Problem 9-5B

Expense, $11,287 Year 2 e. Sold $870,220 of merchandise f. Received $990,800 cash in payment of accounts g. Wrote off S11,090 of uncollectible accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1% of : accounts a Dr. Bad Debts Expense, $9,773 would be uncollectible. Prepare journal entries to record Sherman's summarized transactions and its year-end adjusoe The General Led financial professi mance measures. Required record bad debts expense. (The company uses the perpetual inventory system, and it applies toe l method for its accounts receivable.) GL 9-1 Gener Problem 9-5B The following transactions are from Springer Company. accounts and no Bujzijeuunof pue bujzkjeuy Year 1 Nov. 1 Accepted a $4,800, 90-day, 8% note in granting Steve Julian a time extension on tis p notes receivable transactions C2 C3 P4 account receivable. Dec. 31 Made an adjusting entry to record the accrued interest on the Julian note Accounti Year 2 Jan. 30 Received Julian's payment for principal and interest on the note dated Novemba Feb. 28 Accepted a $12,600, 30-day, 8% note in granting a time extension on the Check Jan, 30, Cr. Interest Revenue, $32 AA 9-1 Use 1. What is tH receivable from King Co. 2. Compute Mar. 1 Accepted a $6,200, 60-day, 12% note in granting Myron Shelley a time exteni past-due account receivable. 30 The King Co. dishonored its note. Apr. 30 Received payment of principal plus interest from M. Shelley for the March I note June 15 Accepted a $2,000, 72-day, 8% note in granting a time extension on the past.ds 3. How long Septemb- 4. Apple's (c) acco make ug Apr. 30, Cr. Interest Revenue, $124 receivable of Ryder Solon. 21 Accepted a $9,500, 90-day, 8% note in granting J. Felton a time extension on his pu ount receivable. 5. Did Ap- year-en account Aug. 26 Received payment of principal plus interest from R. Solon for the June 15 note. Sep. 19 Received payment of principal plus interest from J. Felton for the June 21 note. Nov. 30 Wrote off King's account against the Allowance for Doubtful Accounts. Sep. 19, Cr. Interest Revenue, 0615 Required AA 9-2 C 1. Prepare journal entries to record these transactions and events. Analysis Component 2. If Springer pledged its receivables as security for a loan from the bank, where on the tinaka ments does it disclose this pledge of receivables? $ milli noy SERIAL PROBLEM Net sa This serial problem began in Chapter 1 and continues through most of the book. Ij previba n ments were not completed, the serial problem can begin at this point. Business Solutions Requir P1 P2 1. Co SP 9 Santana Rey, owner of Business Solutions, realizes that she needs to begin debts expense. Assume that Business Solutions has total revenues of $44,000 during the first three of 2020 and that the Accounts Receivable balance on March 31. 2000 ir f1 O 2. Co D) 3. W