accounting 303

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rief Exercise 154Kohl Company lent $53,200 to Hemingway, Inc, accepting Hemingway’s 2-year, $65,312, zero-interest-bearing note. The implied interest rate is 10.8%. Prepare Kohl’s journal entries for the initial transaction, recognition of interest each year, and the collection of $65,312 at maturity.

(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)


Account Titles and Explanation


Debit


Credit

Exercise 159A trial balance before adjustment included the following:

Debit


Credit

Accounts receivable $156,000  Allowance for doubtful accounts   1,160Sales   $444,000Sales returns and allowances 8,200

Give journal entries assuming that the estimate of uncollectibles is determined by taking


(1)

6% of gross accounts receivable

(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)


Account Titles and Explanation


Debit


Credit


(2)

2% of net sales.

(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)


Account Titles and Explanation


Debit


Credit


Click if you would like to Show Work for this question:

Open Show WorkBrief Exercise 6-14Amy Monroe wants to create a fund today that will enable her to withdraw $31,620 per year for 7 years, with the first withdrawal to take place 5 years from today. (Use the tables below.)

If the fund earns 8% interest, how much must Amy invest today?

(Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

Investment amount $

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