24 Heading 1 Emphasis Accounting 2102 Assignment Chapter 8 - Receivables Ljournalire cacheconomic event below 1. Company XYZ has credit sales of $1,500,000. They estimate that 15% will be uncollectible. 2. Company XYZ decided that the following accounts are uncollectible: AR- Jamie Moyer, S1600; A/R - David Wright $2500: AR Carlos Beltran, $5000 3. Carlos Beltran and David Wright paid amounts owed to XYZ. 4 Company ABC has $495.000 in receivables. They have decided to sell them to a factor who will charge a 3% fee. 5. Company ABC sold merchandise to a customer who paid with a Visa credit card. The sale totaled $4800. Visa charges a4% for & Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will he uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000; Merchandise Inventory: $150,000; Prepaid Insurance: $3000; Supplies: 55000. Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction. h. Prepare a Current Assets section of a balance sheet and prepare the entry to record the estimated uncollectible accounts. Aging of Receivables Report $300,000 $218.000 $101.000 $88,500 $72,500 Amount of Receivable 0-30 1.5% 31-60 39 61-90 7% 91-120 12% Over 120 18% Days Owed Percent Uncollectible Amount Uncollectible Total Estimated Uncollectible 1 7. Baylee Company sold merchandise to a customer who signed a 6%, 120-day note: Total merchandise sold: 55500 8. The customer (from #7) paid Baylee Company amount owed. 9. J.Patterson purchased merchandise from Kcaubic Company for $18,000, signing a 90-day promissory note @ 10. On day 50 of J.Patterson's note, Keaubic Company recorded accrued interest on the note. 11. J. Patterson's note was retired 12. Rouxdy Company has the following note receivables: Date a. 12/1 b. 3/10 c. 5/6 Amount $6000 $12,500 $9000 Rate 6% 8% 12% Length of Note 40 days 90 days 120 days For each note determine: Total Interest Total Due b. c