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- The trial balance before adjustment for Pharoah Company shows the following balances. Dr. Cr. Accounts Receivable $83,500 Allowance for Doubtful Accounts 1,940 Sales Revenue $455,100 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Pharoah factors without recourse $26,800 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored. 2. To obtain a 1-year loan of $61,600, Pharoah pledges $69,800 of specific receivable accounts to Crosby Financial. The finance charge is 9% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,452 should be reported. Assume the allowance has a credit balance of $1,163. (If…The trial balance before adjustment for Wildhorse Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2 3. Dr. 4. $85,600 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 2,940 Cr. $475,600 To obtain additional cash, Wildhorse factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Wildhorse pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577 should be reported. Assume the allowance has a credit balance of $1,181. (If no entry is required, select "No Entry" for the account…The trial balance before adjustment for Concord Company shows the following balances. Accounts Receivable. Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Dr. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) To obtain additional cash, Concord factors without recourse $25,700 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 4. $82,900 2,480 Cr. $430,000 To obtain a 1-year loan of $56,600, Concord pledges $67,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan: the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. Based on an aging analysis, an allowance of $5,385 should be reported. Assume the allowance has a credit balance of $1,156.
- The trial balance before adjustment for Flounder Company shows the following balances. Dr. Cr. Accounts Receivable $84,500 Allowance for Doubtful Accounts 2,980 Sales Revenue $457,000 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Flounder factors without recourse $27,700 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $55,400, Flounder pledges $66,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,909 should be reported. Assume the allowance has a credit balance of $1,099.The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts During the accounting period, Ourso recorded $11,850 of sales revenue on account. The company also wrote off a $194 account receivable. Required Beginning Balance Ending Balance $3,198 $3,549 134 203 a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expenseThe trial balance before adjustment for Martinez Company shows the following balances. Dr. Cr. Accounts Receivable $84,600 Allowance for Doubtful Accounts 2,650 Sales Revenue $447,400 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Martinez factors without recourse $29,200 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $57,500, Martinez pledges $71,400 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,717 should be reported. Assume the allowance has a credit balance of $998. 3.
- The following account balances come from the records of Ourso Company: Beginning Balance $3,099 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 127 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expenseThe following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 3,141 Ending Balance $ 3,982 202 116 During the accounting period, Ourso recorded $12,300 of sales revenue on account. The company also wrote off a $123 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivableThe trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Cr. Accounts Receivable $82,000 Allowance for Doubtful Accounts 2,120 Sales Revenue $430,000 Instructions Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. 2. To obtain a 1-year loan of $55,000, Collins pledges $65,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,800 should be reported. Assume the allowance has a credit balance of $1,100.
- Gabby Renovation has a total accounts receivable of $600,000. Its analysis indicates that $30,000 of accounts receivable will be uncollectible. The Allowance for Doubtful Accounts has a credit balance of $8,000. What is the adjusting entry to the Allowance for Doubtful Accounts? O a Debit of $30,000 Credit of $22,000 Credit of $30,000The cash register tape for Oriole Industries reported sales of $27,662.00. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash to be accounted for by $20.50. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)The cash register tape for Oriole Industries reported sales of $7,612.00.Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $45.50. (b) Cash on hand exceeds cash to be accounted for by $33.50. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)