Accounts Receivable Assigned Prepare Journal Entries for Tanzania Inc For

question 226

Essay

Accounts receivable assigned Prepare journal entries for Tanzania Inc for: Cash and Receivables 7 - 33
a)Accounts receivable of $700,000 that were originally recorded using the gross method were
assigned to Chad Finance Co.by Tanzania as security for a loan of $580,000.Chad charged
a 4% commission on the value of the accounts receivable; the interest rate on the note is
11%.
b)During the first month, Tanzania collected $300,000 on assigned accounts after deducting
$1,500 of sales discounts.As well, Tanzania wrote off a $1,100 assigned account as a bad
debt.
c)Tanzania paid Chad the amount collected plus one month's interest on the note.

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Definitions:

Text Align

A property in text formatting that determines the horizontal alignment of text within a document or a container, such as left, right, center, or justified.

Control Layout

The arrangement and organization of interactive elements and controls within a user interface or application.

Form Design View

The mode in database management systems where users can design and edit the layout and functionality of forms used for data entry and display.

Date Control

A graphical interface element that allows users to input or select dates, typically through a calendar popup.