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Chapter 7: Accounting for Receivables

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Financial & Managerial Accounting
Pages: 320 - 355

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87 Questions for Chapter 7: Accounting for Receivables

  1. At December 31, Folgeys Coffee Company reports the following results for its calendar year.

    Found on Page 346
  2. At December 31, Folgeys Coffee Company reports the following results for its calendar year.

    Found on Page 346
  3. At December 31, Folgeys Coffee Company reports the following results for its calendar year.

    Found on Page 346
  4. Daw Company’s December 31 year-end unadjusted trial balance shows a $10,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare any necessary journal entries for December 31 and for the note’s maturity date assuming it is honored.

    Found on Page 344
  5. Prepare journal entries for the following selected transactions of Danica Company for 2016. 2016

    Found on Page 346
  6. Record the sale by Balus Company of $125,000 in accounts receivable on May 1. Balus is charged a 2.5% factoring fee.

    Found on Page 344
  7. Refer to the information in Exercise 7-11 and prepare the journal entries for the following selected transactions of Danica Company for 2017. 2017

    Found on Page 346
  8. The following data are taken from the comparative balance sheets of Ruggers Company. Compute and interpret its accounts receivable turnover for year 2017 (competitors average a turnover of 7.5).

    Found on Page 344
  9. Prepare journal entries to record these selected transactions for Vitalo Company (assume that no reversing entries are recorded).

    Found on Page 346
  10. Prepare journal entries to record the following selected transactions of Ridge Company.

    Found on Page 347

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