(Answered) Pesented below is information for jones company

Accounting

Presented below is information for Jones Company.

1. Beginning-of-the-year Accounts Receivable balance was $18,600.
2. Net sales (all on account) for the year were $107,400. Jones does not offer cash discounts.
3. Collections on accounts receivable during the year were $86,600.

Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,300 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 4%. The fair value of the recourse obligation is $1,060.

Prepare the journal entries for sales receivable

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91041858
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - family home and security inc sells super

Question - Family home and security, Inc sells super padlocks. It reported an increase in net sales from 5.0 billion in 2014 to 5.3 billion in 2015, and an increase in gross profit from 1.5 billion in 2014 to 1.7 billion ...

Question - x company estimates the following for its three

Question - X Company estimates the following for its three products, A, B, and C, for 2018: A B C Revenue $47,460 $24,303 $63,666 Total variable costs 29,400 18,224 26,136 Fixed costs in 2018 are expected to be $19,800 ...

Accounting question - dozier company produced and sold 1000

Accounting Question - Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $72,000 Direct labor $36,500 Varia ...

Question - a fire destroys all of the merchandise of

Question - A fire destroys all of the merchandise of Bridgeport Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017$395,100 Sales revenue to Februa ...

Question in anticipation of marys request for comparative

Question: In anticipation of Mary's request for comparative analysis, it will be useful at this time to do some research. You know that you can obtain the financials of companies within the same sector or Standard Indust ...

Question - on july 1 2016 alpha company purchased for 70000

Question - On July 1, 2016, Alpha Company purchased for $70,000, equipment having a service life of eight years and an estimated residual value of $10,000. Alpha has recorded depreciation of the equipment using the strai ...

Question - jessicas aunt died and left her a house and some

Question - Jessica's aunt died and left her a house and some money to her and 2 of her siblings. Jessica has four siblings total. Although 2 of her siblings were not listed as beneficiaries, they have agreed to split all ...

Part abackgroundsaturn petcare australia and new zealand

Part A Background: Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since opening their first m ...

Question - the social security administration increased the

Question - The Social Security Administration increased the taxable wage base from $118,300 to $120,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years. a. What is the percent i ...

Question - messi company is considering an investment that

Question - Messi Company is considering an investment that will return a lump sum of $900,000 6 years from now. What amount should Messi Company pay for this investment to earn an 8% return?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert