E 7.23 – Mountain High Ice Cream
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Prepare the journal entry to record the transfer on the books (with recourse)
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Prepare the journal entry to record the transfer on the books (with recourse)
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Given the amount of transferred accounts, percent factored receivables remitted and retained, fair value, recourse obligation, and the bank fee… prepare journal entry.
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Given the amount of notes receivable, the interest rate, and the discount rate… prepare journal entries to accrue interest while also recording the discount.
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Prepare journal entries for all receivables transactions that occurred, including the allowance method for uncollectible accounts, loan transactions, discounting notes, sales of merchandise, and adjusting entries. Round all calculations to the nearest dollar…. prepare journal entries for each transaction.
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Given the financial statements for three quarters… find the receivable turnover ratio and the average collection period.
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Given average net receivables for two years… find the net sales for the second year.
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Given a list of receipts and petty cash amounts… prepare a journal entry to establish the petty cash fund.
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Given currency and the receipts for expenditures… prepare the general journal.
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Given the checking account balance, cash receipts, service charge, and total checks… figure out the bank reconciliation.
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Given the balance sheet for July, the account balance, checks written, deposits, and bank disbursement… figure out the bank reconciliation for July and prepare the journal entry.
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