Question: On June 1 Phillips Corporation sold with recourse a note
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of $15,000 and a maturity value (principal plus interest) of $15,400. The discount is calculated to be $385, and the accrued interest income is $100. The recourse liability is estimated to be $1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
Answer to relevant QuestionsRefer to RE6-5. At the end of the first quarter of 2017, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was ...Singer Corporation was involved in the following events in the current year: June 30 Barney Manufacturing gives Singer a $5,000, 11%, 90-day note for merchandise purchased. July 15 Dillon Construction Co. gives Singer a ...Upham Company’s June 30, 2016, balance sheet included the following information: During the company’s fiscal year ending June 30, 2017, the following transactions occurred: 1. Sales on credit ...Obtain Starbucks’s 2013 annual report either using the "Investor Relations" portion of its web site (do a Web search for Starbucks investor relations) or go to http://www.sec.gov and click "Search for company filings" ...What are the cost components of each of the three inventory accounts of a manufacturing company?
Post your question