Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkins’s account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. Record the necessary transactions.

Following are selected transactions of Youth Inc. during December 2016.   Dec 1:  Youth accepted a one year 8% note receivable from a new customer, GGC.  The note is in settlement of an existing $1,500 account receivable.  The note plus interest is due on November 30, 2016.   Dec 8:  An account receivable from JJ in the amount of $700 is determined to be uncollectible and is written off against the Allowance for Doubtful Accounts.   Dec 15:  Received $200 from one of its clients.  Originally this amount was written off as uncollectible since Youth never expected to receive this amount from its client.   Additional information for adjusting entries is as follows:   An aging of accounts receivable indicates very likely uncollectible accounts totaling $9,000.  Prior to the month-end adjustment, the Allowance for Doubtful Accounts had a credit balance of $5,210. Accrued interest revenue on the note receivable from GGC dated December 1, 2016.   Prepare the journal entries for December…

Find the outstanding balance due at the end of the credit period.  Susanne purchased merchandise with a net price of $347,500 with terms of sale of 4/15 n45. She makes a $150,000 partial payment on day 14.

Provide the general journal entries of the following transactions of The Pet Whiskers Company. Received a $10,000, 8%, 3-month note, dated July 1, from Peter in payment of his open account. July 1 Oct. 1 Received notification from Peter that he was unable to honor his note at this time. It is expected that Frank will pay at a later date. Received full payment from Peter for his noTe receivable previously dishonored. Nov. 15

On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112.500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of Loudoun's recording the restablishment of the receivable on April 4, Year 2? Cash 蛋蛋蛋白 NA a. b. NA C. NA d. NA Assets Multiple Choice + Net Realizable Value - 1,050 (1,050) (1,050) (1,050) 1,050 (1,050) Option A Option Balance Sheet Option C Liabilities + Accounts Payable + NA + NA (1,050) 1,050 + Stockholders' Equity Retained earnings NA (1,050) NA NA Common Stock NA NA NA (1,050) Revenue NA (1,050) NA NA Income Statement Expenses NA NA NA 1,050. = Net Income NA (1,050) NA (1,050) Statement of Cash Flows NA NA NA NA

- (a) On March 3, Kitseiman Appliances sells $667,200 of its receivables to Blossom Inc. Blossom assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 3 Date Account Titles May 10 (b) On May 10, Fillmore Company sold merchandise for $13,000 and accepted the customer's America Bank MasterCard. America Bank charges a 2% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Account Titles Credit Debit Credit

On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,900. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for merchandise. The merchandise had a cost to Rain T-Shirts of $220,300. The terms of the note are 24-month maturity date on December 31, 2019 at a 4.5% annual interest rate. Larry Potts does not pay on his account and dishonors the note. Record journal entries for Rain T-Shirts 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 maturity

On January 10, 2022, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30, On February 9, Robertsen Co. gave Cullumber Co.a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation) Date Jan 10 4 Feb. 9 # Debit Credit 1000

Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February   3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice.   Complete the given Purchases journal and Purchases returns journal for February 20.3.