Sep 26, 2017 term paper 2

ACCOUNTING HOMEWORK AND QUIZ 7 TIM WRITERS

This paper concentrates on the primary theme of ACCOUNTING HOMEWORK AND QUIZ 7 TIM WRITERS in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

accounting homework and quiz 7 tim writers

Brief Exercise 7-2
Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $57,600 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.

Prepare the required journal entries for Restin Co. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
June 1
June 12
Brief Exercise 7-4
Wilton, Inc. had net sales in 2014 of $1,469,500. At December 31, 2014, before adjusting entries, the balances in selected accounts were: Accounts Receivable $286,400 debit, and Allowance for Doubtful Accounts $2,890 credit. If Wilton estimates that 4% of its net sales will prove to be uncollectible.

Prepare the December 31, 2014, journal entry to record bad debt expense. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
December 31, 2014
Brief Exercise 7-11
Arness Woodcrafters sells $248,100 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 7% and retains an amount equal to 6% of accounts receivable. Arness estimates the fair value of the recourse liability to be $9,120.

Prepare the journal entry for Arness to record the sale. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit

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