M3-13 Recording Accrual Basis Expenses [LO 3-3]The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeasternUnited States.a. Swing Hard paid $5,100 to its golf instructors for the month of February.b. Swing Hard paid $1,800 for electricity used in the month of January.c. Swing Hard received an electricity bill for $880 for the month of February, to be paid in March.Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet12Record the payment of $5,100 to its golf instructors for the month of February.TransactionNote: Enter debits before credits.a.3Record entryGeneral JournalClear entryDebitCreditView general journal

By keeping track of transactions, firms may successfully control their cash flow by keeping an eye…

13-13 Recording Accrual Basis Expenses [LO 3-3] he following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern nited States. Swing Hard paid $5,100 to its golf instructors for the month of February. Swing Hard paid $1,800 for electricity used in the month of January. Swing Hard received an electricity bill for $880 for the month of February, to be paid in March. epare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry equired" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the payment of $5,100 to its golf instructors for the month of February. Transaction 3 Note: Enter debits before credits. a. General Journal Debit Credit >

13-13 Recording Accrual Basis Expenses [LO 3-3] he following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern nited States. Swing Hard paid $5,100 to its golf instructors for the month of February. Swing Hard paid $1,800 for electricity used in the month of January. Swing Hard received an electricity bill for $880 for the month of February, to be paid in March. epare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry equired" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the payment of $5,100 to its golf instructors for the month of February. Transaction 3 Note: Enter debits before credits. a. General Journal Debit Credit >

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 9PB: Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On...

See similar textbooks

Similar questions

Purrfect Pets, Inc. provides animal daycare for $ 28 per day. Customers buy three month packages, which provide 15 days of care per month. In January they received cash payments from 12 customers. For the month of January, they will recognize ________ of revenue under the cash basis, and ________ of revenue under the accrual basis. A. $15,120;$5,040 B. $ 420; $1,260 C. $5,040;$5,040 D. $15,120;$15,120
Sawchuk's Home and Garden Centre in Toronto files monthly HST returns. The purchases on which it paid the HST and the sales on which it collected the HST for the last four months were as follows: Month March April May June March April May June $ $ $ Purchases ($) 135,650 213,425 176,730 Based on an HST rate of 13%, calculate the HST remittance or refund due for each month. (Round your answers to the nearest cent. Input all amounts as positive values.) GA GA GA refund 153,715 refund remittance remittance Sales ($) 57,890 205,170 313,245 268,590
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Problem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…
Mr X enrolls in a 12-month customer service assistance program for a computer software from CYBER COMPANY costing P1,200 per month on August 1, 20x8. Given that the computer assistance occurs evenly throughout the year, CYBER COMPANY uses the “proportion of time” as its measure for membership revenue, what is the amount of sales revenue to be recognized on December 31?
17. Calculate the finance charges for the following credit card account for August (which has 31 days) using the average daily balance method. July's balance was $275 and the annual interest rate is 18%. Date Transaction August 6 Made payment of $75 August 12 Charged $115 for clothes August 19 Charged $20 for gasoline August 24 Charged $16 for lunch
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Finance Purchases New Balance Payments and Credits Month's Charge (in $) Month and Cash End of Month Balance Advances (in $) March $720.00 $123.97 $95.00
18 - Our company has paid a maintenance cost of 5,900 TL, including 18% VAT, from the bank for the vehicle purchased for use in its commercial activities. Which of the following accounts is correct to use in the relevant accounting record? a) 254 Vehicles Hs. 5.900 TL (Borrower) B) 191 VAT Deductible 900 TL (Creditor) NS) 760 Marketing Distribution and Sales Expenses Hs. 5,000 TL (Borrower) D) 391 Calculated VAT Hs. 900 TL (Borrower) TO) 254 Vehicles Hs. 5,000 TL
Carson Ltd. has prepared the following 2021 projections for its beverage company: Sales Month Cash Sales Credit Sales Мay $ 16,000 $ 68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Receivables have been historically collected at the following rates: • 40% in the month of sale 45% in the month following sale 15% two months after sale Inventory Purchases Month Purchase Amounts May $ 70,000 June 72,000 July 74,000 August 78,000 September 80,000 40% of purchases are paid for in cash in the month of sale, and the balance is paid the following month.
Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $55,200, $49,800, $69,600, and $30,000. Amber secured this amount by signing a note bearing 10% Interest on June 1. Required: 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. 188 2. Determine how much interest Crowne will receive if the note is repaid on December 1. 3. Prepare Crowne's journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. ED
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. Previous Month's Balance Finance Purchases Charge (in $) and Cash Advances Payments and Credits New Balance End of Month (in $) Month March $520.00 $125.97 $65.00 $
Sawchuk's Home and Garden Centre in Toronto files monthly HST returns. The purchases on which it paid the HST and the sales on which it collected the HST for the last four months were as follows: (assume HST in Toronto is 13%) Month Purchases ($) Sales ($) May 176,730 313,245 Based on an HST rate of 13%, calculate the HST remittance or refund due for each month Calculate the difference between GST Collected on Sales and GST Paid on Purchases?