ACC 100 Accounting Principles I Week 9 Homework Exercises 8 and 9 help

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Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 Loaned $30,750 cash to Manny Lopez on a 12-month, 8% note. Sold goods to Ralph Kremer, Inc., receiving a $87,000, 90-day, 6% note. 16 Received a $43,520, 180 day, 15% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Brief Exercise 9-10 Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) (a) Date of Note Terms April 1 60 days $599,400 5% 30 days 58,300 % 139,800 9% (b) July 2 (c) March 6 7 months Maturity Date Principal Annual Interest Rate Total Interest $ $583 $ Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Brief Exercise 9-5 At the end of 2014, Carpenter Co. has accounts receivable of $730,770 and an allowance for doubtful accounts of $73,780. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,640. On March 4, 2015, Carpenter Co. receives payment of $6,640 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection from Gray) Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Exercise 8-7 Setterstrom Company established a petty cash fund on May 1, cashing a check for $110.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.25. July 1: Cash in fund $5.75. Receipts: delivery expense $30.75; postage expense $38.00; and miscellaneous expense $35.50. Receipts: delivery expense $21.25; entertainment expense $50.25; and miscellaneous expense $32.75. On July 10, Setterstrom increased the fund from $110.00 to $140.00. Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1 June 1 July 1 July 10 Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Exercise 9-9 Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Jan. 15 20 Feb. 10 15 Made Colaw credit card sales totaling $35,000. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 3%) totaling $6,100. Collected $11,200 on Colaw credit card sales. Added finance charges of 2% to Colaw credit card account balances. (a) Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 15 Jan. 20 Feb. 10 Feb. 15 Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Brief Exercise 8-13 At July 31, Ramirez Company has the following bank information: cash balance per bank $8,379, outstanding checks $706, deposits in transit $1,797, and a bank service charge $24. Determine the adjusted cash balance per bank at July 31. The adjusted cash balance per bank $ Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Brief Exercise 9-5 At the end of 2014, Carpenter Co. has accounts receivable of $730,770 and an allowance for doubtful accounts of $73,780. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,640. On March 4, 2015, Carpenter Co. receives payment of $6,640 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection from Gray) Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Exercise 8-7 Setterstrom Company established a petty cash fund on May 1, cashing a check for $110.00. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.25. July 1: Cash in fund $5.75. Receipts: delivery expense $30.75; postage expense $38.00; and miscellaneous expense $35.50. Receipts: delivery expense $21.25; entertainment expense $50.25; and miscellaneous expense $32.75. On July 10, Setterstrom increased the fund from $110.00 to $140.00. Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1 June 1 July 1 July 10 Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: KENYETTA KEYS ACC100264VA016-1164-001: Accounting I / Homework - Chapters 8 & 9 *Brief Exercise 8-9 On March 20, Dody’s petty cash fund of $110 is replenished when the fund contains $7 in cash and receipts for postage $46, freight-out $13, and travel expense $38. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20 Question Attempts: 0 of 3 used Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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Explanation & Answer

Good afternoon,Attached in the Excel file below, please find the completed solutions for all the problems posted above. Thank you again for choosing me!

9.10 Journal Entries:
Date
Nov. 1

Dec. 11

Dec. 16

Dec. 31

Account Title
8% Note Receivable
Cash

Debit

Credit
30,750
30,750

6% Note Receivable
Sales

87,000

15% Note Receivable
Account Receivable

43,520

87,000

43,520

Interest Receivable
Interest Re...


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