4. On Jan 1. 2020, the company had $1,000 of supplies on hand. On Jan. 10 they purchased $400 of new supplies on account, payable in 15 days. On Jan 31, n 2020, they had $300 of supplies on hand. Provide all the J/Es related to these transactions. vitnom nom srt no esaola
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- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
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- The adjusted trial balance of Gloria Services Center on December 31, 2020 is given below: Cash 161,000 Accounts Receivable155,000 Office Supplies39,500 Prepaid Insurance12,000 Equipment450.000 Accumulated Depreciation-Equipment150.000 Loans Payable 240.000 Accounts Payable47,500 Gloria, Capital200.000 Service Revenue605.000 Salaries Expense187.500 Supplies Expense156,000 Insurance Expense48.000 Depreciation Expense 25,000 Miscellaneous Expense8.500 In preparing the worksheet, the total debit of the balance sheet column exceeds the creditOn October 1, 2024, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. On November 1, 2024, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. On August 1, 2024, collected $18,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $18,000 represents one year’s rent and the entire amount was credited to deferred rent revenue at the time cash was received. Depreciation on office equipment is $6,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $10,000. The company records vacation pay as salaries expense. Microchip began the year with $4,000 in its asset account, supplies. During the year, $8,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,250 remain on hand. Required:…At January 31, 2021, the balance in Foster Inc.’s Supplies account was $750. During February, Foster purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the Supplies account should be a $775 debit. b $525 credit. c $975 debit. d $525 debit.