Choose the best explanation of the missing amount (?) in the T account below: Note Payable $ 10,000 1-Jan $ 10,000 ? $ 5,000 31-Dec O The company paid $5,000 for interest expense and the loan. O The company paid the bank $5,000 to reduce the loan. O The company sold equipment costing $5,000. O The company sold a long-term asset to a customer receiving a note in exchange for the item sold. O The company purchased equipment costing $5,000 with a bank loan.
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- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?1. Record the following events in Journal Entry form. a. In preparing the bank reconciliation for Pleasant Company, an employee found that the bank statement reported a bank service charge of $60. Record the event in Journal Entry form Account Name Debit Credit b. Barbour Company recognized $87,000 of depreciation expense on machinery. Account Name Debit Credit c. The Tandy Company purchased a Pick-up truck on June 4, 2020, for $33,500. Tandy Company did not pay cash but signed a promissory note as payment. Account Name Debit CreditROK Company has a material bank overdraft of $2,000 in ABC Bank and $95,000 in XYZ bank. The bank overdraft in ABC bank should be: O reported as a deduction from the current asset section O reported as a deduction from cash. Onetted against cash and a net cash amount reported. O reported as a current liability.
- Wraith Inc. factored without recourse its accounts receivable amounting to P100,000. Wraith received P82,000 as cash advance from the bank and the bank withheld 3,000 as contingency for uncollectible accounts. The bank charged Wraith P15,000 as finance service fee for factoring. How much is the loss on factoring from the transaction? a. Zero b. 10,000 c. 15,000 d. 20,0001. the accountant finds from the copy of the loan record and from the company's checking account that the Bank has calculated the interest on 31/12 in the amount of 4,000 euros and has withdrawn the installment of the loan in the amount of 8,000 euros. 2. An additional 20,000 euros from customers are bad debts, the company's policy for the closing year is to cover them with provisions by 100%, and it also amortizes bad customers amounting to 10,000 euros. write the journal entriesAccounting A Corp. required additional cash for its operation and used its accounts receivable to raise such needed cash, as follows: On December 1, 2021, A Corp. assigned on a non-notification basis accounts receivable of P10,000,000 to a bank in consideration for a loan of 60% of the receivables less a 1% service fee on the accounts assigned. A signed a note for the bank loan. On December 31, 2021, A collected assigned accounts of P5,000,000 less discount of P100,000. A remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 2% per month on the loan balance. A received an advance of P400,000 from Job Financial Co. by pledging P500,000 of accounts receivable. The loan is due in five years. On December 31, 2021, A discounted at a bank a customer's P3,000,000, 1 year, 10% note receivable dated April 30, 2021. The bank discounted the note at 15% on the same date.…
- Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash management system. Due to Harrigan’s cash management problems, it cannot currently pay for the system out of pocket. Snoopy chooses to extend a 6% note on January 1, 2013, for the $27,000 project cost. Required: Hide 1. Prepare Snoopy's journal entry to record the service performed on January 1, 2013. Account and Explanation Debit Credit Record sale with note 2. Determine how much interest Snoopy will receive if the note is repaid on May 1, 2013.$ Hide 3. Provide Snoopy's journal entry to record the cash received to pay off the note and interest on May 1, 2013. If an amount box does not require an entry, leave it blank.…4. Waran Co. has accounts receivable of $500,000 and an allowance for doubtful accounts of $20,000 at the end of 2015. On January 10, 2016, the company learns that its receivable from Ted Inc. is not collectible, and management authorizes a write-off of $3,000.a. Prepare the journal entry to record the write-off.b. What is the cash realizable value of the accounts receivable (1) before the write-off and after the write-off?D2. The company gave its $50,000 note receivable to a bank for collection. The note is not paid on maturity. Bank returned the note. The note proved to be uncollectible. journalize that.
- Otter company has a receivable amounting to P1,200,000 otter had previously established an allowance for bad debts of 50,000 in connection with these receivables.otter company sold these receivables with recourse for P1,060,000. Otter received P1,000,000 cash immediately from the factor. the remaining P60,000 will be received once the factor verifies that none of the receivables is in dispute. control was surrendered by Otter. the fair value of the recourse obligation is P26,000The loss on factoring to be recognized by Otter Company is?An entity provided the following information on Decemnber 31, 2021: 4,000,000 8,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 2,000,000 Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3,.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. What amount should be reported as total current assets on December 31, 2021? a. 20,400,000 )b. 20,250,000 O c. 20,900,000 O d. 21,500,000Amazon company has accounts receivable totaling $850,000 and an Allowance for doubtful Accounts balance of $60,000. The company will have to write off an uncollectable receivable in the amount of $5,000. Required: What will be the effect on bad debt expense of writing off this accounts receivable? Explain.