ACC 422 Week 2 WileyPLUS Assignment

Topics: Accounts receivable, Generally Accepted Accounting Principles, Invoice Pages: 3 (697 words) Published: November 19, 2014
ACC 422 Week 2 WileyPLUS Assignment
To purchase this material click
http://www.assignmentcloud.com/ACC-422/ACC-422-Week-2-WileyPLUS-Assignment

 For more classes visit
www.assignmentcloud.com

 ACC 422 Week 2 WileyPLUS Assignment
Exercise 7-2
Presented below are a number of independent situations.

For each individual situation, determine the amount that should be reported as cash.

1. Checking account balance $929,070; certificate of deposit $1,417,000; cash advance to subsidiary of $992,770; utility deposit paid to gas company $198. 2. Checking account balance $503,630; an overdraft in special checking account at same bank as normal checking account of $20,900; cash held in a bond sinking fund $235,120; petty cash fund $332; coins and currency on hand $1,460. 3. Checking account balance $606,360; postdated check from a customer $11,450; cash restricted due to maintaining compensating balance requirement of $119,770; certified check from customer $9,610; postage stamps on hand $642. 4. Checking account balance at bank $46,660; money market balance at mutual fund (has checking privileges) $49,520; NSF check received from customer $845. 5. Checking account balance $703,110; cash restricted for future plant expansion $516,120; short-term Treasury bills $187,700; cash advance received from customer $986 (not included in checking account balance); cash advance of $7,540 to company executive, payable on demand; refundable deposit of $29,900 paid to federal government to guarantee performance on construction contract.  

 
Exercise 7-8
At the end of 2012, Sorter Company has accounts receivable of $854,470 and an allowance for doubtful accounts of $47,360. On January 16, 2013, Sorter Company determined that its receivable from Ordonez Company of $6,240 will not be collected, and management authorized its write-off.

(a) Prepare the journal entry for Sorter Company to write off the Ordonez receivable. (Credit account titles are automatically indented...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Acc 422 Week 2 Wileyplus Assignment
  • Essay about ACC 422 Week 4 WileyPLUS Assignment
  • Essay about ACC 422 Week 2 INVIDUAL
  • ACC 422 WEEK 2 5 WILEY PLUS EXERCISES Essay
  • ACC 205 Week 2 Essay
  • CSS 422 Week 2 Individual Assignment De Essay
  • Acc 422 Week 4 Wileyplus Assignment
  • ACC 291 Week 2 Individual WileyPLUS Assignment Essay

Become a StudyMode Member

Sign Up - It's Free