Make necessary entries

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Question -

1. Make necessary entries for the following.

a) $500 receivables of XYZ Co. is proved to be doubtful which $200 of it is granted portion.

b) XYZ Co. collected $350.

c) XYZ Co. collected $50 more and the rest is proved to be uncollectable.

2. The company pledged its $10,000 notes receivables to a bank and received a loan of $8,000. The note is paid on the maturity. (Ignore interest expense)

3. The company discounted its notes receivables for $5,000 and collected $4,300. This note is not paid on maturity. (Protest fee $2)

4. The company gave its $20,000 note receivable to a bank for collection. The note is not paid on maturity. Bank protested the note on behalf of the company and credited nottery public fee from company's account for $4.

Reference no: EM132588530

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