Question 1

Fill in the blanks related to the characteristics of a promissory note.1.The party promising to pay the note is called the ________.2.The amount for which the note is written is called the _______ amount.3.The date the note is to be paid is the _______ date.4.The time between the date when a note is written and the time it must be paid is called the _____ of the note.

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Question 2

(a)The aging of Torme Designs' accounts receivable is shown below.Calculate the amount of each periodicity range that is deemed to be uncollectible.​​  (b) If Allowance for Doubtful Accounts has a credit balance of $1,135.00,record the adjusting entry forthe bad debt expense for the year.

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Question 3

Determine the due date and the amount of interest due at maturity on the following notes:​

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Question 4

Blackwell Industries received a 120-day,9% note for $180,000,dated August 10 from a customer on account.Required

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Question 5

At the end of the current year,Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $3,500,000.Bad debt expense is estimated at ½ of 1% of net sales.​Determine 
(a)the amount of the adjusting entry for bad debt expense; 
(b)the adjusted balances of Accounts Receivable,Allowance for Doubtful Accounts,and Bad Debt Expense; and 
(c)the net realizable value of accounts receivable.

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Question 6

Lone Star Company received a 90-day,6% note for $80,000,dated March 12 from a customer on account.
(Assume a 360-day year when calculating interest.)

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Question 7

For each of the following notes receivables held by Winter Company,determine the interest revenue to be reported on the income statements.Round answers to nearest whole dollar.

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Question 8

Determine the due date and amount of interest due at maturity on the following notes:​

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Question 9

Mr.Potts issued a 90-day,7% note for $200,000,dated February 3 to Valley Co.on account.
(Assume a 360-day year when calculating interest.)
(a) Determine the due date of the note.
(b) Determine the interest.
(c) Determine the maturity value of the note.
(d) Journalize the entry to record the receipt of the note from Potts on February 3.
(e) Journalize the entry to record the receipt of payment of the note at maturity by Valley Co.

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Question 10

For a business that uses the allowance method of accounting for uncollectible receivables:

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Question 11

At the end of the current year,Accounts Receivable has a balance of $90,000; Allowance for Doubtful Accounts has a credit balance of $850; and sales for the year total $300,000.Bad debt expense is estimated at 2.5% of sales.​Determine 
(a)the amount of the adjusting entry for uncollectible accounts; 
(b)the adjusted balances of Accounts Receivable,Allowance for Doubtful Accounts,and Bad Debt Expense; and 
(c)the net realizable value of accounts receivable.

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Question 12

On June 30 
(the end of the period),Brown Company has a credit balance of $2,275 in Allowance for Doubtful Accounts.An evaluation of accounts receivable indicates that the proper balance should be $30,025.Journalize the appropriate adjusting entry.

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(the end of the...

Question 13

Fellows Corporation has determined that the $2,700 accounts receivable due from Andrew Stevens is uncollectible.Compare the journal entry that is required under the direct write-off method to the journal entry that is required using the allowance method.

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Question 14

Discount Mart utilizes the allowance method of accounting for uncollectible receivables.On December 12,the company receives a $550 check from Chad Thomas in settlement of Thomas's $1,100 outstanding accounts receivable.Due to Thomas's failing health,he is closing his company and is expecting to make no further payments to Discount Mart.Journalize this transaction.

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Question 15

Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:​Required

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Question 16

At the end of the current year,Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a debit balance of $6,200; and sales for the year total $3,500,000.Bad debt expense is estimated at ½ of 1% of sales.​Determine 
(a)the amount of the adjusting entry for bad debt expense; 
(b)the adjusted balances of Accounts Receivable,Allowance for Doubtful Accounts,and Bad Debt Expense; and 
(c)the net realizable value of accounts receivable.

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Question 17

Sunshine Service Center received a 120-day,6% note for $40,000,dated April 12 from a customer on account.

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Question 18

At the end of the current year,Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000.An analysis of receivables estimates uncollectible receivables as $25,000.​Determine 
(a)the amount of the adjusting entry for bad debt expense; 
(b)the adjusted balances of Accounts Receivable,Allowance for Doubtful Accounts,and Bad Debt Expense; and 
(c)the net realizable value of accounts receivable.

