On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions.

Bank Alfatih earned an annual profit amounting to USD1,500,000 through a Mudharaba Mutlaqah deposit account. The profit sharing ratio between the bank and the depositors of the Mudharaba deposit account is (40:60) respectively. The table below contains data on the deposit types that are available, average balance needed, and the weights that are used.   Deposit Types Average balance Weights 1 month 300,000 0.5 3 months and less 400,000 0.8 6 months and less 600,000 1 12 months and less 800,000 1.25 Total 2,100,000     Calculate the total depositors’ share from the annual profit.  Calculate the weighted average balance for each type of deposits.

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on credit during October were $286,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $105,000 balance in Accounts Receivable. During October, the company collected $105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $107,500 of cash receipts and $108,150 of cash disbursements. The October 31 Cash balance was $21,100. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C On September 30, Valerian Company had a $105,000 balance in Accounts…

(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &

On January 15, Tundra Co. sold merchandise to customers for cash of $45,000 (cost $30,600). Merchandise costing $11,400 was sold to customers for $17,000 on January 17; terms 2/10, n/30. Sales totalling $321,500 (cost $216,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $78,600 (cost $52,700) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual inventory system). View transaction list Journal entry worksheet Record the sale of merchandise on terms 2/10, n/30.

At January 1, 2015, Windy Mountain Flagpoles had accounts receivable of $30,000 and allowance for bad debts had a credit balance of $3,000. During the year, Windy Mountain Flagpoles recorded the following: Sales of $178,000 ($158,000 on account; $20,000 for cash) Collections on account, $124,000 Write-offs of uncollectible receivables, $2,800 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Question 1 Requirements Journalize Windy's transaction that occurred during 2015. The company uses the allowance method. Post Windy's transaction to the account receivable and allowance for bad debts T-accounts Journalize Windy's adjustment to record bad debts expense assuming Windy estimate bad debts as 4% of credit sales. Post the adjustment to the appropriate T-accounts. Show how Windy Mountain Flagpoles will report net accounts receivable on its December 31, 2015 balance sheet. Question 2 Requirements Journalize…

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3. On March 3, Greentree Appliances sells $480,000 of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of 6% of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor. Date Account Titles and Explanation Ref Debit Credit EXTRA CREDIT: List two advantages to Greentree due to using a factor.

Presented below is information from Culver Computers Incorporated. July 1 Sold $14,100 of computers to Larkspur Company with terms 3/15, n/60. Culver uses the gross method to record cash discounts. 10 Culver received payment from Larkspur for the full amount owed from the July 1 transaction. 17 Sold $108,100 in computers and peripherals to The Clark Store with terms of 3/10, n/30. 30 The Clark Store paid Culver for its purchase of July 17. Prepare the necessary journal entries for Culver Computers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.