FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by t…
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable ari…
Question

AM. 121.

Presented below is information for Jones Company. Beginning -of-the-year Accounts Receivable balance was $15,000. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. Collections on accounts receivable during the year were $70,000.
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Transcribed Image Text:Presented below is information for Jones Company. Beginning -of-the-year Accounts Receivable balance was $15,000. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. Collections on accounts receivable during the year were $70,000.
Prepare (summary) journal entries to record the items noted above. Of 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. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. 3. Cash Due from Factor Lass on Sale of Receivables Accounts Receivable Recourse Liability Debit LOOOOO 22750 1250 2200 Credit 25000 1200
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Transcribed Image Text:Prepare (summary) journal entries to record the items noted above. Of 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. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. 3. Cash Due from Factor Lass on Sale of Receivables Accounts Receivable Recourse Liability Debit LOOOOO 22750 1250 2200 Credit 25000 1200
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