== - 6 Accounting 2102 Assignment 1 Chapter 8 - Receivables L. Joumalize cach cconomic 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: A/R - Jamie Moyer, S1600; AR-David Wright, $2500; AR - Carlos Beltran, 35000 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 a 4% fee. 6. Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will be uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000, Merchandise Inventory: $350,000; Prepaid Insurance: $3000; Supplies: 55000 & Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction b. Prepare a Current Assets section of a balance sheet and prepare the entry to record the estimated uncollectible accounts Amount of Receivable Aging of Receivables Report $300,000 $218.000 $100,000 $88,500 $72,500 61-90 Days Owed Percent Uncollectible Amount Uncollectible Total Estimated Uncollectibles 0.30 1.5% 31-60 3% 91-120 12% Over 120 18% 7. Baylee Company sold merchandise to a customer who signed a 6%, 120-day nate: Total merchandise sold: $5500 8. The customer (from #7) paid Baylee Company amount owed. 9. J.Patterson purchased merchandise from Keaubic Company for $18,000, signing a 90-day promissory note 7% 10. On day 50 of J. Patterson's not Kesubie Company recorded accrued interest on the note. 11. J. Patterson's note was retired 12. Roundy Company has the following note receivables: Dato Amount Rats Length of Note 1271 $6000 6% b. 3/10 $12,500 8% 90 days c. 5/6 $9000 1296 40 days For each note determine Total Interest Total Duc MacBook Pro == - 6 Accounting 2102 Assignment 1 Chapter 8 - Receivables L. Joumalize cach cconomic 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: A/R - Jamie Moyer, S1600; AR-David Wright, $2500; AR - Carlos Beltran, 35000 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 a 4% fee. 6. Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will be uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000, Merchandise Inventory: $350,000; Prepaid Insurance: $3000; Supplies: 55000 & Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction b. Prepare a Current Assets section of a balance sheet and prepare the entry to record the estimated uncollectible accounts Amount of Receivable Aging of Receivables Report $300,000 $218.000 $100,000 $88,500 $72,500 61-90 Days Owed Percent Uncollectible Amount Uncollectible Total Estimated Uncollectibles 0.30 1.5% 31-60 3% 91-120 12% Over 120 18% 7. Baylee Company sold merchandise to a customer who signed a 6%, 120-day nate: Total merchandise sold: $5500 8. The customer (from #7) paid Baylee Company amount owed. 9. J.Patterson purchased merchandise from Keaubic Company for $18,000, signing a 90-day promissory note 7% 10. On day 50 of J. Patterson's not Kesubie Company recorded accrued interest on the note. 11. J. Patterson's note was retired 12. Roundy Company has the following note receivables: Dato Amount Rats Length of Note 1271 $6000 6% b. 3/10 $12,500 8% 90 days c. 5/6 $9000 1296 40 days For each note determine Total Interest Total Duc MacBook Pro