Financial and Managerial Accounting - With CengageNow
14th Edition
ISBN: 9781337577809
Author: WARREN
Publisher: CENGAGE L
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Textbook Question
Chapter 8, Problem 8.21EX
Entries for notes receivable
The series of five transactions, A through E, recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.
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The debits and credits from three related transactions are presented in the following
creditor's account taken from the accounts payable ledger:
Apex Performance Co.
101 W. Stratford Ave.
NAME
ADDRESS
Post.
Credit
Balance
Date
Item
Ref.
Debit
20Y7
June 6
P49
12,000
12,000
J12
14
150
11,850
CP23
16
11,850
Describe each transaction and identify the source of each posting.
In which journal is the receipt of a promissory note from a customer on account recorded ?
a. revenue journal
b. cash receipts journal
c. general journal
d. purchases journal
SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Pheng Co. as of August 31, 20--.
Chapter 8 Solutions
Financial and Managerial Accounting - With CengageNow
Ch. 8 - What are the three classifications of receivables?Ch. 8 - Dans Hardware is a small hardware store in the...Ch. 8 - What kind of an account (asset, liability, etc.)...Ch. 8 - After the accounts are adjusted and closed at the...Ch. 8 - A firm has consistently adjusted its allowance...Ch. 8 - Which of the two methods of estimating...Ch. 8 - Neptune Company issued a note receivable to...Ch. 8 - Prob. 8DQCh. 8 - The maker of a 240,000, 6%, 90-day note receivable...Ch. 8 - The note receivable dishonored in Discussion...
Ch. 8 - Direct write-off method Journalize the following...Ch. 8 - Allowance method Journalize the following...Ch. 8 - Percent of sales method At the end of the current...Ch. 8 - Analysis of receivables method At the end of the...Ch. 8 - Note receivable Prefix Supply Company received a...Ch. 8 - Prob. 8.1EXCh. 8 - Nature of uncollectible accounts MGM Resorts...Ch. 8 - Entries for uncollectible accounts, using direct...Ch. 8 - Entries for uncollectible receivables, using...Ch. 8 - Prob. 8.5EXCh. 8 - Providing for doubtful accounts At the end of the...Ch. 8 - Number of days past due Toot Auto Supply...Ch. 8 - Aging of receivables schedule The accounts...Ch. 8 - Estimating allowance for doubtful accounts Evers...Ch. 8 - Adjustment for uncollectible accounts Using data...Ch. 8 - Estimating doubtful accounts Outlaw Bike Co. is a...Ch. 8 - Entry for uncollectible accounts Using the data in...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Prob. 8.15EXCh. 8 - Effect of doubtful accounts on net income Using...Ch. 8 - Prob. 8.17EXCh. 8 - Entries for bad debt expense under the direct...Ch. 8 - Determine due date and interest on notes Determine...Ch. 8 - Entries for notes receivable Valley Designs Issued...Ch. 8 - Entries for notes receivable The series of five...Ch. 8 - Entries for notes receivable, including year-end...Ch. 8 - Entries for receipt and dishonor of note...Ch. 8 - Entries for receipt and dishonor of notes...Ch. 8 - Receivables on the balance sheet List any errors...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Prob. 1ADMCh. 8 - Ralph Lauren: Accounts receivable turnover and...Ch. 8 - Prob. 3ADMCh. 8 - Ralph Lauren and L Brands: Average accounts...Ch. 8 - Prob. 8.1TIFCh. 8 - Communication On January 1, Xtreme Co. began...
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- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardNOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.arrow_forwardThe series of five transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.arrow_forward
- SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardNotes receivable entries The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Instructions Journalize the entries to record the transactions.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forward
- SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardNOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the following transactions: 20-1 REQUIRED Record the transactions in a general journal.arrow_forwardAllowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:arrow_forward
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