For each of the transactions below, create a journal? The assignment of accounts receivable journal entries are based on the following information: Accounts receivable 50,000 on 45 days terms Assignment fee of 1% (500) Initial advance of 80% (40,000) Cash received from customers 6,000 Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395)

Q: business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.…

A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…

Q: A company factored $45,000 of its accounts receivable with a service charge of 4% factoring fee. The…

A: Factoring of accounts receivables means, getting cash by selling the accounts receivables. The…

Q: Assume the following information for Kingbird Corp. Accounts receivable (beginning balance)…

A: Prepare the entries to record sales and collections during the period.

Q: On August 1, a firm assigned $220,000 of its $580,000 of accounts receivable. The finance company…

A:

Q: 1. Information from the records of Stormfall Co. is shown below. Accounts receivable - net of P6,000…

A: Solution Trade receivable are defined as the amount owed to a business by its customers following…

Q: Credible Company provided the following T-account summarizing the transactions affecting the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On 1 October 20X2, the receivables' balance at G was $80,000. A summary of the transactions in the…

A: We have the following information: (Opening Balance) On 1 October 20X2, the receivables' balance at…

Q: Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an…

A:

Q: What is LoGo's payables deferral period (DPO)?

A: Payables deferral period (DPO) = Accounts payable/Credit purchases per day It is the number of days…

Q: An examination of the accounting records of LAN Co. indicates that all receivables are being…

A: Receivables Receivables is considered to be one of the important segment in  the balance sheet which…

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000•…

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…

Q: Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580…

A: What amount should appear in the "Other Receivables" category?

Q: Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: At the beginning of July, ABC assigned P2,000,000 out of its P10,000,000 outstanding accounts…

A:

Q: What is the number of days’ sales in receivables?  Round to one decimal place. Group of answer…

A: Number of days' in receivables Days Sales Outstanding (DSO) represents the average number of days it…

Q: Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia…

A: Loss on sale of receivable = Amount receivable x discount rate x no. of months /12 = $120,000 x 12%…

Q: On the first day of the fiscal year, a company issues $75,000, 4%, five-year installment notes that…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A credit card account had a balance of $959 on May 5. A purchase of $285 was made on May 17, and a…

A: Average daily balance is a  accounting method that calculates interest charged by considering the…

Q: Credible Company provided the following T-account summarizing the transactions affecting the…

A: Account receivable is a current asset of a company which is shown in the balance sheet o reporting…

Q: On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and…

A: Concept : Journal Entry records a business transaction following double entry accounting system.In…

Q: On June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The…

A: Notes: Notes can be defined as a promise made by the borrower to the lender for making the payment…

Q: An examination of Hutton Corporation’s accounting records indicates that all receivables are being…

A: Journal entry is the act of recording the financial transaction in table format which have the debit…

Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…

A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December

Q: Required : How would each of the preceding items normally be reflected (current or noncurrent;…

A: Solution:- Preparation of  each of the preceding items normally be reflected (current or noncurrent;…

Q: ABC Industries has accounts receivable of $700, inventory of $1,200, sales of $4,200, and cost of…

A: Ratio is a tool which is used to measure the growth and performance of the firm by establishing the…

Q: A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The…

A: Cash received from factors = Accounts receivable transferred - factoring fees where, Factoring fees…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May.…

A: Solution: Accounts Receivable are the balance of amount which is due to a company for the goods…

Q: Cook Security Systems has a $37,500 line credit, which charges an annual percentag ate of prime rate…

A: Prime rate :- The prime rate is the rate of interest charged by commercial banks to their most…

Q: XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ…

A: Adjusting entries include all the incomes and expenses which have been earned or incurred and…

Q: Marie's Clothing Store had an acounts receivable balance of $440,.000 at the beginning of the year…

A: Accounts receivable turnover = Net credit sales / average Accounts receivable =…

Q: Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total…

A: Normal balance of accounts receivable is debit.

Q: At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was…

A: The credit purchase can be calculated by adding up cash payment to a supplier, closing the balance…

Q: trade receivables Total current receivables

A: Trade receivables are receivables in respect of trade due within one accounting year. Current…

Q: On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000…

A: a. Accounts receivable turnover = Net sales / average accounts receivable Accounts receivable…

Q: Information from the records of TEAM PAYAMAN Co. is shown below:                       Accounts…

A: The balance of trade receivable is arises from the credit sales to customer. In balance sheet the…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May.…

A: Accounts receivables are the dues that the company is entitled to receive from credit purchasers.…

Q: note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to…

A: Nos. Date Account and Explanation Debit Credit a March 1 Account Payable ($96,000-$1,120 ) $94,880…

Q: On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Logan Sales provides the following​ information:   Net credit​ sales: $770,000 Beginning net…

A: Net Credit Sales = $770,000 Beginning Accounts receivables = $45,000 Ending account receivables =…

Q: Record the sale by Balus Company of  $125,000 in accounts receivable on May 1. Balus is charged a…

A: Processing fee = $125,000 * 2.5%  Processing fee = $3,125

Q: A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: If Vabasa, Inc. has an average collection period (ACP) of 52.5 days (assume a 360 day year) and…

A: Average Collection Period helps to know the trend of collection of dues. The formula of Average…

Q: The balance sheet of Omni, Inc., at the end of last year included the following EXERCISE 8-5…

A: A payment earned for a debt that was written off and deemed uncollectible is referred to as bad debt…

Q: On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15,…

A: The average daily balance can be calculated by dividing the number of days from the sum amount owed…

Q: A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is…

A: Average daily balance method =Daily balance*no of days/Total no of days outstanding. Days.…

Q: Rayhan Company has an average collection period of 55 days. The annual sales is 8,500,000. What is…

A: The average collection period indicates the period between the sale and collection/ receipt of money…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.