Homework Answers
a.
| Date | Particulars | Debit | Credit |
| March 01,2014 | Cash A/C | 5,00,000 | |
| Loan Payable A/C | 5,00,000 | ||
| March 01,2014 | Accounts receivable Assigned | 800000 | |
| Accounts receivable | 800000 |
b.
| Date | Particulars | Debit | Credit |
| March, 2014 | Restricted Cash A/C | 750000 | |
| Accounts receivable Assigned | 750000 |
C.
| Date | Particulars | Debit | Credit |
| April 01,2014 | Finance Charge | 15000 | |
| Interest on loan | 3750 | ||
| Loan payable | 500000 | ||
| Restricted Cash A/C | 518750 | ||
| Calculation of Interest | |||
| 500000*9%*1/12 | |||
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4. (10 points) On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to...
4. (10 points)On March 1, 2014, Rasheed Company assigns $800,000 of its accounts receivable to the...
4. (10 points)On March 1,
2014, Rasheed Company assigns $800,000 of its accounts receivable
to the Third National Bank as collateral for a $500,000 loan due
April 1, 2014. The assignment agreement calls for Rasheed Company
to continue to collect the receivables. Third National Bank
assesses a finance charge of 3% of the accounts receivable, and
interest on the loan is 9% (a realistic rate of interest for a note
of this type).a. Prepare the March 1, 2014, journal entry...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National Bank as collateral for a $301,600 loan due July 1, 2020. The assignment agreement calls for Wildhorse to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the journal entry for wildhorse company
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020. journal entry for Grouper Company....
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Your answer is partially correct. Prepare the April 1, 2020,...
Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the...
Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the Third National Bank as collateral for assignment agreement callls for Cheyenne to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for $336,000 loan due July 1, 2017. The note of this type) Prepare the April 1, 2017, journal entry for C fele...
On April 1, 2020, Wildhorse Company assigns $549,400 of its accounts receivable to the Third National...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts receivable to the BLANK Bank...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU...
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Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with...
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction? Debit Cash for $2730000, debit Interest Expense for $270000, and credit Notes Payable for $3000000 Debit Cash for $1830200, debit Interest Expense for $60000, debit Due from Bank for $1400000, and credit Accounts...
On October 1, 2017, Desert Co. assigns $2,000,000 of its accounts receivable to Arizona National Bank...
On October 1, 2017, Desert Co. assigns $2,000,000 of its accounts receivable to Arizona National Bank as collateral for a $1,500,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. From the perspective of Desert, Co.: (1) What is the amount of cash inflow Desert receives from this transaction? (2) What amount of Interest Expense would Desert recognize?
4. (10 points)On March 1,
2014, Rasheed Company assigns $800,000 of its accounts receivable
to the Third National Bank as collateral for a $500,000 loan due
April 1, 2014. The assignment agreement calls for Rasheed Company
to continue to collect the receivables. Third National Bank
assesses a finance charge of 3% of the accounts receivable, and
interest on the loan is 9% (a realistic rate of interest for a note
of this type).a. Prepare the March 1, 2014, journal entry...
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020. journal entry for Grouper Company....
On April 1, 2020, Grouper Company assigns $503,700 of its accounts receivable to the Third National Bank as collateral for a $340,000 loan due July 1, 2020. The assignment agreement calls for Grouper to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Your answer is partially correct. Prepare the April 1, 2020,...
Exercise 7-15 On April 1, 2017, Cheyenne Company assigns $524,600 of its accounts receivable to the Third National Bank as collateral for assignment agreement callls for Cheyenne to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for $336,000 loan due July 1, 2017. The note of this type) Prepare the April 1, 2017, journal entry for C fele...
On April 1, 2020, Wildhorse Company assigns $549,400 of its
accounts receivable to the Third National Bank as collateral for a
$301,600 loan due July 1, 2020. The assignment agreement calls for
Wildhorse to continue to collect the receivables. Third National
Bank assesses a finance charge of 3% of the accounts receivable,
and interest on the loan is 10% (a realistic rate of interest for a
note of this type). Collapse question part (a) Partially correct
answer. Your answer is...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts
receivable to the BLANK Bank as collateral for a $314,000 loan due
July 1, 2017. The assignment agreement calls for BLANK company to
continue to collect the receivables. BLANK Bank assesses a finance
charge of 4% of the accounts receivable, and interest on the loan
is 10% (a realistic rate of interest for a note of this type).
Prepare the April 1, 2017, journal entry for BLANK Company.
(If...
Liability Financing = N ince Charge Iggy Co assigns $800,000 of its accounts receivable to LMU Bank as collateral fora AR: $600,000 note. Iggy Co continues to collect the accounts receivable; the account debtors <X1% are not notified of the arrangement. LMU Bank assesses a finance charge of 1% of the accounts receivable assigned and an interest on the note of 12%. Iggy Co makes monthly 000 - Notes payments to LMU Bank for all cash it collects on the...
Sheffield Corp. assigns $4400000 of its accounts receivables as collateral for a $3.00 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction? Debit Cash for $2730000, debit Interest Expense for $270000, and credit Notes Payable for $3000000 Debit Cash for $1830200, debit Interest Expense for $60000, debit Due from Bank for $1400000, and credit Accounts...
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