Presented below is information from Kingbird Computers Incorporated. July 1 Sold $24,000 of computers to Robertson Company with terms 3/15, n/60. Kingbird uses the gross method to record cash discounts. Kingbird estimates allowances of $1,560 will be honored on these sales. (Kingbird records these estimates at point of sale.) Kingbird received payment from Robertson for the full amount owed from the July transactions. Sold $240,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Kingbird for its purchase of July 17. 10 17 30 Prepare the necessary journal entries for Kingbird Computers. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record sales revenue.) Debit Credit

Presented below is information from Kingbird Computers Incorporated. July 1 Sold $24,000 of computers to Robertson Company with terms 3/15, n/60. Kingbird uses the gross method to record cash discounts. Kingbird estimates allowances of $1,560 will be honored on these sales. (Kingbird records these estimates at point of sale.) Kingbird received payment from Robertson for the full amount owed from the July transactions. Sold $240,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Kingbird for its purchase of July 17. 10 17 30 Prepare the necessary journal entries for Kingbird Computers. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record sales revenue.) Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
Presented below is information from Metlock Computers Incorporated. July 1 10 Sold $19,600 of computers to Robertson Company with terms 3/15, n/60. Metlock uses the gross method to record cash discounts. Metlock estimates allowances of $1,274 will be honored on these sales. (Metlock records these estimates at point of sale.) Metlock received payment from Robertson for the full amount owed from the July transactions. 17 Sold $196,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Metlock for its purchase of July 17. Prepare the necessary journal entries for Metlock Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date July 1 Account Titles and Explanation Accounts…
Presented below is information from Cullumber Computers Incorporated. July 1 Sold $18,400 of computers to Robertson Company with terms 3/15, n/60. Cullumber uses the gross method to record cash discounts. Cullumber estimates allowances of $1,196 will be honored on these sales. 10 Cullumber received payment from Robertson for the full amount owed from the July transactions. 17 Sold $184,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Cullumber for its purchase of July 17. Prepare the necessary journal entries for Cullumber Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Presented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses thegross method to record cash discounts. Perez estimates allowances of $1,300 will be honoredon these sales. 10 Perez received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Perez for its purchase of July 17. Instructions Prepare the necessary journal entries for Perez Computers.
Presented below is information from Larkspur Computers Incorporated. July 1 Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,248 will be honored on these sales. 10 Larkspur received payment from Robertson for the full amount owed from the July transactions. 17 Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larkspur Computers.
Jangles Corporation received a $20,000 invoice dated March 3. The Cash discount terms were 3/10, n/30. On March 10, Jangles sent a $12,000 partial payment. What credit should Jangles receive for this partial payment?
(Recording Sales Transactions) Presented below is information from Perez Computers Incorporated.July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales.July 10 Perez received payment from Robertson for the full amount owed from the July transactions.July 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.July 30 The Clark Store paid Perez for its purchase of July 17.InstructionsPrepare the necessary journal entries for Perez Computers.
The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…
Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation…
Record these transactions in general journal ledger: Dec 1: Purchased equipment costing $15,608 by taking out a 4-month installment note with First Bank. Dec 4: Accepted a sales return from Eastern for an item having an original gross sales price of $6,000. The original sale to Eastern occurred in November with terms 2/15, n/30. Dec 5: Specifically wrote off the receivable balance owed by Baker as uncollectible. Dec 7: Returned defective inventory with a gross cost of $4,000 back to Hunt Corp. Dec 14: Wilson returned an item originally purchased on Dec 12 with a gross sales price of $7,000. Dec 14: Returned inventory with a gross cost of $2,000 back to Nelson Industries. Dec 18: Bought office supplies on account for $9,000 from Staples Inc. (open a new Accounts Payable in the subsidiary ledger--Vendor # 210-30). Invoice # is OM1218. Staples Inc.’s terms are n/30 Dec 19: Received the December utilities bill for the amount of $15,000. The bill will be paid in January of next year.…
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date? Multiple Choice Cash Accounts receivable Discounts receivable Cash Accounts receivable Sales discounts forfeited Cash Accounts receivable Cash Accounts receivable Sales discounts forfeited