Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $56,4 June 12, 2020, Cheyenne received full payment for the June 1 sale. Prepare the required journal entries for Cheyenne Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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- Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturityInferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
- Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale. Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 CreditA firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020 it received full payment for the June 1 sale. Prepare the required journal entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
- Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?Song, Inc. (seller), engaged in the following transactions during January 2019: Song, Inc. DATE TRANSACTIONS 2019 Jan. 8 Received payment of $2,058 on account from Bowden Company in payment of Invoice 1885 dated December 30, 2018, less cash discount of $42. 10 Sold merchandise for $1,550 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. 30 Sold merchandise for $3,300 to Bowden Company, Invoice 1950; terms 2/10, n/30. Required: Journalize the transactions above in a general journal for Song, Inc. No Date General Journal Debit Credit 1 Jan 08, 2019 2 Jan 10, 2019…Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
- On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the above1 . Prepare journal entries to record the following transactions entered into by Ivanhoe Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) 2020 June 1 Received a $8,600, 12%, 1-year note from Andrea Foley as full payment on her account. Nov. 1 Sold merchandise on account to Patton, Inc. for $10,320, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $520 Nov. 9 Received payment in full from Patton, Inc. Dec. 31 Accrued interest on Foley's note. 2021 June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2021.Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.