Acct and Fin Homework Wk #5

In: Business and Management

Submitted By cyndod
Words 402
Pages 2
P8-6A
Jan 1,2012 Accounts Receivable – Sather Company 54,200 Sales Revenue 54,200 (to record sales on account)
Jan 1,2012 Bad Debt Expense 3,700 Allowance for Doubtful Accounts 3,700 (adjust account to estimate uncollected monies)
Jan 5,2012 Accounts Receivable – Noel Company 4,000 Sales Revenue 4,000 (record sales on account)
Feb 2, 2012 Note Receivable 4,000 Accounts Receivable – Noel Company 4,000 (record acceptance of Noel Company note)
Feb 12, 2012 Accounts Receivable – Lima Company 12,000 Sales Revenue 12,000 (record sales on account)
Feb 12, 2012 Note Receivable 12,000 Accounts Receivable – Lima Company 12,000 (record acceptance of Lima Company note)
Feb 26, 2012 Accounts Receivable – Hubbard Company 5,200 Sales Revenue 5,200 (record sales on account)
April 5, 2012 Note Receivable 5,200 Accounts Receivable – Hubbard Company 5,200 (record acceptance of Hubbard Company note)
April 12, 2012 Cash 12,199.20 Note receivable – Lima Company 12,000 Interest Revenue 199.20 (record collection of note and interest)
June 2, 2012 Cash 4,119.88 Note receivable – Noel Company 4,000 Interest Revenue 119.88 (record collection of note and interest)
June 15, 2012 Accounts Receivable 2,000 Sales Revenue 2,000
June 15, 2012 Note Receivable 2,000 Account Receivable 2,000

E9-8
Jan 1, 2012 Accumulated Depreciation - Equipment 62,000 Equipment 62,000 ( record the retirement of machinery)

June 30, 2012 Cash 5,000 Accum Depreciation - Equipment 24,000 Equipment 36,000 Loss on disposal of PPE asset 7,000 (record sale of computer at loss)
36,000/3=12,000
5,000-(36,000-24,000)=7,000

Dec 31,2012 Cash…...

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