157. If a 60-day note receivable is dated September 22, what is the maturity date of the note?
158. On May 31, a company had a balance in its accounts receivable of $103,200. Prepare journal entries to record the following transactions for June.
June 2
Sold merchandise on account, $12,000. The cost of the merchandise was $7,200.
June 8
Sold $15,000 worth of accounts receivable to First Bank. First Bank charged a 4% factoring fee.
June 20
Borrowed $30,000 cash from Second National Bank, pledging $31,500 worth of accounts receivable as collateral for the loan.
159. Orman Co. sold $80,000 of accounts receivable to First Savings and incurred a 3% factoring fee. Prepare the journal entry for Orman Co. to record the sale.
160. Flax had net sales of $7,875 and its average accounts receivables is $1,250. Calculate Flax’s accounts receivable turnover:
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here