 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash.
Alternative a:
Date General Journal Debit Credit July 1, 2011 Alternative b: Date General Journal Debit Credit July 1, 2011 (2) Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank. (Omit the "$" sign in your response.) Alternative a: Date General Journal Debit Credit July, 2011 July 31, 2011 Alternative b: Date General Journal Debit Credit July 31, 2011 |
||||
Check out some similar questions!
If a company has $49,800 in Accounts Payable, $117,375 in Accounts Receivable, $306,000 in Cash and $7,500 in Supplies, what is the net income for this company? Explain answer.
E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and...
Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable period, Inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance sheet data: Beginning of Year ...
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
