Make journal entry necessary on plitt''s books

Assignment Help Financial Accounting

Reference no: EM139899

On July 23, Plitt Company factored $300,000 in accounts receivable for cash of $280,000. The factor with held 7 percent of the cash proceeds to allow for possible customer returns. An allowance for doubtful accounts of $13,000 had previously been established by Plitt in relation to these accounts.

Make the journal entry necessary on Plitt's books to record the factoring of the accounts.

Reference no: EM139899

Questions Cloud

Determining the units of product in inventory : The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:

What is the firm''s net income after taxes : What is the firm's net income after taxes - If the company's tax rate was 34 percent, what is its net income after taxes?

Computation of price of the bonds : Computation of Price of the bonds and What is an estimate of the price of the annual coupon bond

Blackhawk down-accounts of modern war : The book Blackhawk Down is considered to be one of the best accounts of modern war. In 8-10 page correctly source credited in the APA format paper:

Make journal entry necessary on plitt''s books : Make the journal entry necessary on Plitt's books to record the factoring of the accounts.

Absorption costing of bush company : During the last year, Bush Company had net income under absorption costing which was $5,500 lower than its income under the variable costing.

Analyze the 3m''s organization''s internal environment : Analyze the 3M's organization's internal environment and identify strengths and weaknesses from.

Give the journal entry to record issuance : Give the journal entry to record issuance of the bond and give the journal entry to record the conversion of the bonds assuming

Made contact with knowles also cummings : Illustrate are Daniels the director obligations while an agent of Community Bank. Explain is it appropriate for her to have made contact with Knowles also Cummings.

User Account

All Pages