TO: Bill Bugnay FROM: M. Lasker Please make the GST Remittances (nomally monthly) to the Receiver General for November (#2147) now as we will be closed until January 5. 20XX + 1. For Computer Software Applications: November Detail Sales for GST purposes Purchases for ITC purposes Owing (December 1 Balance carried Forward) GST $1,000,000 $50,000 $759.000 $37.950 $12.050 (#2147) Thanks Arif Record the transaction in the general journal.

TO: Bill Bugnay FROM: M. Lasker Please make the GST Remittances (nomally monthly) to the Receiver General for November (#2147) now as we will be closed until January 5. 20XX + 1. For Computer Software Applications: November Detail Sales for GST purposes Purchases for ITC purposes Owing (December 1 Balance carried Forward) GST $1,000,000 $50,000 $759.000 $37.950 $12.050 (#2147) Thanks Arif Record the transaction in the general journal.

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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Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
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. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
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Purple Co showed the following balances as of Dec 31, 2021 · Account receivable P2,000,000 · All for doubtful accounts (60,000) The ff transactions transpired during the year a. On May 1, received a P300,000 six months 12 int note from MN in settlement of the account b. On June 30 factored P400,000 of its accounts receivable in a finance com. The finance co charged a factoring fee of 5 pct of the accounts and withheld 20 pct of the amount factored c. On Aug 1 Purple discounted the MN note at the bank at 15 pct d. On Nov 1 MN defaulted on the P300,000 note and Purple paid the bank the total amount plus a P12,000 protest fee and charges e. On Dec 31, Purple assigned P600k of its account sreceivable to a bank under a non notification basis. The bank advanced 80 pct less service fee of 5 pct of the accounts assigned. Purple signed a promissory note for the loan f. On dec 31 Purple collected fromMN in full incuding interest on otal amount de at 12 pct since default date g. On Dec 31…