This paper circulates around the core theme of Junket Corp. sold to Sharper Co. merchandise having a sales price of 21000 with term 1/10 , net/60. junket records its sales and receivables net. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Presented below is information related to junket Corp.
1. Junket Corp. sold to Sharper Co. merchandise having a sales
price of 21000 with term 1/10 , net/60. junket records its sales and
receivables net.
2.Accounts receivable of 57000(gross) are factored
with Easy
credit Corp. with recourse at a financing charge of 5%.Cash is received
for the proceeds, collections are handled by the finance company.( these
accounts were all past the discount period)
3. Specific accounts receivable of 30000( gross) are pledged
to
Second corp. as security for loan of 20000 at a finance charge of 6% of
the amount of the loan.The finance company will make the collections. (
All the accounts receivable are past the discount period)
4. Sharper Co. notifies Junket that it is bankrupt
and will pay only 20% of its account. Prepare all all necessary entries in general journal form for Junker Corp.
