4/2 Purchased three computers and a printer from Best Buy for $2,000
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- If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s EquityDurafabric was a very successful company. Banner was a new customer of Durafabric, who wants to apply the credit application. Banner was applying for a $25,000 credit line; that is, the ability to purchase up to $25,000 of material and have 30 days to pay the bill. The forms use to evaluate an applicant's ability to pay bills. Balance sheet of Banner 1997 1996 1995 Current Assets Cash & equivalents 75 $1,498 $2,253 Accounts receivable 22,015 25,655 23,282 Inventory 31,767 34,606 31,730 Prepaids 7,344 7,358 8,341 Deferred income taxes 7,371 4,815 Total current assets 61,201 76,488 70,421 Property, plant & equipment Land and buildins 7,143 7,002 6,418 Machinery & equipment 8,532 9,206 8,134 Leasebold improvements 2,424 1,810 1,688 18,099 18,018 16,240 Less accumulated depreciation -4,846 -4,048 -3,080 13,253 13,970 13,160 Other assets 5,807 3,992 2,263 Total assets 80,261…
- Durafabric was a very successful company. Banner was a new customer of Durafabric, who wants to apply the credit application. Banner was applying for a $25,000 credit line; that is, the ability to purchase up to $25,000 of material and have 30 days to pay the bill. The forms use to evaluate an applicant's ability to pay bills. Balance sheet of Banner 1997 1996 1995 Current Assets Cash & equivalents 75 $1,498 $2,253 Accounts receivable 22,015 25,655 23,282 Inventory 31,767 34,606 31,730 Prepaids 7,344 7,358 8,341 Deferred income taxes 7,371 4,815 Total current assets 61,201 76,488 70,421 Property, plant & equipment Land and buildins 7,143 7,002 6,418 Machinery & equipment 8,532 9,206 8,134 Leasebold improvements 2,424 1,810 1,688 18,099 18,018 16,240 Less accumulated depreciation -4,846 -4,048 -3,080 13,253 13,970 13,160 Other assets 5,807 3,992 2,263 Total assets 80,261…Durafabric was a very successful company. Banner was a new customer of Durafabric, who wants to apply the credit application. Banner was applying for a $25,000 credit line; that is, the ability to purchase up to $25,000 of material and have 30 days to pay the bill. The forms use to evaluate an applicant's ability to pay bills. Balance sheet of Banner 1997 1996 1995 Current Assets Cash & equivalents 75 $1,498 $2,253 Accounts receivable 22,015 25,655 23,282 Inventory 31,767 34,606 31,730 Prepaids 7,344 7,358 8,341 Deferred income taxes 7,371 4,815 Total current assets 61,201 76,488 70,421 Property, plant & equipment Land and buildins 7,143 7,002 6,418 Machinery & equipment 8,532 9,206 8,134 Leasebold improvements 2,424 1,810 1,688 18,099 18,018 16,240 Less accumulated depreciation -4,846 -4,048 -3,080 13,253 13,970 13,160 Other assets 5,807 3,992 2,263 Total assets 80,261…RESOLVE THIS PROBLEM IN DIGITAL FORMAT (NOT HANDWRITTEN) Solve the following problem step by step, include the formulas you use and the development please A merchant acquires a lot of merchandise with a value of $ 350,000 that he agrees to liquidate by making an immediate payment of 123,500 and a final payment 5 months later, agreeing to pay interest at a rate of 23% semi-annually. How much should this payment be?
- Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).Date Debit Credit Db Cr Enter date here Write all your account titles for debit journal entries here. You can have more than 1 entry Enter number for you debit entry(ies) Leave empty Leave empty Write all your account titles for credit journal entries here. You can have more than 1 entry Leave empty Enter number for you crecit entry(ies) You are buying a building for $36000 and paying $6000 in cash and signing a notes payable for $3000 Date Debit Credit Db Cr June 1, 2020 Building 36000 Cash Notes Payable 6000 30000 1.a) You are buying 1000 shares of Facebook on January 1, 2021. You paid $320 per share plus a brokerage commission of $84. Calculations: Date Debit Credit Db Cr b) You sell 150 shares of Facebook stock on 30 May, 2021 for $315 per share, less a $55 brokerage commission.…please quickly i just need answer thanks ! 7.A customer buys undeemed consumer cards worth 300$. For the sellor, the 300$ is the A, None of the above B. Prepaid expense C. Unearned revenue D, Accrued Revenue
- i no need to explaination of any question i want all mcqs anser with very short answer like option a b c d or e can u please tell me all 12 questions correct answer 1. Geek Squad performs services for a customer and bills the customer for $500. How wouldGeek Squad record this transaction?a. Accounts receivable increase by $500; revenues increase by $500.b. Cash increases by $500; revenues increase by $500.c. Accounts receivable increase by $500; revenues decrease by $500.d. Accounts receivable increase by $500; accounts payable increase by $500.e. Accounts payable increase by $500; revenues increase by $500. 2. Indicate which of the following statements is true.a. Since intangible assets lack physical substance, they need be disclosed only in the notes to thefinancial statements.b. Goodwill should be reported as a contra-account in the owner’s equity section.c. Totals of major classes of assets can be shown in the balance sheet, with asset details disclosedin the notes to the…A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500
