On April 1, 2024, Macomb Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Macomb's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Macomb agrees to lend $470,000 to its supplier using a 12-month, 11% note. Required: Record the following transactions for Macomb Corporation: 1. The loan of $470,000 and acceptance of the note receivable on April 1, 2024. 2. The adjusting entry for accrued interest on December 31, 2024. 3. Cash collection of the note and interest on April 1, 2025.

Could you please help me with this question??? It is really urgent !!! PLEASE!!!! On August 4th Ridge Hill Company sells $700,000 of its accounts receivable to the Cheesecake Factoring Company (CFC). The contractual rights have been transferred to CFC and the company will receive the payments when collected by Ridge Hill. That is, Ridge Hill will still administer the collection of accounts receivable and upon receiving the collection, the company will make payment to CFC. Assume that this transaction meets all three criteria of FASB ASC Topic 860. Below are the relevant information regarding the factoring: • The fee charged for factoring service: $14,000 • Balance retained by CFC: $10,000 Required: 1. Prepare the journal entry to record the transaction assuming that the factoring agreement was without recourse. 2. Prepare the journal entry or entries to record the transaction assuming that the factoring agreement was with recourse. Ridge Hill estimates the recourse obligation at…

Lastly, can you show me how to do this one? 22. In 2018, XYZ, Inc. sold 2,000 beds for $50 each. The beds carry a 2-year warranty for repairs. XYZ estimates that repair costs will average 3% of the total selling price. What amount would be recorded in the warranty liability account as a result of selling the beds during 2018? Assets = Liabilities + Stockholders’ Equity Revenues – Expenses = Net Income

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Problems 1). Record the journal entries for the following current liabilities for Company Z A). Company Z is required by law to collect and remit sales taxes to the state. If $78,000 of cash sales are subject to a 6% sales tax B). Company Z faces a probalble loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. C). Employees earn vacation pay at the rate of one day per month. During the month, 25 employees quality for one vacation day each. Their average daily wage is $100 per day. D). Z company estimates thatt warranty expense will be 4% of sales. The company's sales for the current period are $185,000.. E). Z Company receives $48, 000 cash in advance ticket sales for 12 home games. Record the advance ticket sales on April :30. Record the revenue earned for the first home game played on August 14. "V B. C. D. E.

M Corp. receives advance payments with special orders for containers constructed to customer specifications. Related information for 2022 is as follows ($ in millions):          Customer advances balance, Dec. 31, 2021 $ 100   Advances received with 2022 orders   204   Advances applicable to orders shipped in 2022   189   Advances from orders canceled in 2022   53      What amount should M Corp. report as a current liability for advances from customers in its December 31, 2022, balance sheet?   Multiple Choice   $62 million.   $0.   $304 million.   $115 million.

Roeker Company provides information systems consultation services to large companies in the Chicagoland area. Due to a dip in the economy, Roeker has increased the percentage of credit sales which it believes will be uncollectible from 3.0% to 3.2% for 2019. Roeker's consulting services provided revenues of $700,000 in 2019. During 2020, Roeker has write-offs of $750 related to goods purchased in 2019. Prior to the write-off for the $750 default, Roeker's accounts receivable and allowance for doubtful accounts balances were $480,000 and $232 (credit), respectively. Required: Question Content Area 1.  Prepare the journal entry to record the defaulted account. Question Content Area 2.  Prepare the adjusting entry to record the bad debt expense for 2019.

McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $2,400,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney's management decides that $7,300 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co. receives a check from Mangold Corporation for $7,300. Required: Prepare the journal entries for McKinney to record the collection of the account previously written off

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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.7 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.   2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)   Journal entry worksheet Record the adjusting entry for interest for Precision Castparts. Record the adjusting entry for interest for Midwest Bank. Note: Enter debits before credits.         Date General…