Questions from College Accounting

Q: The balances of selected accounts of Greece Sportswear Company on December 31

The balances of selected accounts of Greece Sportswear Company on December 31, 20X1, are given below. Credit sales totaled $9,620,000. The returns and allowances on these sales were $55,000. Accounts...

Q: Interactive Planning Software uses the direct charge-off method to account

Interactive Planning Software uses the direct charge-off method to account for uncollectible accounts expenses as they occur. Selected transactions for 20X1 and 20X2 follow. The accounts involved are...

Q: The notes listed below were issued by Louisiana Company during 20X1:

The notes listed below were issued by Louisiana Company during 20X1: 1. A $30,000 note at 10 percent for 90 days, issued on June 15. 2. A $60,000 note at 6 percent for 30 days, issued on August 21. 3....

Q: Give the general journal entry to record each of the following transactions

Give the general journal entry to record each of the following transactions: 1. On June 3, 20X1, Huddleston Company issued a 120-day, 9 percent note for $36,000 to purchase new office equipment. 2. Hu...

Q: Ferrier Company received the notes listed below in 20X1. Compute the

Ferrier Company received the notes listed below in 20X1. Compute the interest to be paid and the maturity value of each note. Show all computations. Analyze: Assuming all notes are paid when due, what...

Q: The following notes receivable are held by the Rodriguez Company on January

The following notes receivable are held by the Rodriguez Company on January 1, 20X1. On January 2, 20X1, Rodriguez discounted all of these notes at First National Bank at a discount rate of 10 percent...

Q: What is the purpose of a credit memorandum?

What is the purpose of a credit memorandum?

Q: On April 2, 20X1, Wu Company received a 6-

On April 2, 20X1, Wu Company received a 6-month, 8 percent interest-bearing note from Jenna Blackmon in settlement of a past-due account receivable of $15,000. On May 3, Wu discounted this note at Mer...

Q: The following data relates to the inventory and purchases of item 125

The following data relates to the inventory and purchases of item 125 for McCray Company during May: Inventory, May 1 260 units at $21.00 Purchases: May 10 190 units at $20.75 May 19 140 units at $20....

Q: The following data pertains to Model Q two-wheeled trailers in

The following data pertains to Model Q two-wheeled trailers in the inventory of Moss Travel Trailers Equipment Company during the year 20X1: Inventory, January 1 50 units at $10,480 Purchases: Februar...