Accounting Week 1 Answer

Week 1 break Exercises Solution March1Accounts payableCC Company3,000 sales3,000 3Sales Returns and Allowancesergocalciferol Accounts dueCC Company500 9Cash2,450 Sales Discounts ($2,500 X 2%)50 Accounts receivableCC Company2,500 15Accounts due400 Sales400 31Accounts Receivable ($400 X 1.5%)6 Interest revenue6 Allowance for tentative Accounts13,000 Accounts Receivable13,000 Accounts Receivable1,800 Allowance for Doubtful Accounts1,800 Cash1,800 Accounts Receivable1,800 mischievously Debts expense15,200 Allowance for Doubtful Accounts15,200 [$19,000 ($15,000 $13,000 + $1,800)] (a)2011 Nov.1Notes Receivable15,000 Cash15,000 Dec.

11Notes Receivable6,750 Sales6,750 16Notes Receivable4,000 Accounts ReceivableReber4,000 31Interest Receivable295 Interest Revenue295* *Calculation of chase revenue: Givenss nock:$15,000 X 10% X 2/12 = $250 ruralists note: 6,750 X 8% X 20/360 = 30 Rebers note:4,000 X 9% X 15/360 =     15 Total accrued participation$295 (b)2012 Nov.1Cash16,500 Interest Receivable250 Interest Revenue1,250* Notes Receivable15,000 *($15,000 X 10% X 10/12) 2011 whitethorn1Notes Receivable7,500 Accounts ReceivableJulia ??Gonzalez7,500 Dec.31Interest Receivable500 Interest Revenue500 ??($7,500 X 10% X 8/12) 31Interest Revenue500 Income Summary500 2012 May1Cash8,250 Notes Receivable...If you want to get a full essay, battle troops it on our website: Ordercustompaper.com

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