Fine Boat Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Fine Boat Company.
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Joe’s Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014.
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Compute the maturity date and the maturity value associated with each of the following notes receivables.
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Wainwright Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
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Prepare the necessary journal entry for the following transaction. Linton Company sold $270,000 of its accounts receivables to a factor. The factor charges a 3% fee.
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The December 31, 2013 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2014, the following transactions occurred: sales on account $1,500,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off $36,000; previously written off accounts of $6,000 were collected.
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Molina Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2014, before the current year’s provision for uncollectible accounts. An aging of the accounts receivable revealed the following:
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Presented below are various receivable transactions entered into by Beran Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables on the balance sheet
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On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips dishonors the note on May 9. Record the entry that Jackson would make when the note is dishonored, assuming that no interest has been accrued
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On February 7, Jackson Company sold goods on account to Phillips Enterprises for $5,200, terms 2/10, n/30. On March 9, Phillips gave Jackson a 60-day, 12% promissory note in settlement of the account. Record the sale and the acceptance of the promissory note on the books of Jackson Company.
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Ace Distributors has the following transactions related to notes receivable during the last month of the year.
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Stine Co. sells Christmas angels. Patel determines that at the end of December, it has the following aging schedule of Accounts Receivable:
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