v v Emphasis Heading 1 Normal 2 Accounting 2102 Assignment 1 Chapter 8 - Receivables Journalize each economic event below. 1. Company XYZ has credit sales of $1,500,000. They estimate that 15% will be uncollectible. 2 Company XYZ decided that the following accounts are uncollectible: AR- Jamie Moyer, S1600, AR-David Wright, $2500; A/R - Carlos Beltran, 55000 3. Carlos Beltran and David Wright paid amounts owed to XYZ 4. Company ABC has 5495,000 in receivables. They have decided to sell them to a factor who will charge a 3% fee. 5. Company ABC sold merchandise to a customer who paid with a Visa credit card. The sale totaled 54800. Vise charges a 4% fee 6. Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will be uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000 Merchandise Inventory: $350,000, Prepaid Insurance: 3000, Supplies $5000 a Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction b. Prepare a Current Assets section of a balance sheet and prepare the entry to record the estimated uncollectible accounts Amount of Receivable Aging of Receivables Report $300,000 $218.000 $10.000 $88.500 $72.500 Days Owed Percent collectie + Amount Ucollectie Total Estimated Uncollectible 0-30 1.5% 31-60 3% 61-90 7% 91-120 Over 120 18% 7. Baylee Company sold merchandise to a customer who signed a 6%, 120-day not. Total merchandise sold $5500 & The customer (from T) paid Baylee Company amount owed 9. 1. Peterson purchased merchandise from Kewbie Company for $18,000, signing a 90-day promissory note 7% 10. On day 50 of J.Patterson's mote, Kewbie Company recorded accrued interest on the note 11. 1. Patterson's note was retired 12. Roundy Company has the following note receivables: Date 2. 12/1 b. 30 c. 516 Amount 56000 $12,500 59000 Length of Note Rate 6% 8% 12% 40 days 90 days 120 days For each note determine Totalleres Total De v v Emphasis Heading 1 Normal 2 Accounting 2102 Assignment 1 Chapter 8 - Receivables Journalize each economic event below. 1. Company XYZ has credit sales of $1,500,000. They estimate that 15% will be uncollectible. 2 Company XYZ decided that the following accounts are uncollectible: AR- Jamie Moyer, S1600, AR-David Wright, $2500; A/R - Carlos Beltran, 55000 3. Carlos Beltran and David Wright paid amounts owed to XYZ 4. Company ABC has 5495,000 in receivables. They have decided to sell them to a factor who will charge a 3% fee. 5. Company ABC sold merchandise to a customer who paid with a Visa credit card. The sale totaled 54800. Vise charges a 4% fee 6. Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will be uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000 Merchandise Inventory: $350,000, Prepaid Insurance: 3000, Supplies $5000 a Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction b. Prepare a Current Assets section of a balance sheet and prepare the entry to record the estimated uncollectible accounts Amount of Receivable Aging of Receivables Report $300,000 $218.000 $10.000 $88.500 $72.500 Days Owed Percent collectie + Amount Ucollectie Total Estimated Uncollectible 0-30 1.5% 31-60 3% 61-90 7% 91-120 Over 120 18% 7. Baylee Company sold merchandise to a customer who signed a 6%, 120-day not. Total merchandise sold $5500 & The customer (from T) paid Baylee Company amount owed 9. 1. Peterson purchased merchandise from Kewbie Company for $18,000, signing a 90-day promissory note 7% 10. On day 50 of J.Patterson's mote, Kewbie Company recorded accrued interest on the note 11. 1. Patterson's note was retired 12. Roundy Company has the following note receivables: Date 2. 12/1 b. 30 c. 516 Amount 56000 $12,500 59000 Length of Note Rate 6% 8% 12% 40 days 90 days 120 days For each note determine Totalleres Total De
