Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 9, Problem 21E
To determine
Describe each transaction related to sale to a customer on account and the receipt of the amount owed.
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An “Accounts Receivable Customer Balances” report shows
revenues by customer for a specified date range
customer balances owed as of a specific date
cash payments to creditors for a specific date range
sales by customer as of a specific date
During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming that the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.b. On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming that the October 31 balance was $130,770, determine the fees billed to customers on account during October.c. On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April.
"A.During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.B.On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming the October 31 balance was $130,770, determine the fees billed to customers on account during October.C.On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April."
Chapter 9 Solutions
Financial Accounting
Ch. 9 - What are the three classifications of receivables?Ch. 9 - Dans Hardware is a small hardware store in the...Ch. 9 - What kind of an account (asset, liability, etc.)...Ch. 9 - After the accounts are adjusted and closed at the...Ch. 9 - A firm has consistently adjusted its allowance...Ch. 9 - Which of the two methods of estimating...Ch. 9 - Neptune Company issued a note receivable to...Ch. 9 - If a note provides for payment of principal of...Ch. 9 - The maker of a 240,000, 6%, 90-day note receivable...Ch. 9 - The note receivable dishonored in Discussion...
Ch. 9 - Prob. 1PEACh. 9 - Journalize the following transactions, using the...Ch. 9 - Prob. 2PEACh. 9 - Journalize the following transactions, using the...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - Guzman Company received a 60-day, 5% note for...Ch. 9 - Prefix Supply Company received a 120-day, 8% note...Ch. 9 - Financial statement data for years ending December...Ch. 9 - Prob. 6PEBCh. 9 - Prob. 1ECh. 9 - MGM Resorts International owns and operates hotels...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Prob. 4ECh. 9 - Creative Solutions Company, a computer consulting...Ch. 9 - At the end of the current year, the accounts...Ch. 9 - Toot Auto Supply distributes new and used...Ch. 9 - The accounts receivable clerk for Waddell...Ch. 9 - Waddell Industries has a past history of...Ch. 9 - Using data in Exercise 9-9, assume that the...Ch. 9 - Selbys Bike Co. is a wholesaler of motorcycle...Ch. 9 - Using the data in Exercise 9-11, assume that the...Ch. 9 - The following selected transactions were taken...Ch. 9 - The following selected transactions were taken...Ch. 9 - Prob. 15ECh. 9 - Using the data in Exercise 9-15, assume that...Ch. 9 - Casebolt Company wrote off the following accounts...Ch. 9 - Seaforth International wrote off the following...Ch. 9 - Determine the due date and the amount of interest...Ch. 9 - Master Designs Decorators issued a 180-day, 6%...Ch. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Journalize the following transactions of Trapper...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Prob. 25ECh. 9 - Polo Ralph Lauren Corporation designs, markets,...Ch. 9 - Prob. 27ECh. 9 - Prob. 28ECh. 9 - Prob. 29ECh. 9 - The following transactions were completed by The...Ch. 9 - Trophy Fish Company supplies flies and fishing...Ch. 9 - Call Systems Company, a telephone service and...Ch. 9 - Flush Mate Co. wholesales bathroom fixtures....Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - The following transactions were completed by The...Ch. 9 - Wig Creations Company supplies wigs and hair care...Ch. 9 - Prob. 3PBCh. 9 - Gen-X Ads Co. produces advertising videos. During...Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - Prob. 1CPCh. 9 - For several years, Xtreme Co.s sales have been on...Ch. 9 - Prob. 3CPCh. 9 - Prob. 4CPCh. 9 - Prob. 5CP
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- The 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_forwardThe following T accounts show a series of four transactions concerning a sale of merchandise on account and subsequent payment of the amount owed. Describe what happened in each transaction.arrow_forwardEntries 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.arrow_forward
- The debits and credits from two transactions are presented in the following creditors (suppliers) account: Describe each transaction and the source of each posting.arrow_forwardThe debits and credits from four related transactions are presented in the following T accounts. Describe each transaction.arrow_forwardThe debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.arrow_forward
- Piedmont Inc. has the following transactions for its first month of business: A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger? B. What is the balance in the Accounts Payable general ledger account?arrow_forwardFor each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billarrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350arrow_forward
- Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000arrow_forwarda list of each customer account and thre balance owed is a:arrow_forwardWhen a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivablearrow_forward
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