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Problem 1: Journalize the following transactions using the allowance method of accounting for unc...

Question

Problem 1: Journalize the following transactions using the allowance method of accounting for unc...

Problem 1: Journalize the following transactions using the allowance method of accounting for uncollectible receivables.  

Apr.   1  Sold merchandise on account to Rhen Smithe, $25,000.  The cost of the merchandise is $9,200.

Sep. 10  Received payment for one-fifth of the receivable from R. Smithe and wrote off the remainder.

Dec.   9  Reinstated the account of R. Smithe and received cash in full payment.

Problem 2: List at least four indicators that a receivable may be uncollectible.

Problem 3: Determine the due date and amount of interest due at maturity on the following notes:

Origination

Face

Term

Interest

Maturity

Interest

Date

Amount

of Note

Rate

Date

Amount

(a)

August 15

$20,500

60 days

6%

_______

_______

(b)

May 20

$15,000

180 days

8%

_______

_______

Problem 4: Journalize the following transactions for River Company. Round numbers to the nearest dollar.

November 19 Received a $20,500.00, 90-day, 12% note from Alan Snow in payment of his account.

December 31 Accrued interest on the Snow note.

February 17 Received the amount due from Snow on his note.

ANSWER

Journal

Page 5

Date

Description

Debit

Credit

  

  

  

  

  

  

  

Answers

1 1-Apr Account Receivables 25000 Sales 25000 (Sales Of Goods) Cost OF Goods Sold Inventory (Cost of Goods Sold) 9200 9200 10Book2 Excel (Product Activation Failed) HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in AutoSum 11 A A Wrap Test Ge


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