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pochemuha
2 years ago
6

On August 1, Sparky assigned $100,000 of the accounts receivable to B Bank and received 90% of the value of the accounts assigne

d less a finance fee of $1,000. B Bank charges 1% per month on the outstanding loan balance. Cash collections from assigned accounts are to be remitted monthly to B Bank to cover both principal and interest payments. During August Sparky collected $30,000 in cash of the accounts receivable assigned and also accepted sales returns of $3,000 from assigned accounts. During September, Sparky collected $50,000 in cash on accounts assigned and, in addition, wrote off $2,000 of assigned accounts receivable as uncollectible. As a result of these transactions, determine the ending balance in the Accounts Receivable Assigned and Note Payable.
Business
1 answer:
ryzh [129]2 years ago
3 0

Answer and Explanation:

The computation of the ending balance in the Accounts Receivable Assigned and Note Payable is shown below:

For account receivable assigned:

Beginning account receivable $100,000

cash collected -$300,000

Sales returns - $3,000

Cash collected during September -$50,000

Uncollectible account receivable -$2,000

Ending balance of the account receivable $15,000

For note payable

Beginning balance (90% of $100,000) $90,000

Interest on the loan (1% of $90,000) $900

Cash paid during the August -$30,000

Beginning balance of September $60,900

Interest paid (1% of $60,900) $609

Cash paid during September -$50,000

Ending balance $11,509

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