cases. Each situation is independent. To obtain additional cash. Pie factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored To obtain a 1-year loan of $55,000, Pie assigns $65,000 of specific accounts receivable accounts to NSF Financial. The finance charge is 8% of the loan, the cash is received and the accounts are turned over to NSF Financial. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable
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