Philnickelson
May 7, 2009, 10:52 AM
2. On the basis of the following data related to assets due within one year for Webb Co., prepare a partial balance sheet in good form at December 31, 2009. Show total current assets.
Cash $128,000
Notes receivable 50,000
Accounts receivable 275,000
Allowance for doubtful accounts 25,000
Interest receivable 1,000
11. Journalize the following transactions:
Mar. 1 Received a 60-day, 10% note for $24,000, dated today, from Turner Co. on account.
Apr. 30 Received amount due on note above.
Apr. 30 Received a 90-day, 10% note for $4,800, dated April 30, from Boxer Co. on account.
May 10 Discounted the note dated April 30 at First Regional Bank at a discount rate of 10%.
Cash $128,000
Notes receivable 50,000
Accounts receivable 275,000
Allowance for doubtful accounts 25,000
Interest receivable 1,000
11. Journalize the following transactions:
Mar. 1 Received a 60-day, 10% note for $24,000, dated today, from Turner Co. on account.
Apr. 30 Received amount due on note above.
Apr. 30 Received a 90-day, 10% note for $4,800, dated April 30, from Boxer Co. on account.
May 10 Discounted the note dated April 30 at First Regional Bank at a discount rate of 10%.