The June 30, 2013 balance sheet of the Upham Company included the following info

Question

The June 30, 2013 balance sheet of the Upham Company included the following information:

*The company has a recourse liability of $2,700 for notes receivable sold with recourse.

During the company’s fiscal year ending June 30, 2014, the following transactions occurred:

question

1. Prepare journal entries necessary for Upham to record the preceding transactions.

2. Prepare an analysis and schedule that shows the amounts of the accounts receivable.

Accounts Receivable

Prepare an analysis and schedule that shows allowance for doubtful accounts.

Allowance for Doubtful Accounts

Prepare an analysis and schedule that shows notes receivable.

Notes Receivable

Prepare an analysis and schedule that shows notes receivable dishonored accounts that will be disclosed on Upham's June 30, 2014 balance sheet.

Notes Receivable Dishonored

Accounts receivable $273,000 Less: Allowance for doubtful accounts (12,400) $260,600 Notes receivable* 23,900 Total receivables $284,500

Explanation / Answer

2. Prepare an analysis and schedule that shows the amounts of the accounts receivable.

Accounts Receivable

Prepare an analysis and schedule that shows allowance for doubtful accounts.

Allowance for Doubtful Accounts

Prepare an analysis and schedule that shows notes receivable.

Notes Receivable

Prepare an analysis and schedule that shows notes receivable dishonored accounts that will be disclosed on Upham's June 30, 2014 balance sheet.

Notes Receivable Dishonored

(1) Accounts Receivable $878500 Sales $878500 (2) Cash $834400 Accounts Receivable $834400 (3) Allowance for Doubtful Accounts $17200 Accounts Receivable $17200 (4) Notes Receivable $65000 Accounts Receivable $65000 (5) Cash $28000 Notes Receivable $28000 (6) Recourse Liability $42000 Loss on Sale of Receivables $42000 (7) Notes Receivable Dishonored $2270 Cash $2270 (8) Accounts Receivable $450 Allowance for Doubtful Accounts $450 Cash $450 Accounts Receivable $450 (9) Sales Returns and Allowances $1500 Accounts Receivables $1500

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.