Assigning Accounts Receivable

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• Prepare Journal Entries for Factoring Accounts Receivable

  449521 Prepare Journal Entries for Factoring Accounts Receivable 4.

• Journalizing various receivable transactions.

  Solution is provided in a separate excel file attached as follows. 1 Selling the Accounts Receivable to Factor on the terms of 10% finance charge without recourse.. 2 Assigning the Accounts Receivable to the lender on the terms of 10% finance

• Cash and receivables journal entries

  QUESTION ONE: Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.

• LMN Co.

  debit Allowance for Doubtful Accounts; credit Accounts Receivable debit Sales Returns and Allowance, credit Accounts Receivable debit Uncollectible Accounts Expense; credit Allowance for Doubtful Accounts debit Accounts Receivable

• Leis Co.

  Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5.

• Days in Accounts Receivable

  To get the Accounts Receivable Days, we need the per days sales.Dividing the accounts receivable figure by the per days sales gives us the days in accounts receivable.

• ABC company estimate sales method accounting

  debit Cash, $6,060; credit Notes Receivable, $6,060 debit Accounts Receivable, $6,060; credit Notes Receivable, $6,000; Credit Interest Receivable, $60 debit Notes Receivable, $6,060; credit Accounts Receivable, $6,060 debit

• Working with Receivables

  in Accounts Receivable, Allowance for Uncollectible Accounts, and net Accounts receivable at October 31st.

• Tiny Company: Compute the balance of accounts receivable

  that account receivables should show: Accounts Receivable Balance = Total Accounts Receivable - Collections from Customers Accounts Receivable Balance = $68,000 - $48,000 Accounts Receivable Balance = $20,000 Amount of overage