Reference no: EM132217184
Question - Journalizing Various Receivable Transactions
July 1 - Janut Corp. sold to Harding Ltd. merchandise having a sales price of $9,000, terms 3/10, n/60. Janut records its sales and receivables net.
July 3 - Harding Ltd. returned defective merchandise having a sales price of $700.
July 5 - Accounts receivable of $19,000 (gross) are factored with Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds and collections are handled by the finance company. (These accounts were subject to a 2% discount and were all past the discount period.)
July 9 - Specific accounts receivable of $15,000 (gross) are pledged to Landon Credit Corp. as security for a loan of $11,000 at a finance charge of 3% of the loan amount plus 9% interest on the outstanding balance. Janut will continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount.
Dec. 29 - Harding Ltd. notifies Janut that it is bankrupt and will be able to pay only 10% of its account. Give the entry to write off the uncollectible balance using the allowance method.
Instructions -
(a) Prepare all necessary journal entries on Janut Corp.'s books.
(b) Would your treatment of the July 5 transaction change if Janut reported under IFRS? If yes, how?
(c) What if the receivables factored on July 5 were with recourse? Would your answer change if Janut reported under IFRS or ASPE?
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