User Account

All Pages

Prepare the april journal entry for prince company

Assignment Help Accounting Basics
Reference no: EM131829395

Problem - On April 1, 2010, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2010. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type.

Prepare the April 1, 2010, journal entry for Prince Company.)

(a) Prepare the April 1, 2010, journal entry for Prince Company.

(b) Prepare the journal entry for Prince's collection of $350,000 of the accounts receivable during the period from April 1, 2010, through June 30, 2010.

(c) On July 1, 2010, Prince paid Third National all that was due from the loan it secured on April 1, 2010. Prepare the journal entry to record this payment.

Reference no: EM131829395

Questions Cloud

What happened in the skilling case : What happened in the Skilling case and how did the Supreme Court resolve the issue before it?
What was the actual price per pound of the iron : The company bought 10, 625 pounds of iron at a cost of $25,500. What was the actual price per pound of the iron
What is the sustainable growth rate : Last year Lakesha's Lounge Furniture Corporation had an ROE of 16.2 percent and a dividend payout ratio of 27 percent. What is the sustainable growth rate?
Analyze the performance of each firm versus the industry : Analyze the performance of each firm versus the industry, and comment on what you find in terms of strengths and weaknesses.
Prepare the april journal entry for prince company : Prepare the April 1, 2010, journal entry for Prince Company.) Prepare the April 1, 2010, journal entry for Prince Company
Determining the current price of the share : Investors require a rate of return of 14 percent p.a. for investments of this type. The current price of the share is (round to nearest cent)
How environmental factor you selected can potentially affect : Explain how the environmental factor you selected can potentially affect the health or safety of infants.
Annual interest rate in the uk : Use the following information to answer the next two questions. Assume you have $10,000 to invest; the current spot rate of British pounds
Discuss the key risks to a health care organization : Discuss the key risks to a health care organization that fails to allocate sufficient support and resources to a newly implemented health care information.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd