Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc. on a without-recourse basis. Sandhill assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Martinez Incorporated and Sandhill Factors to record the factoring of the accounts receivable to Sandhill. (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) No. Account Titles and Explanation Martinez 1. 2. Sandhill Debit Credit

The ledger of Teal Mountain Inc. at the end of the current year shows Accounts Receivable $74,000; Credit Sales $810,000; and Sales Returns and Allowances $36,000. If Teal Mountain uses the direct write-off method to account for uncollectible accounts, journalize the entry if on December 31 Teal Mountain determines that Matisse Company's $750 balance is uncollectible. (a) If Allowance for Doubtful Accounts has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $600 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Dec.…

From inception of operations to December 31, 2020, Flounder Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of customers with different risk characteristics. Bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credited to the allowance account, and no-year-end adjustments to the allowance account were made. Flounder’s usual credit terms are n/30 days.    The balance in allowance for doubtful accounts was $119,600 (cr.) on January 1, 2020. During 2020, credit sales totaled $8,280,000, the provision for doubtful accounts was determined to be $165,600, $82,800 of bad debts were written off, and recoveries of accounts previously written off amounted to $13,800. Flounder installed a computer system in November 2020, and an aging of accounts receivable was prepared for the first time as of December 31, 2020. A summary of aging is as follows:…

a)Present the journal entries for the transactions above. (b)Journalise the adjusting entry. Show workings. (c)Determine the net realizable value of the accounts receivable as at 31 Dec. (d)Is the Allowance Method of accounting for doubtful debt better compared to the direct write-off method? Explain.

Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $10,000 of its accounts receivable from Leer Company. March 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Record write-off of Leer Company account. Note: Enter debits before credits. Date March 11 General Journal Debit Credit Record entry Clear entry View general journal >

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Wood Incorporated factored €150,000 of accounts receivable with Engram Factors Inc., Without guarantee. Engram assesses a 2% finance charge of the amount of accounts receivable Retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Wood Incorporated and Engram Factors to record the factoring of the accounts receivable to Engram.

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On October 1, 2020, Ayayai, Inc. assigns $1,263,100 of its accounts receivable to Pina National Bank as collateral for a $718,300 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%.Prepare the October 1 journal entries for both Ayayai and Pina. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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