Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.Dec. 16 Received a $4,000, 180-day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.Dec. 31 Accrued interest revenue on all notes receivable.A) Journalize the transactions for Elburn Supply Co.B) Record the collection of the Lopez note at its maturity in 2015.(a) Interest $545 1. During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible. a) Prepare the journal entry to record the estimated uncollectibles b) Prepare the current assets section of the balance sheet for Henley Company. Assume that in addition to the receivables it has cash of $90,000, merchandise inventory of $130,000, and prepaid expenses of $7,500. 2. Linhart Co. uses the percentage-of-accounts receivable basis to record bad debts expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $450,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500. a)Prepare the adjusting journal entry to record bad debts expense for the year. b)If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debts expense.
Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.
Academicwritingcompany.com always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, alwaysRead more
The paper that you order at academicwritingcompany.com is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.Read more
The Academicwritingcompany.com thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.Read more
With Academicwritingcompan.com, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.Read more
The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.Read more