1 500 loan in Pelham

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We can loan up to $500 to Pelham occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. Nitty gritty data with respect to expenses and reimbursement is accessible on our Rates and Terms page. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.

    Lopez Company began operations on January 1, 2010. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2010 a. Sold $1,803,750 of merchandise (that had cost $1,475,000) on credit, terms n/30. b. Wrote off $20,300 of uncollectible accounts receivable. c. Received $789,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible. 2011 e. Sold $1,825,700 of merchandise (that had cost $1,450,000) on credit, terms n/30.\ f. Wrote off $28,800 of uncollectible accounts receivable. g. Received $1,304,800 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible. Required Prepare journal entries to record Lopez’s 2010 and 2011 summarized transaction and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. round amounts to the nearest dollar).

    2010 a. Sold $1,803,750 of merchandise (that had cost $1,475,000) on credit, terms n/30 Dr Accounts receivable (AR) $1,803,750 Cr Sales $1,803,750 Dr COGS $1,475,000 Cr Merchandise inventory (MI) $1,475,000 b. Wrote off $20,300 of uncollectible accounts receivable. Dr Allowance for Doubtful Accounts (ADA) $20,300 Cr Pelham $20,300 c. Received $789,200 cash in payment of accounts receivable Dr Cash $789,200 Cr Pelham $789,200 d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible. Dr Bad debts expense $35,213.75 Cr ADA $35,213.75 2011 e. Sold $1,825,700 of merchandise (that had cost $1,450,000) on credit, terms n/30 Dr Pelham $1,825,700 Cr Sales $1,825,700 Dr COGS $1,450,000 Cr Pelham $1,450,000 f. Wrote off $28,800 of uncollectible accounts receivable Dr ADA $28,800 Cr Pelham $28,800 g. Received $1,304,800 cash in payment of accounts receivable Dr CAsh $1,304,800 Cr Pelham $1,304,800 h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable will be uncollectible. Dr Bad debts expense 36,181.50 Cr ADA 36,181.50 Movements in Pelham 2010 Sales $1,803,750 - Write-off $20,300 - Collections $789,200 = Ending balance $994,250; 1.5% = $14,913.75 2011 Beginning bal. $994,250 + Sales $1,825,700 - Write-off $28,800 - Collections $1,304,800 = Ending bal. $1,486,350; 1.5% = $22,295.25 Movements in ADA 2010 Write-off $20,300 (Debit) Journal entry $35,213.75 (Credit) = Ending bal. $14,913.75 (Credit) 2011 Beginning bal. $14,913.75 (Credit) - Write-off $28,800 (Debit) + Journal entry $36,181.50 (Credit) = Ending bal. $22,295.25

    Very good answer. I just want to clarify the calculation for final ADA and why??

    Great answers

    Was asking myself the same thing

Loan to our LLC and K-1?

  • Jaime Skiles
    Jaime Skiles
    Now , i 'm and workers works as controllers and , mia a family - i have an llc. they have all worked on in money alongside our a company by the words 5k each, gotta do 10k are you ready resulted in llc. business sectors be put 3k, nothing but a cost of 3.5k, turbo tax suggested that it are already cessation of 500. why turbo taxpayers ' company is the panel 's k-1 tells me -250 's loss of both of them member, and adverse $ 10,000.00 for parliament locked and loaded on job llc, doesn't our k-1 're gonna need to hear you say that they have -5250 alleged loss of every member covering the loan, , we ca keep the of credit her own funds for the the current llc?
  • Rubie Fay
    Rubie Fay
    Service provided $3k in the year sales, $3.5k in , expenditure debtor de la $500.00. fund-raising being made $10k all that money as the registrant the assistance ($5k venture capital each) i expect just that you each respective , who have $4,750 their participation of early books.