Econ3A Week3 Problem

Please pass the necessary journal entries attached in the image

19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?

Answer from D to G please.

A business commenced with a bank balance of $3,250; it subsequently purchased goods on credit for $10,000; gross profit mark-up was 120%; half the goods were sold for cash, less cash discount of 5%; all takings were banked. The resulting net profit was A $700 B $3,700 C $5,450 D $5,700

A company received​ $5,000 for 100 one−year subscriptions on July 1. The journal entry to record this cash receipt would include a​ ________. The company uses a liability account for revenue received in advance.         A. debit to Note Payable for​ $5,000   B. credit to Accounts Payable for​ $5,000   C. credit to Unearned Revenue for​ $5,000   D. debit to Prepaid Expenses for​ $5,000

i need the answer quickly

27. Gis a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. a) What is G's basis in the receivables?

10 Assume that Mr Ahmed purchased OMR 3000 goods from ABC LLC on credit. He paid the entire cash to the company on 28th day from the date of purchase. Write the journal entry in the books of company for the above cash receipt. a. Dr Accounts receivables A/C and Cr Sales A/C. b. Dr Cash A/C and Cr Accounts receivables A/C. c. Dr Accounts receivables A/C and Cr Cash A/C d. Dr Purchase A/C and Cr Accounts receivables A/C

Stanley Company earns $8,000 of revenue on account in Year 1. Cash collections of receivables amount to $4,500 in Year 1 with the remainder being collected in Year 2. Which of the following shows how the recognition of revenue in Year 1 will affect the company's accounting equation? A. 4,500 B. C. D. Assets Accounts Cash + Receivable = 8,000 Multiple Choice 4,500 8,000 Option D Option B Option C Balance Sheet = Liabilities + Accounts Option A Stockholders' Equity Retained Earnings 4,500 4,000 8,000 8,000 Common Payable + stock +

On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?

rrent Attempt in Progress n providing accounting services to small businesses, you encounter the following situations. 1. 2. Lily Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,200 plus GST of $210 and PST of $336. (i) During the month of March, Bramble Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,050 for income taxes. (ii) Bramble's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia Co. on account. May 30 Collected $30,000 from Georgia Co. June 1 Accepted a $120,000, one-year, 10% note from Georgia Co. for the amount remaining on the account. July 30 After 60 days, discounted the note from Georgia Co. at First National Bank at a 12% interest rate.     Required:   Prepare the journal entries for the transactions listed. Assume a 360 day year.

Q6: Braden Corporation's bank requires monthly financial statement. On its February 28, 20X1 financial statements, Braden reported total assets $325,000 and total equity of $65,000. On March 1, 20X1 Braden Corporation borrows $80,000 cash from the local bank and immediately upon receiving the funds: (a) Braden paid $28,000 to their vendor, Express Company, representing the amount owed for a purchase of supplies made on account in December 20X0. (b) Braden paid $20,000 for employee work performed in January and February 20X1. (c) Braden purchased $10,000 of new supplies from Express Company (Braden paid cash since Express is no longer allowing Braden to purchase supplies on account). Consider the company's accounting equation as of March 31st 20X1 and select the answer below that correctly describes the company's total liabilities as of this date (ignoring loan interest): A. $340,000 B. $312,000 C. $292,000 D. $282,000 E. None of the answers provided are correct.

Prepare an income statement for the month ended January 31,2018 General Entries: Jan5 Received $60,000 from Shophia Lebron and issued 12,000 common shares of $5 par value. Jan5 Paid $6,000 of general liability and property insurance. The disbursement by Check No. 100 was for a complete year of service. Jan6 Rented an office and furniture for $2,000 per month. Issued Check No. 101 for $6,000, representing the first and last month's rent and the security deposit.[ the security deposit (debit deposit), the last month's rent, and the current rent are to be classified separately.] Jan7 Issued Check No. 102 for $1,600 for the purchase of office supplies. Jan7 Issued Check No. 103 for $7,000 for advertising to be run in local nespaper and magazines in the month of Jan Jan10 Roxana Perini engaged My Place, House of Decor to renovate her oceanfront condominium. Received $10,000 from Roxana Perini after services were completed. Jan12 Recorded $6,000 (net 30) decorating fees earned on account…

A service provider had the following income during the month: Fees, paid in cash and checks Fees, paid in notes Advances by clients for future services Reimbursement for out-of-pocket expenses Reimbursement for client expenses 80,000 150,000 20,000 40,000 20.000 330.000 P the yer ba Total P. Combnre tpe 000 sad Compute the amount subject to business tax. P 350,000 b. P 250,000 с. Р 160,000 d. P 140,000 a. boheg

Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business02 Bought supplies P700 on account.03 Rendered services P1,100 on account.On December 31, 2020 Sy General Services has an estimated uncollectible 1% of itsaccounts receivable.Required:1. Journalize the transactions.2. Post the journal entries to the ledgers.3. Prepare the unadjusted trial balance.4. Prepare an adjusting journal entry.5. Prepare the adjusted trial balance.

ABC Company borrowed $10,000.  The entry into a T-account would include: Group of answer choices $10,000 to the right side of retained earnings. $10,000 to the left side of notes payable $10,000 to the right side of cash. $10,000 to the right side of notes payable.

Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12?   A. Accounts Receivable 49,500     Sales Revenue   49,500 B. Accounts Receivable 50,000     Sales Revenue   49,500   Sales Discounts   500 C. Accounts Receivable 50,000     Sales Revenue   50,000 D. Accounts Receivable 50,000     Sales Discounts 500     Sales Revenue   50,500

Record each transaction in a journal entry. Explanations are not required.

H1.

present the data in Balance sheet

The following transactions apply to Hooper Co. for Year 1, its first year of operations: 1. Issued $130,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Collected $88,000 cash from accounts receivable. 4. Loaned $11,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percen interest rate. 5. Paid $34,000 of salaries expense for the year. 6. Paid a $2,000 dividend to the stockholders. 7. Recorded the accrued interest on December 31, Year 1 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible. Problem 5-26A (Algo) Part b b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1.

Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $1,700 of cash revenue. 2. Borrowed $2,700 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 6 percent annual interest rate. Required a. What is the amount of interest expense in Year 1? b. What amount of cash was paid for interest in Year 1? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (I) or decreases (D), or if there is no effect, leave the cell blank. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first transaction has been recorded as an example. Complete this question by entering your answers…

On November 1, Year 1 Shelter Company loaned $4,000 cash to Cove Company. The one-year note carried a 5% rate of interest. Which of the following shows how the loan will affect Shelter's financial statements on November 1, Year 1? Balance Sheet =Liabilities+ Stockholders' Equity Accounts Common Retained Stock + Earnings ΝΑ ΝΑ ΝΑ ΝΑ A. B. C. D. Assets Cash -4,000 -4,000 -4,000 -4,000 Multiple Choice Net + Receivable = Payable + 4,000 ΝΑ 4,000 ΝΑ ΝΑ 4,000 ΝΑ -4,000 Option A Option C Option B Option D ΝΑ ΝΑ ΝΑ ΝΑ Revenue ΝΑ ΝΑ ΝΑ ΝΑ Income Statement Expense ΝΑ ΝΑ ΝΑ ΝΑ Net Income ΝΑ 3333 ΝΑ ΝΑ ΝΑ Statement of Cash Flows -4,000 IA -4,000 OA 4,000 IA -4,000 OA