Strayer ACC100 ch08 and 09 homework

Brief Exercise 8-9

	Your answer is correct.

On March 20, Dody’s petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $52, freight-out $26, and travel expense $10.

Prepare the journal entry to record the replenishment of the petty cash fund.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Brief Exercise 8-13

At July 31, Ramirez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,620, and a bank service charge $20.

Determine the adjusted cash balance per bank at July 31.

The adjusted cash balance per bank

$

Exercise 8-7

Setterstrom Company established a petty cash fund on May 1, cashing a check for $100.00. The company reimbursed the fund on June 1 and July 1 with the following results.

June 1: Cash in fund $1.75.		Receipts: delivery expense $31.25; postage expense $39.00; and miscellaneous expense $25.00.
July 1: Cash in fund $3.25.		Receipts: delivery expense $21.00; entertainment expense $51.00; and miscellaneous expense $24.75.

On July 10, Setterstrom increased the fund from $100.00 to $130.00.

Prepare journal entries for Setterstrom Company.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
May 1
June 1
July 1
July 10
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Brief Exercise 9-5

At the end of 2014, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2015, Carpenter Co. receives payment of $6,200 in full from Megan Gray.

Prepare the journal entries to record this transaction.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
(To reverse write-off)
(To record collection from Gray)

Brief Exercise 9-10

Presented below are data on three promissory notes.

Determine the missing amounts.(Use 360 days for calculation.)

Date of Note

Terms

Maturity Date

Principal

Annual Interest Rate

Total Interest

(a)

April 1

60 days

May 1 May 31 August 1 August 31 September 6 September 7

$600,000

6

%

$

(b)

July 2

30 days

May 1 May 31 August 1 August 31 September 6 September 7

90,000

%

$600

(c)

March 7

6 months

May 30 May 31 August 30 August 31 September 6 September 7

120,000

10

%

$

Exercise 9-9

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

Jan. 15		Made Colaw credit card sales totaling $18,000. (There were no balances prior to January 15.)
20		Made Visa credit card sales (service charge fee 2%) totaling $4,500.
Feb. 10		Collected $10,000 on Colaw credit card sales.
15		Added finance charges of 1.5% to Colaw credit card account balances.

(a)

Journalize the transactions for Colaw Stores.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 15
Jan. 20
Feb. 10
Feb. 15
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Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.