the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Instructions: Prepare the journal entry on July1,2020, for SK Inc. to

Presley Supply Co. has the following transaction related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $30,000 cash to Logan Ransey on a 1-year, 10% note. Dec. 11 Sold goods to be Joe Noland, Inc., receiving a $9,000, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Jane Brock's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the above transactions for Presley Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round interest to the nearest dollar.) (b) Date Account Titles and Explanation Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue 16 Notes Receivable Accounts Receivable 31 Interest Receivable Interest Revenue eTextbook and Media Solution List of Accounts Debit 30000 9000 4000 667 Credit 30000 9000 4000 667 Attempts: 3 of 3 used Record the…

Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s 12-month, 14% note in settlement of a $63,000 account receivable. July 1, 2020   Loaned $65,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2020   Accrued interest on all notes receivable. Apr. 1, 2021   Received principal plus interest on the Goodwin note. Apr. 1, 2021   Thomas Slocombe dishonored its note; Swifty expects it will eventually collect. Prepare journal entries to record the transactions. Swifty prepares adjusting entries once a year on December 31. (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 choose a transaction date                                                           4/1/207/1/2012/31/204/1/21 enter an account title enter a debit amount enter a credit amount…

Selkirk Company obtained a $24,000 note receivable from a customer on January 1, 2021. The note, along with interest at 8%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 10%. Required: Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. (do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Tab 1) Record the accrued interest earned. Tab 2) Record the discounting of note receivable. Date                                          General Journal                            Debit                   Credit February 28, 2021     ____________________________      ___________    ____________                                   _____________________________    ____________   ____________…

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. Required:   Prepare the journal entry of Phillips to record the sale of the note receivable.

(assigning accounts receivable) - On April 1, 20017, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2017.  The assignment agreement calls for Rasheed to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan of 10% Instructions-- a) Prepare the April 1, 2017 journal entry for Rasheed Company b) Prepare the journal entry for Rasheed's collection of $350,000 of the accounts receivable during the period of April 1, 2017 through July 1, 2017 c) On July 1 ,2017 Rasheed paid Third Naltional all that was due from the loan it secured on April 1, 2017. Prepare the journal entry to record this payment.

10- SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.Instructions:a) Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse.b) Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recou