Asiatic Electroplating analyzes its accounts receivable weekly. On November 17, 2014, Asiatic accepted a 5.5%, 90-day, $90,000

Question:

Asiatic Electroplating analyzes its weekly. On November 17, 2014, Asiatic accepted a 5.5%, 90-day, $90,000 note receivable from Roadworks in exchange for its past-due account. On December 1, Ellen Huskey's $36,000 overdue account was converted to a four-month, 5.5% note receivable. On January 31, 2015, Asiatic's year-end, accrued interest was recorded on the notes. Roadworks honoured its note on the date but Ellen Huskey's note was dishonoured. Huskey's account was determined to be uncollectible and written off on July 15, 2015.
Required
Prepare Asiatic Electroplating's entries for each of the following dates:
a. November 17, 2014
b. December 1, 2014
c. January 31, 2015
d. date of Roadworks' note
e. date of Huskey's note
f. July 15, 2015
Analysis Component:
Assuming a $50,000 credit balance in the Allowance for Doubtful Accounts on July 14, 2015, calculate the balance after posting the entry in (f) above. Assuming no additional writeoffs were made prior to year-end, comment on the adequacy of the Allowance for Doubtful Accounts.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...