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:

Soccer Players

Athletes who play soccer, contributing to the sports industry's economy through their skills, performances, and endorsements.

Compensating Differential

Additional wages or benefits offered to employees to compensate for unpleasant aspects of a job or working conditions.

Productivity Factors

Elements that contribute to the output and efficiency of production, such as labor skill levels, technology, and innovation.

Pay Gap

The difference in average earnings between any two groups within the workforce, often used to discuss the disparity between genders or ethnic backgrounds.