Cash and Receivables
ASSIGNMENT CLASSIFICATION TABLE
Topics
Questions
Brief
Exercises
Exercises
Problems
1.
Accounting for cash.
1, 2, 3, 4, 21
1
1, 2
1
2.
Accounting for accounts receivable, bad debts, other allowances.
5, 6, 7, 8, 9,
10, 11, 12,
13, 14, 15
2, 3, 4, 5
3, 4, 5, 6, 7,
8, 9, 10, 11,
12, 18, 19
2, 3, 4, 5,
6, 10, 11
1, 2, 3, 4,
5, 10, 11
3.
Accounting for notes receivable. 13, 14
6, 7, 8
18, 19
8, 9
6, 7, 8, 9
4.
Assignment and factoring of accounts receivable. 16, 17, 18, 19
9, 10, 11,
12
13, 14, 15,
16, 17
7, 12
6, 8
5.
Analysis of receivables.
20
13
20, 21
1, 12
Petty cash and bank
reconciliations. …show more content…
2. June 3 Accounts Receivable—Chester
Arthur...........................................................
Sales ($3,000 X 98%)............................
7-20
3,000
3,000
2,940
60
3,000
2,940
2,940
EXERCISE 7-5 (Continued)
June 12 Cash ............................................................... 2,940
Accounts Receivable—Chester
Arthur ($2,940) ..................................
(b)
2,940
July 29 Cash ............................................................... 3,000
Accounts Receivable—Chester
Arthur.................................................
Sales Discounts Forfeited ..................
2,940
60
(Note to instructor: Sales discounts forfeited could have been recognized at the time the discount period lapsed. The company, however, would probably not record this forfeiture until final cash settlement.) EXERCISE 7-6 (15-20 minutes)
July 1
July 10
Accounts Receivable .............................
Sales...............................................
20,000
Cash.........................................................
Sales Discounts …show more content…
Finance Charge ($6,000 X 6%) .....................
Notes Payable ......................................
7/11
Accounts Receivable....................................
Sales Discounts Forfeited ..................
5,640
360
Account Receivable—Harding Co...............
Sales Discounts Forfeited ..................
($8,000 – X 2%)
160
180
6,000
160
This entry may be made at the next time financial statements are prepared. Also, it may occur on 12/29 when Harding Company’s receivable is adjusted.
12/29 Allowance for Doubtful Accounts ...............
Accounts Receivable—Harding Co. ..
[$7,840 + $160 = $8,000;
$8,000 – (10% X $8,000) = $7,200]
7-25
7,200
7,200
EXERCISE 7-13 (10-15 minutes)
(a) Cash ..................................................................
Finance Charge ................................................
Notes Payable .........................................
192,000
8,000*
200,000
*2% X $400,000 = $8,000
(b) Cash ..................................................................
Accounts Receivable..............................
350,000
(c) Notes