LATIHAN SOAL – ACCOUNTS RECEIVABLE

SOAL 1

Record the following transactions for Moon Company.

1. On August 4, Moon sold merchandise on account to Mullin Company for $610, terms
2/10, n/30.
2. On August 7, Moon granted Mullin a sales allowance and reduced the cost of the
merchandise by $60 because some of the goods were slightly damaged.
3. On August 12, Mullin paid the account in full.

SOAL 2

Ditka Company’s ledger at the end of the current year shows Accounts Receivable of
$150,000.

Instructions
a. If Allowance for Doubtful Accounts has a credit balance of $4,400 in the trial balance
and bad debts are expected to be 10% of accounts receivable, journalize the adjusting
entry for the end of the period.
b. If Allowance for Doubtful Accounts has a debit balance of $4,400 in the trial balance and
bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry
for the end of the period.
SOAL 3

Prepare journal entries to record the following transactions entered into by Valente
Company:
2012
June 1 Received a $10,000, 12%, 1-year note from Doreen Borke as full payment on her
account.
Nov. 1 Sold merchandise on account to Lyleen, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Lyleen, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Lyleen, Inc.
Dec. 31 Accrued interest on Borke's note.

2013
June 1 Doreen Borke honored her promissory note by sending the face amount plus
interest. No interest has been accrued in 2013.

SOAL 4

(a) On January 6, Stegner Co. sells merchandise on account to Molina Inc. for $7,000,
terms 2/10, n/30. On January 16, Molina Inc. pays the amount due. Prepare the entries
on Stegner's books to record the sale and related collection.
(b) On January 10, Jill Flynn uses her Calhoun Co. credit card to purchase merchandise
from Calhoun Co. for $9,000. On February 10, Flynn is billed for the amount due of
$9,000. On February 12, Flynn pays $4,000 on the balance due. On March 10, Flynn is
billed for the amount due, including interest at 2% per month on the unpaid balance as of
February 12. Prepare the entries on Calhoun Co.'s books related to the transactions that
occurred on January 10, February 12, and March 10.
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