[realsmoove1]

1. Wolfe Company issued a 60 day, 8% note for $15,000, dated April 5, to Lamb Co. on account. What is the due date of the note, the maturity date, and journalize the entries to record the following: 1. Receipt of the note by payee, and 2. Receipt by the payee of the amount due on the note at maturity. Round the answers to the nearest $1

2. Journalize:
Mar 1 Rrecieved a 90 day, 10% note for $36,000, dated March 1, from Burke Co. on account.

May 30 The note of March 1 was dishonored.

Dec 11 Accepted $33,000 in full settlement of the amount owwed on the note dishonered on May 30. The allowance method of accounting for uncollectabl receivables used.

3. On the basis of the following data related to assets due within one year for Wally Co. prepare a partial balance sheet in good form at December 31, 2005. Show curent assets.
Cash... $125,000
Notes receivable... $50,000
Accounts receivable... $275,000
Allowance for doughtful accounts
... $25,000
Interest receivable... $1,000

4. Based on the following data and using a 365-day year, compute (a) the accounts receivable turnover and (b) the number of days' sales in receivables averages 19. (c) comment on this situation:
12/31/05 Accounts Receivable, net... $90,000
12/31/06 Accounts Receivable, net... $70,000
For the year ended 12/31/05, net credit sales... $1,250,000
For the year ended 12/31/06, net credit sales... $1,600,000

5. Small Co. received a $10,000, 12%, 90-day note, dated October 31, Ashley Co. discounted the note at the bank at 9%. Determine the items below and insert the answers in the spaces provided.
(a) Due date of note -----------
(b) Maturity value of note -----------
(c) Discount period ----------- days
(d) Discount amount -----------
(e) proceeds from discounting note --------
(f) interest------------- ------------
(insert Revenue or Expense)

Thank you, Realsmoove:)

[CaptainForest]

How do you think you would solve these?

We are here to assist you, not do your homework.

[luckysocks07]

I need help understanding bank reconciliation and the entries I am supposed to make. I'm not sure how they are coming up with these outstanding checks in the examples I am given in my course book. Can someone give me an example problem of a bank reconciliation, and show me how to figure out which checks are considered outstanding or not? I can post my problem here too... I don't want you to do my homework... I just need to understand where things are coming from for this assignment to make any sense to me. Thanks.

[morgaine300]

If you will please post this in your own thread I'll be happy to answer it. This may take a few posts if you don't understand it and I'd really prefer it not be tagged onto someone else's post. (Especially of unrelated topic.)

[King_Kevin]

Well I have a project to make my own business from scratch with a group and they happen to pick a nail salon ! My job is to create profit and loss , cash flow , balance sheet , business ratio , sales forecast , and break even analysis but I don't know where to start.