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Question 19

Journalize the following transactions for Lucite Company.Nov.14 Received a $4,800,90-day,9% note from Alan Albertson in payment of his account.Dec.31 Accrued interest on the Albertson note.Feb.12 Received the amount due from Albertson on his note.

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Question 20

At the end of the current year,Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $5,400; and sales for the year total $3,000,000.An analysis of receivables indicates the uncollectible receivables are estimated to be $45,000.​Determine 
(a)the amount of the adjusting entry for bad debt expense; 
(b)the adjusted balances of Accounts Receivable,Allowance for Doubtful Accounts,and Bad Debt Expense; and 
(c)the net realizable value of accounts receivable.

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Quiz 9: Receivables

(a)The aging of Torme Designs' accounts receivable is shown below.Calculate the amount of each periodicity range that is deemed to be uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,135.00,record the adjusting entry forthe bad debt expense for the year.

Determine the due date and the amount of interest due at maturity on the following notes:

Blackwell Industries received a 120-day,9% note for $180,000,dated August 10 from a customer on account.Required

Lone Star Company received a 90-day,6% note for $80,000,dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.)

For each of the following notes receivables held by Winter Company,determine the interest revenue to be reported on the income statements.Round answers to nearest whole dollar.

Determine the due date and amount of interest due at maturity on the following notes:

For a business that uses the allowance method of accounting for uncollectible receivables:

On June 30 (the end of the period),Brown Company has a credit balance of $2,275 in Allowance for Doubtful Accounts.An evaluation of accounts receivable indicates that the proper balance should be $30,025.Journalize the appropriate adjusting entry.

Fellows Corporation has determined that the $2,700 accounts receivable due from Andrew Stevens is uncollectible.Compare the journal entry that is required under the direct write-off method to the journal entry that is required using the allowance method.

Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:Required

Sunshine Service Center received a 120-day,6% note for $40,000,dated April 12 from a customer on account.

Journalize the following transactions for Lucite Company.Nov.14 Received a $4,800,90-day,9% note from Alan Albertson in payment of his account.Dec.31 Accrued interest on the Albertson note.Feb.12 Received the amount due from Albertson on his note.

Quiz 9: Receivables

(a)The aging of Torme Designs' accounts receivable is shown below.Calculate the amount of each periodicity range that is deemed to be uncollectible.​​ (b) If Allowance for Doubtful Accounts has a credit balance of $1,135.00,record the adjusting entry forthe bad debt expense for the year.

Determine the due date and the amount of interest due at maturity on the following notes:​

Blackwell Industries received a 120-day,9% note for $180,000,dated August 10 from a customer on account.Required

Lone Star Company received a 90-day,6% note for $80,000,dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.)

For each of the following notes receivables held by Winter Company,determine the interest revenue to be reported on the income statements.Round answers to nearest whole dollar.

Determine the due date and amount of interest due at maturity on the following notes:​

For a business that uses the allowance method of accounting for uncollectible receivables:

On June 30 (the end of the period),Brown Company has a credit balance of $2,275 in Allowance for Doubtful Accounts.An evaluation of accounts receivable indicates that the proper balance should be $30,025.Journalize the appropriate adjusting entry.

Fellows Corporation has determined that the $2,700 accounts receivable due from Andrew Stevens is uncollectible.Compare the journal entry that is required under the direct write-off method to the journal entry that is required using the allowance method.

Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:​Required

Sunshine Service Center received a 120-day,6% note for $40,000,dated April 12 from a customer on account.

Journalize the following transactions for Lucite Company.Nov.14 Received a $4,800,90-day,9% note from Alan Albertson in payment of his account.Dec.31 Accrued interest on the Albertson note.Feb.12 Received the amount due from Albertson on his note.

(a)The aging of Torme Designs' accounts receivable is shown below.Calculate the amount of each periodicity range that is deemed to be uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,135.00,record the adjusting entry forthe bad debt expense for the year.

Determine the due date and the amount of interest due at maturity on the following notes:

Determine the due date and amount of interest due at maturity on the following notes:

Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:Required