24 MONTH MYLAB (MAN)
7th Edition
ISBN: 9780136503521
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 8.3SE
1)
To determine
Introduction: Journal entries explain how transactions affect accounts and balances and serve as a simple record of all transactions made by a company. Transactions in a business journal are frequently entered using the double-entry method.
To Prepare:
2)
To determine
Introduction: Accounts receivable is an asset account that represents money that is owed to a business. When a business permits a customer to pay for its products or services on credit, accounts receivable are generated.
Balance of accounts receivable as of May 31, 2024
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Shawana Valley is an attorney in Los Angleses. Valley uses the direct write-off methodd to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she earned revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018.
Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible receivables. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Requirement 2. What is Valley's balance of Accounts Receivable at May 31, 2018?
Start by selecting the labels and then enter the amounts to calculate the balance in Accounts Receivable at May 13, 2018.
ACOUNTS RECEIVABLE
Collections -Apr 30 Bal- Net credit sales- write- offs
Sidney took a $300 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived.
a)What if she had made the purchase with her credit card and paid off her bill in full promptly? Assume the credit card has a grace period.
Christopher just received his checking account statement from his bank. He has a NOW account with free checking that pays 0.75% APR on the balance and requires a $500 minimum balance. His statement shows that he currently has a balance of $3,950. In looking at his statement he notices that his car payment check for $400 is still outstanding, and that his recently received payroll deposit of $3,600 had not posted at the time the statement was created. His normal living expenses average $1,500 per month including his car payment. Other than his car loan, he rarely writes any checks as he prefers to use his debit card and ATM card for day-to-day living expenses. He pays his credit card balance in full every month. Other than his checking account he does not own any investments. He has always dreamed of owning a house, and would like to buy one within the next five years. He has access to a 401(k) pension plan at work where his employer will match contributions up to 6% of his salary. He…
Chapter 8 Solutions
24 MONTH MYLAB (MAN)
Ch. 8 - Prob. 1QCCh. 8 - Which of the following is a limitation of the...Ch. 8 - The entry to record a write-off of an...Ch. 8 - Brickman Corporation uses the allowance method to...Ch. 8 - Brickmans ending balance of Accounts Receivable is...Ch. 8 - Prob. 6QCCh. 8 - Prob. 7QCCh. 8 - Prob. 8QCCh. 8 - Prob. 9QCCh. 8 - Prob. 10QC
Ch. 8 - What is the difference between accounts receivable...Ch. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - When dealing with receivables, give an example of...Ch. 8 - What type of account must the sum of all...Ch. 8 - Prob. 6RQCh. 8 - What occurs when a business factors its...Ch. 8 - What occurs when a business pledges its...Ch. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - When using the allowance method, how are accounts...Ch. 8 - Prob. 14RQCh. 8 - Prob. 15RQCh. 8 - How does the percent- of-sales method compute bad...Ch. 8 - How do the percent-of-receivables and aging-of-...Ch. 8 - What is the difference between the...Ch. 8 - Prob. 19RQCh. 8 - Prob. 20RQCh. 8 - Prob. 21RQCh. 8 - Prob. 22RQCh. 8 - Prob. 23RQCh. 8 - Prob. 24RQCh. 8 - Prob. 8.1SECh. 8 - Prob. 8.2SECh. 8 - Prob. 8.3SECh. 8 - Prob. 8.4SECh. 8 - Prob. 8.5SECh. 8 - Prob. 8.6SECh. 8 - Prob. 8.7SECh. 8 - Prob. 8.8SECh. 8 - Prob. 8.9SECh. 8 - Prob. 8.10SECh. 8 - Prob. 8.11SECh. 8 - Prob. 8.12SECh. 8 - Prob. 8.13SECh. 8 - Defining common receivables terms Match the terms...Ch. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - Prob. 8.17ECh. 8 - Prob. 8.18ECh. 8 - Prob. 8.19ECh. 8 - Prob. 8.20ECh. 8 - Prob. 8.21ECh. 8 - Prob. 8.22ECh. 8 - Prob. 8.23ECh. 8 - Prob. 8.24ECh. 8 - Prob. 8.25ECh. 8 - Prob. 8.26ECh. 8 - Prob. 8.27ECh. 8 - Prob. 8.28ECh. 8 - Prob. 8.29APCh. 8 - Prob. 8.30APCh. 8 - Prob. 8.31APCh. 8 - Prob. 8.32APCh. 8 - Prob. 8.33APCh. 8 - Prob. 8.34APCh. 8 - Prob. 8.35APCh. 8 - Prob. 8.36BPCh. 8 - Prob. 8.37BPCh. 8 - Prob. 8.38BPCh. 8 - Prob. 8.39BPCh. 8 - Prob. 8.40BPCh. 8 - Prob. 8.41BPCh. 8 - Prob. 8.42BPCh. 8 - Prob. 8.43CPCh. 8 - Prob. 8.44PSCh. 8 - Prob. 8.1CTDCCh. 8 - Prob. 8.2CTDCCh. 8 - Prob. 8.1CTFC
Knowledge Booster
Similar questions
