cash flow 5 merry co sells christmas angels merry determines that at the end of dece 3610479

February 10, 2021/in Business Homework Help Online /by Joseph

Cash flow

5. Merry Co. sells Christmas angels. Merry determines that at the end of December, they have the following aging schedule of Accounts Receivable: Customer Total Number of Days Past Due Not yet due 1-30 31-60 61-90 over 90 $500 K. Brant $300 $200 100 200 D. Eaton 300 150 100 S Klein 50 C. Sheen 100 300 300 250 200 1% 5% 10% 25% 50% uncollectible Total Estimated Uncollectible 2 Amounts Compute the net receivables based on the above information at the end of December (There was no beginning balance in the Allowance for Doubtful Accounts). 6. Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Oct. 15 Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge. 25 Made sales of $900 on Visa credit cards. The credit card service charge is 2%. Instructions Journalize the transactions.

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Merry Co. sells Christmas angels. Merry determines that at the end of December, they have the following aging schedule of Accounts Receivable: Compute the net receivables based on the above information at the end of December (There was no beginning balance in the Allowance for Doubtful Accounts). Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2, 500. During August, the following transactions occurred Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge. Made sales of $900 on Visa credit cards. The credit card service charge is 2%. Journalize the transactions

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