Accounting for Receivables Exercises

1)Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes
receivable, or other receivables on a balance sheet.
(a) Sold merchandise on account for $64,000 to a customer.
(b) Received a promissory note of $57,000 for services performed.
(c) Advanced $10,000 to an employee.

2)Record the following transactions on the books of Keyser Co.

(a) On July 1,Keyser Co. sold merchandise on account to Maxfield Inc. for $15,200, terms 2/10, n/30. (b) On July 8, Maxfield Inc.
returned merchandise worth $3,800 to Keyser Co. (c) On July 11, Maxfield Inc. paid for the merchandise.

3)During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end.
The credit manager estimates that $35,000 of these receivables will become uncollectible. Prepare the journal entry to record the
estimated uncollectibles.

4)Presented below are two independent transactions. (a) St. Pierre Restaurant accepted a Visa card in payment of a $150 lunch
bill.The bank charges a 4% fee.What entry should St. Pierre make? (b) Jamar Company sold its accounts receivable of
$60,000.What entry should Jamar make, given a service charge of 3% on the amount of receivables sold?