Business, 13.03.2020 18:37 montecillolinda

E7-14 (Journalizing Various Receivable Transactions) The trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Cr. Accounts Receivable $82,000Allowance for Doubtful Accounts 2,120Sales Revenue $430,000Instructions Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. 2. To obtain a 1-year loan of $55,000, Collins assigns $65,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable.4. The company wishes to increase the allowance account by 1½% of net sales.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 21.06.2019 21:00, ariannapenny98

Which of the following is not a personality trait? sincerity word processing punctuality laziness

Answers: 1

continue

Business, 21.06.2019 23:00, rosie20052019

Which of the following statements about the relationship between economic costs and accounting costs is true? multiple choice accounting costs are equal to or greater than economic costs. accounting costs must always equal economic costs. accounting costs are always greater than economic costs. accounting costs are always less than or equal to economic costs.

Answers: 2

continue

Business, 22.06.2019 15:00, shakaylaousley1997

Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?

Answers: 2

continue

Business, 22.06.2019 19:20, dayday0

Six years ago, an 80-kw diesel electric set cost $160,000. the cost index for this class of equipment six years ago was 187 and is now 194. the cost-capacity factor is 0.6. the plant engineering staff is considering a 120-kw unit of the same general design to power a small isolated plant. assume we want to add a precompressor, which (when isolated and estimated separately) currently costs $13291. determine the total cost of the 120-kw unit. (hint: skip $ and comma symbols)

Answers: 3

continue

You know the right answer?

E7-14 (Journalizing Various Receivable Transactions) The trial balance before adjustment for Phil Co...