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On April 1, 2014, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2014. The assignment agreement calls for Rashee...
See AnswerQ: The trial balance before adjustment for Phil Collins Company shows the following
The trial balance before adjustment for Phil Collins Company shows the following balances. Instructions Using the data above, give the journal entries required to record each of the following...
See AnswerQ: Ames Quartet Inc. factors receivables with a carrying amount of $
Ames Quartet Inc. factors receivables with a carrying amount of $200,000 to Joffrey Company for $160,000 on a with recourse basis. Instructions The recourse provision has a fair value of $1,000. T...
See AnswerQ: On December 31, 2014, Oakbrook Inc. rendered services to
On December 31, 2014, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of $2...
See AnswerQ: Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen
Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivab...
See AnswerQ: JFK Corp. factors $300,000 of accounts receivable with
JFK Corp. factors $300,000 of accounts receivable with LBJ Finance Corporation on a without recourse basis on July 1, 2014. The receivables records are transferred to LBJ Finance, which will receive...
See AnswerQ: On July 1, 2014, Agincourt Inc. made two sales
On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The...
See AnswerQ: On December 31, 2012, Ed Abbey Co. performed environmental
On December 31, 2012, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $200,000 zero-interest-bearing note due Dec...
See AnswerQ: Presented below is information for Jones Company.1. Beginning
Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer c...
See AnswerQ: Use the information for Jones Company as presented in E7-20
Use the information for Jones Company as presented in E7-20. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will be transferred to Credit Fact...
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