Assume the december 31, 2017, balance of accounts receivable is $137,000. Show How net accounts…

Assume the december 31, 2017, balance of accounts receivable is $137,000. Show

How net accounts receivable would be reported on the balance sheet at that date.

 

Q389:

Accounting for uncollectible accounts (aging-of-receivables method),

Credit card sales, notes receivable, and accrued interest revenue?

Comfy recliner chairs completed the following selected transactions:

 

2016

Jul.1         sold merchandise inventory to great-mart, receiving a $39,000, nine-month,

                 16% note. Ignore cost of goods sold.

Oct.31     recorded credit and debit card sales for the period of $15,000. Use the gross

                Method. Ignore cost of goods sold.

Nov.3      card processor drafted company’s checking account for processing fee of $420.

Dec.31    made an adjusting entry to accrue interest on the great-mart note

        31    made an adjusting entry to record bad debt expense based on an aging of

                 Accounts receivable. The aging schedule shows that $14,300 of accounts

                 Receivable will not be collected. Prior to this adjustment, the credit balance in

                 Allowance for bad debts is $11,600.

2017

Apr.1      collected the maturity value of the great-mart note.

Jun.23    sold merchandise inventory to creative, corp., receiving a 60-day, 9% note for

                $12,000. Ignore cost of goods sold.

Aug.22   creative, corp. Dishonored its note at maturity; the business converted the

                Maturity value of the note to an account receivable.

Nov.16   loaned $24,000 cash to crosby, inc., receiving a 90-day, 12% note.

   Dec.5   collected in full on account from creative, corp.

         31     accrued the interest on the crosby, inc. Note.

                  Record the transactions in the journal of comfy recliner chairs. Explanations are not

                  Required. (for notes stated in days, use a 360-day year. Round to the nearest dollar.)

 

 

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