1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Grace [21]
3 years ago
5

On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customer

s 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. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
harina [27]3 years ago
6 0

Answer:

The Journal entries are as follows:

(i) On July 4,

Accounts receivable A/c         Dr. $7,245

To sales                                                      $7,245

(To record sold merchandise)

(ii) On July 4,

Cost of goods sold A/c        Dr. $5,000

To Merchandise inventory                      $5,000

(To record cost of goods sold)

(iii) On July 9,

Factoring fee expense A/c Dr.  $800

Cash A/c                               Dr. $19,200

To Accounts receivable                            $20,000

(To record sold accounts receivables)

(iv) On July 17,

Cash A/c      Dr. $5,859

To accounts receivables        $5,859

(To record cash received from accounts receivables)

(v) On July 27,

Cash A/c     Dr. $10,000

To Notes payable             $10,000

(To record borrowing from bank)

(vi) No entry for accounts receivable as security for the loan.

You might be interested in
The ppt slides suggest the use of control charts and using deming's ideas of quality control to help with the management of asth
hichkok12 [17]
<span>The Deming's ideas of QC work in any process, including health conditions. If the randomly chose asthma patients are checked regularly/periodically and they follow the Demings' rule, it may be concluded that the treatment regime is successful at the required levels of health.</span>
6 0
3 years ago
North Around, Inc. stock is expected to return 22 percent in a boom, 13 percent in a normal economy, and −15 percent in a recess
almond37 [142]

Answer:

4.53%

Explanation:

Data provided in the question:

Expected return = ∑ (Return × probability)

Thus,

Expected return = (0.06 × 22) + (0.92 × 13) + (0.02 × (-15))

= 12.98%

Now,

Probability       Return        Probability × (Return-Expected Return)²

0.06                  22                   0.06 × (22% - 12.98%)² = 4.8816

0.92                  13                    0.92 × (13% - 12.98%)² = 0.000368

0.02                  -15                   0.02 × (-15% - 12.98%)² = 5.657608

========================================================

                                                                            Total = 20.5396%

Standard deviation = \sqrt{\frac{\text{Total probability}\times(\text{Return-Expected Return})^2}{\text{Total probability}}

= √(20.5396)

= 4.53%

6 0
3 years ago
Consumer​ surplus:
elena-14-01-66 [18.8K]

Consumer surplus is the difference between the maximum amount the consumer is willing to pay for the price of the good and the price that was actually paid by the consumer or commonly known as the current market price. The price that the consumer is willing to pay is determined by the demand curve in the market.

8 0
3 years ago
Read 2 more answers
All of the following are among the methods project managers can use to develop individual and team capabilities EXCEPT:A. teach
Neporo4naja [7]

Answer:

C. Utilize coercive powers

Explanation:

Utilizing coercive powers will make the individual and team feel intimidated which would make them inconfident of themselves

3 0
3 years ago
What are the fundamental differences between mutual funds and hedge funds?
Nady [450]
The correct answers are: 

<span>A.)mutual funds are more strictly regulated than hedge funds
</span><span>D.)mutual funds collect money from investors while hedge funds from companies

Mutual funds are investment programs that are funded by shareholders while hedge funds are invested funds from borrowed money. In terms of an investment program, mutual funds are more effective.</span>
6 0
3 years ago
Read 2 more answers
Other questions:
  • What is meant by the term effective with respect to advertising?
    14·1 answer
  • Rewrite the following equation in standard form y=8x+2
    7·1 answer
  • To encourage employee ownership of the company's common shares, KL Corp. permits any of its employees to buy shares directly fro
    6·1 answer
  • John buys a watch for $100 at a vintage store. Later, the store learns that the watch was worn by Sean Connery in a James Bond m
    15·1 answer
  • On September 1, 2021, Middleton Corp. lends cash and accepts a $4,000 note receivable that offers 10% interest and is due in six
    14·2 answers
  • Pelican, Inc. had revenues of $395,000, expenses of $155,000, and dividends of $54,000 during the current year. Based on the giv
    13·1 answer
  • What is the purpose of the customs department of a country’s government?
    7·1 answer
  • Natural resources occur in the environment.
    7·1 answer
  • On January 1, 2020, Grand Haven, Inc., reports net assets of $880,250 although equipment (with a four-year remaining life) havin
    8·1 answer
  • Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,700 of dir
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!