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    Accounts Payable and Accounts Receivable Questions

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    2. Please explain how would you record the following Invoices and payment in T accounts:

    - Invoice #1: Office supplies from Office Depot $150
    - Invoice #2: Interest accrual from loan acquired with Bank of America of $40,000
    - Invoice #3: Electricity bill from Reliant Energy $700
    - Payment of invoice #1 with a wire transfer
    - Reversal of invoice #3

    4. What kind of reports are usually run from the accounts payable module? Please select from the following answers:

    (A) - Profit and Loss report
    (B) - Cash Flow report
    (C) - Aging report
    (D) - Unpaid Bills
    (E) - Balance Sheet
    (F) - Other _____________________________

    5. Name the 3 accounts that are usually affected while recording accounts payables?

    (A) - Bank, accrued liabilities and an income account
    (B) - Accrued Liabilities, an expense account and Bank
    (C) - Expense account, accounts payable and an income account
    (D) - Bank, accounts payables, and an expense account
    (E) - Other _________________________________

    Accounts Receivable

    1. Please record the following entry for a product sold:

    Sales $12,450.00
    Deposit $ 1,867.50
    Financed amount $10,582.50
    Monthly payment$ 600.00

    2. Please record the cancellation of the sale in the previous question assuming that we kept the deposit:

    3. Please record the reserve for bad debt expense of $1,494:

    4. Please record the cash loan proceeds of $10,000,000 which includes a $75,000 non refundable good faith deposit.

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    Solution Summary

    In two Excel spreadsheets, the answers are clearly laid out and fully explained.