Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages To Order 5-10 Pages Description/Paper Instructions
ACC107 WEEK 5
Published by admin at Categories TagsReceivables Worksheet
Part 1. Pandot Inc.
On August 25, Maria Gomez purchases $12,500 in products from Pandot
Inc. on credit. The terms of the sale are 5/20, net 45. On September 7, Ms.
Gomez returns $2,500 of product to Pandot. On September 9, she pays her bill in
full.Prepare the journal entries required to record the sale of
merchandise, the return of merchandise, and the collection of the accounts
receivable. Enter your answers in the shaded areas of the journal below.Date
Account Names
Debit
Credit
Aug. 25
To record sales on account.
Sept. 7
To record sales return.
Sept. 9
To record payment.
Part 2. Moray Snax Inc.
Moray Snax Inc. sold 500 pounds of eel food to the District Aquarium
on credit on February 7 for $6,000. The terms of the sale were 2/10, net 30.
The District Aquarium pays the bill in full on February 21.a.
Prepare the entries to record
the sale and the receipt of payment.Date
Account Names
Debit
Credit
Feb. 7
To record sales on account.
Feb. 21
To record payment.
b.
Why didnât the Aquarium receive
a discount?Part 3. Blizzard Companyâs
Bad Debt Expense
On December 31, the Blizzard Company has a receivables balance of
$55,000. Blizzard accountants have estimated that 5% of this balance will be
uncollectible. Prior to any year-end adjustments, the balance in the allowance
account is a $1000 debit.a.
Prepare the journal entry to
record bad debt expense for the year and show the calculation for bad debt
expense in T-Account form. Enter your answers in the shaded areas of the
journal and T-account below.Allowance
for Bad DebtsExisting balance
Adjustment required = Bad
debt expenseDesired balance
(55,000 x 5%)Date
Account Names
Debit
Credit
Dec. 31
b.
On January 17, the Blizzard
Company determines that an account receivable of $500 is uncollectible. Prepare
the necessary journal entries to write it off the books. Hint: The company will write off the receivable and reduce the balance
in the allowance account that was created when the bad debt expense was entered.Date
Account Names
Debit
Credit
Jan. 17
Part 4. Calculate Interest
on Notes Receivable
Read each of the following scenarios.
1.
On 10/1, Company A accepts a
$15,000, 5%, 6-month note receivable.2.
On 4/1, Company B accepts a
$30,000, 10%, 3-month note receivable.3.
On 3/15, Company C accepts a
$25,000, 7%, 6-month note receivable.Assuming a December 31 year
end, calculate the current-year interest revenue for each of the scenarios.
Hint: Remember, Interest = Principal x Annual Rate of Interest x Time Outstanding. Enter your answers in the shaded areas
below.1.
Company A interest revenue =2.
Company B interest revenue =3.
Company C interest revenue =Part 5. Record Notes
Receivable
Dolce Company has a fiscal year end of December 31. On March 1,
Dolce accepts $10,000 cash and a six-month, 5%, $40,000 note receivable from
Flicker, Inc. for services provided. Flicker paid the principal and interest at
maturity.a.
Prepare all journal entries
from the acceptance of the note to the maturity date. Enter your answers in the
shaded areas below. A couple of account names have been filled in for you.Date
Account Names
Debit
Credit
Mar. 1
Cash
To record acceptance of the note.
Sept. 1
Cash
To record payment of the note.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. The can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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