Accounting Homework

Print by: Alfear Holmes ACC557065VA016-1146-001: Financial Accounting / Week 5 Homework: Chapter 08

*Problem 8-7A On January 1, 2014, Derek Company had Accounts Receivable $139,000, Notes Receivable $30,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Kaye Noonan Company. It is a 4-month, 12% note dated December 31, 2013. Derek Company prepares financial statements annually. During the year, the following selected transactions occurred.

Jan. 5 Sold $24,000 of merchandise to Zwingle Company, terms n/15. 20 Accepted Zwingle Company’s $24,000, 3-month, 9% note for balance due.

Feb. 18

Sold $8,000 of merchandise to Gerard Company and accepted Gerard’s $8,000, 6-month, 8% note for the amount due.

Apr. 20 Collected Zwingle Company note in full. 30 Received payment in full from Kaye Noonan Company on the amount due.

May 25 Accepted Isabella Inc.’s $4,000, 3-month, 7% note in settlement of a past-due balance on account.

Aug. 18 Received payment in full from Gerard Company on note due.

25 The Isabella Inc.’s note was dishonored. Isabella Inc.’s is not bankrupt; future payment is anticipated.

Sept. 1 Sold $12,000 of merchandise to Fernando Company and accepted a $12,000, 6-month, 10% note for the amount due.

Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.)

Date Account Titles and Explanation Debit Credit

Page 1 of 2Problem 8-7A

7/28/2014http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni

Question Attempts: 0 of 3 used

Copyright © 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved.

Page 2 of 2Problem 8-7A

7/28/2014http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni

Problem 8-7A

Accounts Payable Accounts Receivable Allowance for Doubtful Accounts Bad Debts Expense Buildings Cash Cost of Goods Sold Income Summary Interest Receivable Interest Revenue Inventory Land Maintenance and Repairs Expense Notes Payable Notes Receivable Other Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Sales Discounts Sales Returns and Allowances Sales Revenue Service Charge Expense Supplies Supplies Expense

Copyright © 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved.

List Of Accounts CLOSE

Page 1 of 1Problem 8-7A. List Of Accounts

7/28/2014http://edugen.wiley.com/edugen/shared/assignment/test/qchart.uni?itemid=res_EAT_1316...