FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
24th Edition
ISBN: 9781265497613
Author: Wild
Publisher: MCG
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Chapter 9, Problem 7DQ
J Refer to the financial statements and notes of Apple in Appendix A. In its presentation of accounts receivable on the
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Which one of the following journal entry is Correct on 1st January 2020?
a.
Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400
b.
Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400
c.
Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000
d.
Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000
Which one of the following journal entry is Correct on 20th February 2020?
a.
Debit Accounts receivable OMR 150 Credit Cash OMR 150
b.
Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150
c.
Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150
d.
Debit Cash OMR 150 Credit Sales return and allowances OMR 150
Which one of the following journal entry is Correct on 10th January 2020?
a.
Debit Accounts payable OMR 9,000 Credit Cash OMR 9,000
b.
Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000
c.
Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450
d.
Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000
Which one of the following journal entry is Correct on 15th February 2020?
a.
Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000
b.
Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000
c.
Debit Accounts receivables OMR 15,000…
On July 1, 2025, Metlock Inc. made two sales.
1.
2.
It sold land having a fair value of $910,080 in exchange for a 4-year zero-interest-bearing promissory note in the face amount
of $1,432,024. The land is carried on Metlock's books at a cost of $591,300.
It rendered services in exchange for a 3%, 8-year promissory note having a face value of $402,980 (interest payable annually).
Metlock Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two
transactions have credit ratings that require them to borrow money at 12% interest.
Record the two journal entries that should be recorded by Metlock Inc. for the sales transactions above that took place on July 1,
2025. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented…
Chapter 9 Solutions
FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
Ch. 9 - Prob. 1DQCh. 9 - Why does the direct write-off method of accounting...Ch. 9 - Prob. 3DQCh. 9 - Why might a business prefer a note receivable to...Ch. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - J Refer to the financial statements and notes of...Ch. 9 - GOOGLE 8. Q Refer to the balance sheet of Google...Ch. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Credit card sales Prepare journal entries for the...Ch. 9 - Direct write-off method P1 Solstice Company...Ch. 9 - Recovering a bad debt P1 Solstice Company...Ch. 9 - Distinguishing between allowance method and direct...Ch. 9 - Allowance method for bad debts P2 Gomez Corp. uses...Ch. 9 - Reporting allowance for doubtful accounts P2 On...Ch. 9 - Prob. 7QSCh. 9 - Prob. 8QSCh. 9 - Aging of receivables method P3 ^ Net Zero...Ch. 9 - Prob. 10QSCh. 9 - Prob. 11QSCh. 9 - QS 9-9
Note receivable honored
P4
On August 2, Jun...Ch. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Exercise 9-1
Accounts receivable subsidiary...Ch. 9 - Prob. 2ECh. 9 - Exercise 9-3
Sales on store credit card
C1
Z-Mart...Ch. 9 - Exercise 9-4
Direct write-off method
Dexter...Ch. 9 - Exercise 9-5 Writing off receivables P2
On January...Ch. 9 - Exercise 9-6 Percent of sales method; write-off...Ch. 9 - Exercise 9-7 Percent of accounts receivable...Ch. 9 - Exercise 9-8 Aging of receivables method P3
Daley...Ch. 9 - Exercise 9-9 Percent of receivables method...Ch. 9 - Exercise 9-10 Aging of receivables schedule...Ch. 9 - Exercise 9-10
Estimating bad debts
P3
At December...Ch. 9 - Exercise 9-11
Notes receivable...Ch. 9 - Exercise 9-12
Notes receivable transactions...Ch. 9 - Exercise 9-14 Honoring a note P4
Prepare journal...Ch. 9 - Exercise 9-15 Dishonoring a note P4
Prepare...Ch. 9 - Exercise 9-16 Selling and pledging accounts...Ch. 9 - Exercise 9-17 Accounts receivable turnover A1 Q...Ch. 9 - Problem 9-1A Sales on account and credit card...Ch. 9 - Problem 9-2A Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3A Aging accounts receivable and...Ch. 9 - Problem 9-4A Accounts receivable transactions and...Ch. 9 - Problem 9-5A Analyzing and journalizing notes...Ch. 9 - Problem 9-1B Sales on account and credit card...Ch. 9 - Problem 9-2B Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3B Aging accounts receivable and...Ch. 9 - Problem 9-4B Accounts receivable transactions and...Ch. 9 - Prob. 5BPSBCh. 9 - SP 9 Santana Rey: owner of Business Solutions,...Ch. 9 - Prob. 1GLPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Anton Blair is the manager of a medium-size...Ch. 9 - Prob. 2BTNCh. 9 - Prob. 3BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTNCh. 9 - Many commercials ¡include comments similar to the...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18arrow_forwardWhich one of the following journal entry is Correct on 20th February 2020? a. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 b. Debit Accounts receivable OMR 150 Credit Cash OMR 150 c. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 d. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150arrow_forward1. What is the adjusted balance of accounts receivable as of December 31, 2016? 2. What is the adjusted balance of sales as of December 31, 2016?arrow_forward
- 2. In the account below, complete the necessary columns. Date2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE Jun 7 975 00 J17 15 J22 600 24 J25 400 00arrow_forwardWhich one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 c. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 d. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000arrow_forwardJournalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21…arrow_forward
- (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12arrow_forwardOn January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…arrow_forwardThe following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.arrow_forward
- Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance sheet, what will the journal entry be (with out amounts) at the end of the accounting period. Journal: Debit Account Credit Accountarrow_forward9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.arrow_forwardUse the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1.arrow_forward
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