BE 212
Patel Co. sells Christmas angels. Patel determines that at the end of December, it has the following aging schedule of Accounts Receivable:
Customer
|
Total
|
Not Yet Due
|
Number of Days Past Due
|
|
|
|
1–30
|
31–60
|
61–90
|
Over 90
|
DV Farmer
|
$500
|
|
$300
|
$200
|
|
|
JJ Joysen
|
300
|
100
|
|
|
200
|
|
NJ Bell
|
250
|
|
|
150
|
|
100
|
JC Net
|
200
|
200
|
|
|
|
|
|
?
|
300
|
300
|
350
|
200
|
100
|
% uncollectible
|
|
1%
|
5%
|
10%
|
20%
|
50%
|
Total Estimated Uncollectible Amounts
|
?
|
?
|
?
|
?
|
?
|
?
|
|
|
|
|
|
|
|
Compute the net receivables based on the above information at the end of December. (There was no beginning balance in the Allowance for Doubtful Accounts).
BE 213
Rainey Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred.
Oct.15Sold $12,000 of accounts receivable to Good Factors, Inc. who assesses a 3% finance charge.
25 Made sales of $700 on VISA credit cards. The credit card service charge is 2%.
Instructions
Journalize the transactions.
BE 214
Determine the interest on the following notes:
(a)¥200,000 at 6% for 90 days.
(b)¥120,000 at 9% for 5 months.
(c)¥300,000 at 8% for 60 days
(d)¥240,000 at 7% for 6 months
BE 215
Flint Distributors has the following transactions related to notes receivable during the last two months of the year.
Dec.1Loaned $18,000 cash to G. Kingsley on a 1-year, 6% note.
16 Sold goods to D. Jones, receiving a $4,800, 60-day, 7% note.
31 Accrued interest revenue on all notes receivable.
BE 215(Cont.)
Instructions
Journalize the transactions for Flint Distributors.