- i will be attaching the 1st question as asked but kindly answer the second question only. thanks! 1. On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days. 2. If the new balance on a monthly credit card statement is $157.42, and if the minimum monthly payment corresponds to at least 5% of the ending balance or $10, whichever is greater, calculate the minimum monthly payment.arrow_forwardConsider the information below for Julie's Candy Shop. When comparing her own Cash at Bank account with her banks record (ANZ Bank), at the end of March 2020, Julie discovers that her own accountant has made an error in her books: Accountants error: Julie's accountant has incorrectly recorded a $6,231 cheque drawn to pay the monthly wages of her employees, as a $2,631 credit in her 'Cash at Bank' account. The ANZ Bank has recorded this event correctly. Which of the following statements below is true, concerning the effect of this error? Select one: O a. Until fixed, the ANZ Bank account is overstated by $3,600. O b. Until fixed, Julie's Cash at Bank account is understated by $3,600. O c. Until fixed, Julie's Cash at Bank account is overstated by $3,600. O d. Until fixed, the ANZ Bank account is understated by $3,600.arrow_forwardFollowing are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the Interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round Intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Maturity Rate (%) 7% Time 180/360 Total interest 4 General Journal >arrow_forward
- June Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.arrow_forwardJenna issued a check amounting to P50,000 on January 15, 2021 knowing that she has a balance of P25,000 on her checking account. The said check was post dated on January 30, 2021, thus, she has 15 days fund the account. The said check was issued to Ruben for the payment of 20 bags of Japanese rice. On April 10, 2021, Ruben encashed the check but it was dishonored by the bank for insufficiency of funds. Can Ruben file an action against Jenna for violating BP 22? A. No because the check was post dated and that Jenna has 5 banking days to fund the check from notice of dishonor. B. No, because Ruben failed to encsash within a reasonable period C. Yes, because Jenna issued with knowledge that she has no sufficient fund at the time of issuing the check D. Yes because Jenna failed to keep sufficient balance for a period of 90 days from the date appearing on the checkarrow_forwardFollowing are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Rate (%) Time Total interest Maturityarrow_forward
- An individual spends $20 per day. Suppose that this person pays for all her purchases using her credit card. She withdraws no money from her bank account until the morning of the fourth day, when she withdraws the whole amount necessary to pay for her credit card purchases over the previous four days.arrow_forwardCynthia Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Ms. Roberts's previous balance is $178.85, and she had payments and credits of $74.00. If she has new purchases of $98.74, what is her new balance? O $305.39 O $206.64 O $205.16 O $156.42arrow_forwardNaomi Greenwell fills out a deposit slip for her saving account. She deposits a check for $445.96. She also has $215.44 in cash and $23.17 in coins. What is her total deposit?arrow_forward
- Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit. Then he makes purchases of $43.00 and $97.14. a) How much should his payment be if he wants to pay off the balance on the account? b) Instead of paying off the balance, he makes a payment of $300 and then incurs a finance charge of $24.66. What is the balance (amount owed) on his account? a) He needs to make a payment of $ to pay off the balance. b) The balance is $arrow_forwardChristopher just received his checking account statement from his bank. He has a NOW account with free checking that pays 0.75% APR on the balance and requires a $500 minimum balance. His statement shows that he currently has a balance of $3,950. In looking at his statement he notices that his car payment check for $400 is still outstanding, and that his recently received payroll deposit of $3,600 had not posted at the time the statement was created. His normal living expenses average $1,500 per month including his car payment. Other than his car loan, he rarely writes any checks as he prefers to use his debit card and ATM card for day-to-day living expenses. He pays his credit card balance in full every month. Other than his checking account he does not own any investments. He has always dreamed of owning a house, and would like to buy one within the next five years. He has access to a 401(k) pension plan at work where his employer will match contributions up to 6% of his salary. He…arrow_forward2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENTPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College