29. Gardner Company purchaseda truck from Kulner Ca by issuing a 6- month, 8% note payable for P60.000 on November 1. On December 31, the accrued expense adjusting entryhas No entry is required. O interest Expense of P4,800 bepreciation Expense of e4,800- Interestfayoble.of P800 Note Payable of P60,000
Q: On July 8, Jones Inc. issued an $66,900, 9%, 120-day note payable to Miller Company. Assume that the…
A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…
Q: On January 1, 20x1, RELISH TASTE Co. acquired a machine by issuing a 3%, P4,000,000 note due on…
A: Semi annual interest payment= P 4000000*3%*1/2= P 60000
Q: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…
A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…
Q: On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a…
A: In the above question, there are 2 separate questions, the first one is relating to Notes and 2nd is…
Q: On October 1st, a company borrowed $60,000 from Eighth National Bank on a 1-year, 7% note. If the…
A: Adjusting entries are entries that are passed at the end of the period to accurately present income,…
Q: nuary 1, 2008, Grate Company (as lessc Barrell Company for machinery which v- 0,000 and had a market…
A: In the given question, Grate Company gives Barrell Company a machinery at $4,530,000 with the market…
Q: S11-5 Determining current portion of long-term note payable On January 1, Irving Company purchased…
A: Long-term note payable : A negotiable instrument drawn by the purchaser party to the…
Q: On April 1, 2021, JPG Company sold for P84,000 a stereo which paid had a cost of P54,600. A down…
A: Sales value = P84,000 Cost = P54,600 Down payment = P9,000 Additional payment = P7,500 × 4 months…
Q: On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued…
A: Date Accounts title and explanation Debit ($) Credit ($) 1-Oct Note receivable $35,000…
Q: On January 1, 2020, Blue Co. borrowed and received $ 507,000 from a major customer evidenced by a…
A: Present value of bonds = Face value of bonds x present value factor (9%, 4 years) = $520000 x…
Q: On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4.…
A: The capital is the backbone of the company, and the company will be willing to raise the capital for…
Q: On December 1, Milton Company borrowed $390,000, at 7% annual interest, from the Tennessee National…
A: Interest amount from December 1 to December 31 i.e. 1 month = 390,000 x 7% x 1 month/12 months…
Q: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note…
A: Interest = Amount of notes receivables * Rate of interest * number of days / 360 Number of days from…
Q: On October 1, 2021, Grey Corp. purchased land by signing a six-month, 4% note for $225,000. The…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: - Sundry Expenses Ghc250 (d) Allowance for receivables to be increased to Ghc2,800 (e) Part of the…
A: Part a:
Q: On July 8, Jones Inc. issued an $70,600, 8%, 120-day note payable to Miller Company. Assume that the…
A: Notes payable is a negotiable instrument where a borrower records a promise to pay a certain amount…
Q: On July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that…
A: Definition: Accrued interest: Accrued interest is the outstanding interest expense in the…
Q: Skysong Cosmetics Co. purchased machinery on December 31, 2019, paying $52,900 down and agreeing to…
A: carrying value: Carrying value=$56,000*3.16987(PVIFA of 10% for 4 years)…
Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…
A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…
Q: On January 1, Luther Co. issued a $1,000,000, 8%, 5-year installment note payable. The first note…
A: Notes Payable:- It is a Current liability where one person is liable to pay and another one is…
Q: On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co.…
A: Notes receivable is a category of debt instrument issued by corporations or big entities to raise…
Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…
A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…
Q: Prepare the journal entries to (a) update depreciation to September 30, 2022, and (b) record the…
A: Book Value as on January 1, 2022 = Cost - Accumulated Depreciation Cost = $73600 Accumulated…
Q: X Company sold equipment on January 1, 2021 valued at $300,000 in exchange for a Note Receivable of…
A: Discount on Note receivable = Face value of notes receivable - Equipment value = $330000 - $300000 =…
Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…
A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317
Q: Liabilities on the Balance Sheet For each of the following situations, indicate the amount shown as…
A: A balance sheet shows a summary of all the business assets and liabilities at a given date. It…
Q: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions…
A: Notes are instrument issued by company acknowledging the debt raised by company . It is a liability…
Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…
A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…
Q: 5. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assame tht t…
A:
Q: The purchase of office equipment for $18,000 was made by signing a 10 month, 6% note payable…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000.…
A: The question is based on the concept of business accounting.
