Accounting for Receivables

Problem-9: Accounting for Receivables

Presented below are selected transactions of Molina Company, Molina sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30.
3Dodson Company returned merchandise worth $500 to Molina.
9Molina collected the amount due from Dodson Company from the March 1 sale.
15Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card.
31Molina added 1.5% monthly interest to the customer's credit card balance.

Instructions

Prepare journal entries for the transactions above.

Solution

Molina Company
Journal Entries

Problems: Accounting for Receivables

At December 31, 2018, House Co. reported the following information on its balance sheet. Accounts r...

  Read More

Information related to Mingenback Company for 2019 is summarized below. Total credit sales$2,500,00...

  Read More

Presented below is an aging schedule for Halleran Company. At December 31, 2019, the unadjusted b...

  Read More

Rigney Inc. uses the allowance method to estimate uncollectable accounts receivable. The company pro...

  Read More

At December 31, 2019, the trial balance of Darby Company contained the following accounts before adj...

  Read More

Farwell Company closes its books monthly. On September 30, selected ledger account balances are: ...

  Read More

On January 1, 2019, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and A...

  Read More

Winter Company's balance sheet at December 31, 2020, is presented below. During January 2021, the...

  Read More

Presented below are selected transactions of Molina Company, Molina sells in large quantities to oth...

  Read More

Presented below are two independent situations On January 6, Brumbaugh Co. sells merchandise on acc...

  Read More

The Jedger of Costello Company at the end of the current year shows Accounts Receivable $110,000, Sa...

  Read More

Menge Company has accounts receivable of $93,100 at March 31. Credit terms are 2/10, n/30. At March ...

  Read More

At December 31, 2019, Finzelberg Company had a credit balance of $15,000 in Allowance for Doubtful A...

  Read More

On December 31, 2019, Ling Co. estimated that 2% of its net sales of $450,000 will become uncollecti...

  Read More

Presented below are two independent situations. On March 3, Kitselman Appliances sells $650,000 of ...

  Read More

Presented below are two independent situations. On April 2, Jennifer Eiston uses her JCPenney Compa...

  Read More

Colaw Stores accepts both its own and national credit cards. During the year, the following selected...

  Read More

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 month...

  Read More

Record the following transactions for Redeker Co. in the general journal. 2020 May 1Received a $9,...

  Read More

Vandiver Company had the following select transactions Apr. 1, 2019Accepted Goodwin Company's 12-mo...

  Read More

On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 9% not. at the maturity dat...

  Read More

Kerwick Company had accounts receivable of $100,000 on January 1, 2020. the only transactions that a...

  Read More

Minhajur Rahaman

Most Reading Solutions

Anya Clark opened Anya's Cleaning Service on July 1, 2019. During July, the following transactions w...

  Read More

On Nobember 1, 2019, the account balances of Hamm Equipment Repair were as follows During Novembe...

  Read More

The trial balance columns of the worksheet for Wareen Roofing at March 31, 2019, are as follows. Wa...

  Read More

Renner Hardware Store completed the following merchandising transactions in the month of May. At the...

  Read More

Emily Valley is a licensed dentist. During the first month of the operation of her business, the fol...

  Read More

Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2019. The trial balance a...

  Read More

Mac's Motel opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as ...

  Read More

Maquoketa Services was formed on May 1, 2018. The following transactions took place during the first...

  Read More

The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end ...

  Read More

On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were compl...

  Read More

The Starr Theater, owned by Meg Vargo will begin operation in March. The Starr will be unique in tha...

  Read More

Kern's Book Warehouse distributes hardcover looks to retail stores and extends credit terms of 2/10,...

  Read More

Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transacti...

  Read More

The adjusted trial balance columns of the worksheet for Thao Company, owned by D. Thao, are as follo...

  Read More

You are provided with the following information for Koetteritz Inc. for the month ended June 30, 201...

  Read More

At the beginning of the current season on April, the ledger of Gage Pro Shop showed Cash $3,000. Inv...

  Read More

Judi Salem opened a law office on July 1, 2018. On July 31, the balance sheet showed Cash $5,000, Ac...

  Read More

The ledger of Passehl Rental Agency on March 31 of the current year includes the selected accounts, ...

  Read More

Johnson Graphics Company was organized on January 1, 2019, by Cameron Johnson. At the end of the fir...

  Read More

Big Box Store is located in midtown Madison. During the past several years, net income has been decl...

  Read More

Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2018. The following transa...

  Read More

At December 31, 2019, Grand Company reported the following as plant assets. During 2020, the foll...

  Read More

Alena Co. was organized on July 1, 2019. quarterly financial statements are prepared. The unadjusted...

  Read More

Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the curren...

  Read More

On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The com...

  Read More

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had...

  Read More

In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in th...

  Read More

At December 31, 2018, House Co. reported the following information on its balance sheet. Accounts r...

  Read More

Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts, Information rela...

  Read More

Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash112 Accoun...

  Read More

On January 1, 2020, Geffrey Corporation had the following stockholders equity accounts. Common St...

  Read More

On January 1, 2020, the ledger of Accardo Company contains the following liability accounts. Accoun...

  Read More

Devin Wolf Company has the following balances in selected accounts on December 31, 2019 All the a...

  Read More

The trial balance of Avtar Sandhu Co. Shown below does not balance AVTAR SANDHU CO.Trial BalanceJun...

  Read More

Dempsey Inc is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method...

  Read More

On January 1, 2019, Evers Company purchased the following two machines for use in its production pro...

  Read More

The chart of accounts of LR Company includes the following selected accounts. 112 Accounts Receiv...

  Read More

The following are selected transactions of Blanco Company. Blanco prepares financial statements quar...

  Read More

The completed financial statement columns of the worksheet for Bray Company are shown as follows. B...

  Read More

Vang Management Services began business on January 1, 2019, with a capital investment of $120,000. t...

  Read More

Kozma Company's chart of accounts includes the following selected accounts. 101 Cash112 Accounts ...

  Read More

Presented below is an aging schedule for Halleran Company. At December 31, 2019, the unadjusted b...

  Read More

Moath Company reports the following for the month of June. Instructions Compute the cost of en...

  Read More

Information related to Kerber Co. is presented below On April 5, purchased merchandise from Wilkes ...

  Read More

A review of the ledger of Remina Company at December 31, 2019, produces the following data pertainin...

  Read More

Lott Company uses a job order cost system and applies overhead to productions on the basis of direct...

  Read More

On June 1, Cindy Godfrey started Divine Designs Co., a company that provides cash opportunities by i...

  Read More

the number having all the three T and S but not C only C

  Read More

On May 1, 2019, Herron Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated M...

  Read More

DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, ...

  Read More

Completing the Accounting Cycle  Adjusting the Accounts  Accounting for Merchandising Operations  The Recording Process  Accounting in Action  Inventories  Plant Assets, Natural Resources, and Intangible Assets  Accounting for Receivables  Accounting Information Systems  Corporations: Dividends, Retained Earnings, and Income Reporting  Current Liabilities and Payroll Accounting  Job Order Costing  Sets  Long-Term Liabilities  Corporations: Organization and Capital Stock Transactions