In order to resolve its cash flow problems, PT. Terang Bulan (TB) assigned Rp1.20 billion of...

 

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In order to resolve its cash flow problems, PT. Terang Bulan (TB) assigned Rp1.20 billion of its accounts receivable as Bank BCA- Factoring Division (BCA Factoring) on August 1, 2020. TB received 85% of the assigned accounts receivable less a service charge on 2% of the cash received. TB was also charged 13% interest annually on the outstanding loan balance. By August 31, TB had collected Rp 760 million, and remitted this plus the interest to date to BCA-Factoring. Required: a. Prepare journal entries to record the above assignment transactions on TB's books Score: 25 b. If TB collected an additional Rp200 million on outstanding accounts and remitted this to BCA- Factoring on 30 Sept 2020, how much interest must be paid in addition? Score: 15 C. Prepare the account receivable section that would appear on the 3rd quarter interim balance sheet (per 30 Sept). Include all transactions that have been described in the problem. Score: 10 In order to resolve its cash flow problems, PT. Terang Bulan (TB) assigned Rp1.20 billion of its accounts receivable as Bank BCA- Factoring Division (BCA Factoring) on August 1, 2020. TB received 85% of the assigned accounts receivable less a service charge on 2% of the cash received. TB was also charged 13% interest annually on the outstanding loan balance. By August 31, TB had collected Rp 760 million, and remitted this plus the interest to date to BCA-Factoring. Required: a. Prepare journal entries to record the above assignment transactions on TB's books Score: 25 b. If TB collected an additional Rp200 million on outstanding accounts and remitted this to BCA- Factoring on 30 Sept 2020, how much interest must be paid in addition? Score: 15 C. Prepare the account receivable section that would appear on the 3rd quarter interim balance sheet (per 30 Sept). Include all transactions that have been described in the problem. Score: 10

Answer rating: 100% (QA)

A Journal Entries August 1 2020 Debit Bank Account 1 200 000... View the full answer