List Of Accounts Exercise 7-17 Accounts Receivable Allowance for Doubtful Accoun

Question

List Of Accounts Exercise 7-17 Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Cash Over and Short Due from Factor Due to Customer Discount on Notes Payable Discount on Notes Receivable Freight-In Freight-Out Gain on Disposal of Land Interest Expense Interest Receivable Interest Revenue Inventory Land Loss on Sale of Receivables Miscellaneous Expenses No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Petty Cash Postage Expense Purchase Discounts Recourse Liability Sales Discounts Sales Discounts Forfeited Sales Revenue Service Revenue Supplies Supplies Expenses Unearned Sales Revenue

Explanation / Answer

ans 1 Journal Entry Date Particular Dr. Cr. 01-Jul-14 cash A/c DR. $328020 loss on sale of receivable a/c Dr.(355000*1.6%) $5680 Due from Factor A/c dr.(355000*6%) $21300            to Account receivable account $355000 ans2 Date Particular Dr. Cr. 01.07.14 Account Receivable A/c Dr. 355000               to due to JFK corp 21300               to Finance Revenue 5680               to cash 328020

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