On July 31,Orwell Co.has $448,800 of Accounts Receivable

question 131

Essay

On July 31,Orwell Co.has $448,800 of accounts receivable.
Required:
1.Prepare journal entries to record the following selected August transactions.The company uses the perpetual inventory system.
2.Also prepare any footnotes to the August 31 financial statements that result from these transactions.
3.Calculate the balance in the Accounts Receivable account as of August 10.

security for the loan.The note is a 90-day,9% note.

---

Definitions:

Employee Involvement

The degree to which employees are encouraged to contribute their ideas and participate in decision-making processes within an organization.

Competency

A knowledge, skill, ability, or behaviour associated with successful job performance.

Successful Job Performance

The level of efficiency and effectiveness with which an employee completes their job responsibilities and achieves set goals.

Knowledge

The information, understanding, and skills that people acquire through education or experience.