ACCT 220 Week 4 Homework Assignment 2015

QUESTION

ACCT 220 Week 4 HomeworkPLEASE SUBMIT YOUR ANSWER USING EXCEL WITH EACH PROBLEM ON ASEPARATE TABA. What amount should be reported as Cash and Cash Equivalents on Green ConstructionCompany’s June 30, 2015 balance sheet? Use the following balances reported by GreenConstruction Company at year end June 30, 2015:Cash in checking account $ 22,500Cash in money market account $ 35,000US Treasury bill, purchased 5/1/2015,maturing 7/31,2015 $200,000US Treasury bill, purchased 1/1/2015maturing 12/31/2015 $150,000B. Green Construction Company had a credit balance of $260,000 in its Allowance forUncollectible Accounts at year end June 30, 2015. Based on past experience, 4% of Green’scredit sales have been uncollectible. During Green’s fiscal year, he wrote off $325,000 ofuncollectible accounts. Credit sales for Green’s fiscal year were $7,000,000.1) In its June 30, 2015 balance sheet, what amount should Green report as allowance foruncollectible accounts?2) Prepare the journal entries to record the write-off of customers’ accounts and the baddebt expense.C. Simmons Industries sold merchandise to a customer and invoiced them for $500,000 onDecember 1, 2014. In exchange for payment, the customer signed a 6% note requiring thepayment of interest and principal on March 1, 2015.1) Prepare the journal entry to record the sale in exchange for the note.2) How much interest revenue will Simmons recognize for 2014?3) Prepare the journal entry to record the collection of the note on March 1, 2015.

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