Q: On Jan 1, 20X1 received a 3-year interest bearing note collectible in 6 equal semi-annual periods.…
A: Note Receivable- Notes receivable are written promissory notes that allow you to collect a specific…
Q: Marin Cosmetics Co. purchased machinery on December 31, 2019, paying $47,300 down and agreeing to…
A: Excel formula : PV(rate,nper,pmyt,fv) = PV(8%,4,46400,0) Amortization schedule Period Decrease…
Q: On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and…
A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…
Q: On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44.000 down…
A: On January 1, 2021 Gundy Enterprises purchases an office building of $184000 Down payment = $44000…
Q: Prepare any necessary adjusting journal entries, giving effect to the proper accounting treatment of…
A: Warranty Accounting: Sometimes businesses provide warranty policies to their customers under which…
Q: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the…
A: Solution: Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23…
Q: Tom’s Surf Company, whose fiscal year ends December 31, completed the following transactions…
A: Short-term notes payable: Short-term notes payable is a written promise made by the business to pay…
Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…
A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…
Q: On July 8, Jones Inc. issued an $69,300, 6%, 120-day note payable to Miller Company. Assume that the…
A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…
Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…
A: Interest will be recognized on $74700 and the interest rate charged is 10%. Amount of interest…
Q: Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12%, interest-bearing…
A: Interest expense recorded on March 31, 2020 = Amount borrowed x rate of interest x no. of months/12
Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…
A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…qw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…inv 3Company A sells only one product X. At the inventory on 31/12/20X5 it was found that there were 500 pieces of X in the warehouse at a cost of EUR 30 per piece. The net realisable market value of X was estimated at EUR 28 per piece but X also has a written non-cancellable agreement to sell 300 pieces of X to company B at EUR 31 per piece. At what value will X's stock be valued?In FY20X6 all the beginning inventory was sold. In particular, the 200 pieces that were valued to KAP were sold at € 35 per piece.Carry out the journal entries resulting from the above events up to the calculation of gross profit.
- Bought delivery van P850,000 terms 20% down and the balance payable in oneyear. Required: 1. Record the transaction in the general journal.A L E Inventory 15000 A/R 20000 Prepaid rent 2000 Cash 100000 Building 10000 Payables 20000 Capital 110000 Retained earnings 17000 Total 147000 Total 147000 The company concluded a 6 month contract with customers for providing services, and required advance cash payment 60000$ for the whole contract amount. Customers fulfilled the requirement and paid the stated amount. Company received back the 60% of receivables, and paid out the payables' full amount. Purchased an equipment by the price 12000$, 50% was paid in cash. Obtained inventory by the price 60000$, and paid 80% in cash to suppliers. During the week 70%of inventory was realized with 70% markup. Customers paid 100% of the price in cash. The depreciation for the building per month was calculated as 500$, and for equipment 300$. Company accrued the following expenses: salaries 12000$, utilities 600$, profit tax 20%. At the end of the month company recognized the rent expenses (20%) and appropriate part…41.Toto Company’s accounts payable balance at December 31, 2020 was P8,000,000 before considering the following data: ∙ Goods shipped to Toto FOB shipping point on December 15, 2020 were lost in transit. The invoice cost of P500,000 was not recorded by Baggao. On January 15, 2021, Toto filed a P500,000 claim against the common carrier. ∙ On December 30, 2020, a vendor authorized Toto to return for full credit goods shipped and billed at P200,000 on December 15, 2020. The returned goods were shipped by Toto on December 31, 2020. A P200,000 credit memo was received and recorded on January 5, 2021. What should Toto report as accounts payable on December 31, 2020?
- BLOCK D/2018/1 In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows: purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as Other operating expenses for trade payables €500. The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin. Do the postings of the colleague lead to an accrual determination of success? If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!EA10. LO 6.4Record the journal entries for the following sales transactions of Apache Industries. Nov. 7Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21The customer paid their account in full from the November 7 sale.E10-6A Advance Payment for Goods The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $221. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. Prepare a journal entry to record the receipt of the subscriptions on January 1. Prepare a journal entry to record one week of earned revenue on March 25.
- the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger controlcompany A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted ofthe following:Trade accounts receivable 93,000Allowance for uncollectible accounts (2,000)Claim against shipper for goods lost in transit (November 2020) 3,000Selling price of unsold goods sent by Mann on consignment at130% of cost (not included in Mann’s ending inventory) 26,000Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________. Problem 14The following information relates to Jay Co.’s accounts receivable for 2020:Accounts receivable, 1/1/20 650,000Credit sales for 2020 2,700,000Sales returns for 2020 75,000Accounts written off during 2020 40,000Collections from customers during 2020 2,150,000Estimated future sales returns at 12/31/20 50,000Estimated uncollectible accounts at 12/31/20 110,000What amount should Jay report for accounts receivable, before allowances…