不 Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these customers. 2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount. Journalize the following for Bryson: a. Earning service revenue of $53,000 on account and then collecting $45,000 on account b. Receiving $6,500 in advance and then earning $5,000 as service revenue a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account. Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are not required.) Date 2020 Accounts Debit Credit

Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% factoring fee. What entry should Jervis make to record the transaction?

(Income Effects of Receivables Transactions) Sandburg Company requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determinethe income statement effects of the following contemplated transactions.1. On July 1, 2017, Sandburg assigned $400,000 of accounts receivable to Keller Finance Company. Sandburg received an advance from Keller of 80% of the assigned accounts receivable less a commission of 3% on the advance. Prior to December 31, 2017, Sandburg collected $220,000 on the assigned accounts receivable, and remitted $232,720 to Keller, $12,720 ofwhich represented interest on the advance from Keller.2. On December 1, 2017, Sandburg sold $300,000 of net accounts receivable to Wunsch Company for $270,000. The receivables were sold outright on a without recourse basis.3. On December 31, 2017, an advance of $120,000 was received from First Bank by pledging $160,000 of Sandburg’s accounts receivable.…

The following items are found in the cash account of AAA Company at December 31, 2021. The company’s controller asks your opinion whether the items listed below should be considered as part of cash account and come up with an adjusting entry to adjust the cash account.• A check worth P288,000 from customer who paid the account net of the 4% discount. The company records the transaction as credit to Accounts Receivable for the proceeds.• Postage stamps, P1,000;• Cash in closed bank (F Bank), P195,000;• Redemption fund, P300,000;• Sinking fund, P300,000. This will be used on May 1, 2022 to redeem the bonds payable;• Change fund, P25,000;• X Bank Checking Account No. 0004568, P410,000.• Y Checking Account No. 0002347, P275,000.;• Overdraft in Z Checking Account No. 00011256, P150,000 resulting from a withdrawal of a company’s check dated January 3, 2022 in payment of account, P450,000. This was recorded in the company’s disbursement ledger at December 31, 2021;• Overdraft in X Checking…