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    Soal Receivable

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    Mutia Riska
    The document contains 5 questions regarding receivables (piutang). Question 1 provides details of Vanoy Co.'s current receivables at December 31, 2010 and asks for the correct total of net receivables. Question 2 provides information regarding Ace Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for the year ended December 31, 2010. Question 3 provides details of Dent Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for 2010 after a year-end adjustment. Question 4 asks for journal entries to record estimates of uncollectibles using different percentages. Question 5 provides details of an accounts receivable factoring arrangement between Dexter, Inc. and Quick Finance and

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    Soal Receivable

    Uploaded by

    Mutia Riska
    94 views1 page
    The document contains 5 questions regarding receivables (piutang). Question 1 provides details of Vanoy Co.'s current receivables at December 31, 2010 and asks for the correct total of net receivables. Question 2 provides information regarding Ace Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for the year ended December 31, 2010. Question 3 provides details of Dent Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for 2010 after a year-end adjustment. Question 4 asks for journal entries to record estimates of uncollectibles using different percentages. Question 5 provides details of an accounts receivable factoring arrangement between Dexter, Inc. and Quick Finance and

    Original Title

    SOAL RECEIVABLE

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    The document contains 5 questions regarding receivables (piutang). Question 1 provides details of Vanoy Co.'s current receivables at December 31, 2010 and asks for the correct total of net receivables. Question 2 provides information regarding Ace Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for the year ended December 31, 2010. Question 3 provides details of Dent Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for 2010 after a year-end adjustment. Question 4 asks for journal entries to record estimates of uncollectibles using different percentages. Question 5 provides details of an accounts receivable factoring arrangement between Dexter, Inc. and Quick Finance and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    94 views1 page

    Soal Receivable

    Uploaded by

    Mutia Riska
    The document contains 5 questions regarding receivables (piutang). Question 1 provides details of Vanoy Co.'s current receivables at December 31, 2010 and asks for the correct total of net receivables. Question 2 provides information regarding Ace Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for the year ended December 31, 2010. Question 3 provides details of Dent Co.'s allowance for doubtful accounts and asks for its uncollectible accounts expense for 2010 after a year-end adjustment. Question 4 asks for journal entries to record estimates of uncollectibles using different percentages. Question 5 provides details of an accounts receivable factoring arrangement between Dexter, Inc. and Quick Finance and

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    RECEIVABLES (PIUTANG)

    1. On the December 31, 2010 statement of financial position of Vanoy Co., the current receivables consisted of the
    following:
    Trade accounts receivable $ 75,000
    Allowance for uncollectible accounts (2,000)
    Claim against shipper for goods lost in transit (November 2010) 3,000
    Selling price of unsold goods sent by Vanoy on consignment
    at 130% of cost (not included in Vanoy 's ending inventory) 26,000
    Security deposit on lease of warehouse used for storing
    some inventories 30,000
    Total $132,000
    At December 31, 2010, the correct total of Vanoy's current net receivables was?

    2. Ace Co. prepared an aging of its accounts receivable at December 31, 2010 and determined that the net realizable value
    of the receivables was $300,000. Additional information is available as follows:
    Allowance for uncollectible accounts at 1/1/10—credit balance $ 34,000
    Accounts written off as uncollectible during 2010 23,000
    Accounts receivable at 12/31/10 325,000
    Uncollectible accounts recovered during 2010 5,000
    For the year ended December 31, 2010, Ace's uncollectible accounts expense would be?

    3. For the year ended December 31, 2010, Dent Co. estimated its allowance for uncollectible accounts using the year-end
    aging of accounts receivable. The following data are available:
    Allowance for uncollectible accounts, 1/1/10 $56,000
    Provision for uncollectible accounts during 2010
    (2% on credit sales of $2,000,000) 40,000
    Uncollectible accounts written off, 11/30/10 46,000
    Estimated uncollectible accounts per aging, 12/31/10 69,000

    After year-end adjustment, the uncollectible accounts expense for 2010 should be?

    4. A trial balance before adjustment included the following:


    Debit Credit
    Accounts receivable $80,000
    Allowance for doubtful accounts 730
    Sales $340,000
    Sales returns and allowances 8,000

    Give journal entries assuming that the estimate of uncollectibles is determined by taking (1) 5% of gross accounts
    receivable and (2) 1% of net sales.

    5. On May 1, Dexter, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under
    the arrangement, Dexter was to handle disputes concerning service, and Quick Finance was to make the collections,
    handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total
    accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts.

    Instructions
    (a) Prepare the journal entry required on Dexter's books on May 1.
    (b) Prepare the journal entry required on Quick Finance’s books on May 1.
    (c) Assume Dexter factors the $800,000 of accounts receivable with Quick Finance on a with recourse basis
    instead. Prepare the journal entry required on Dexter’s books on May 1.

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