Current Attempt in Progress Sheridan Ltd. factors receivables with a carrying amount of £220,000 to Warren Company for £176,000 and guarantees all credit losses. Prepare the appropriate journal entry to record this transaction on the books of Sheridan Ltd. (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.) Account Titles and Explanation Debit Credit
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- Flynn Company determines that it cannot collect $8,300 of its accounts receivable from its customer, MDC. Record the journal entry required of Flynn under (a) the direct write-off method and (b) the allowance method. View transaction list Journal entry worksheet 1 Record the write off under the direct write-off method. 2 Note: Enter debits before credits. Transaction a. General Journal Debit CreditTeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should record the transaction as a debit to accounts receivable-A DR circuits and a credit to cash. True or false?A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was charged for processing the returned cheque. Upon notification of the NSF, the company who initially received the customer’s cheque will most likely 1. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit the accounts receivable for the bank service fee of $15. 2. reverse the customer’s payment on their books to re-establish the accounts receivable for $455. 3. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit bank charges expense for the bank service fee of $15. 4. make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding.
- If Metlock Company uses the allowance method to account for uncollectible accounts, journalize the entry if on May 8 Metlock determined that Randal Company's $760 balance is uncollectible. (List debit entry before credit entry. 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.) Date Account Titles and Explanation May 8 Bad Debt Expense Allowance for Doubtful Accounts Debit 760 Credit 760Coasters Co. issued a note receivable to a customer. The customer made payment, principal and interest, directly to the Coaster’s bank. What would be included in the journal entry to adjust for this payment? Debit to interest expense Debit to notes receivable Credit to interest income No journal entry needed Credit to cashAccompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.
- Accompanying a bank statement for Borden Company is a credit memo for $15,225 representing the principal ($15,000) and interest ($225) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. UDA debit or credit memo describing entries in the company's bank account may be enclosed with the bank statement. An example of a credit memo is Oa. a deposited check returned for insufficient funds Ob. a service charge Oc. notification that a customer's check for $375 was recorded by the company as $735 on the deposit ticket Od. collection of a note receivable for the companyTheta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes off the account using the direct write-off method on June 16. On August 21, CorpCo pays the $6,300 to Theta Company. Journalize the entry for the reinstatement of the account receivable and receipt of cash on August 21. You may omit posting references. If an amount box does not require an entry, leave it blank. Aug. 21 Aug. 21
- Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 one-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (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.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (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…On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Bal Jan. 1, 2021 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 eTextbook and Media List of Accounts Question Part Score Prepare journal entries to record the note and the first instalment payment. (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.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021