b) A three-column cashbook is required fro the following month from the following transactions.The cashbook should be balanced off at the end of the month and the totals should betransferred to the relevant discount accounts in the general ledger.20X5Balances brought forward: Cash £115, Bank £290 (Cr.)Paid creditors by cheque; G Denton £440 L Lewis £120 (before discount) andreceived a 5% discount on invoice totals.Cash sales £489October 1October 3October 5October 9Paid £300 cash into bank accountReceived cheques from suppliers for accounts totals as follows: R Moore£264, L Webster £360 and C Webb £120, in each case allowing a 2.5%discount.Cash purchases £78Paid rent by cheque £56Received cheque of £90 from H Kasim in settlement of sales worth £95.Cash withdrawn from bank for personal use £100Paid D Doyle by cheque for £85 in settlement of £95 account balance.Received commission by cheque £46October 13October 19October 20October 22October 25October 29October 30

A three-column cash book shows the balance of cash, bank, and discount. The payment from cash to…

b) A three-column cashbook is required fro the following month from the following transactions. The cashbook should be balanced off at the end of the month and the totals should be transferred to the relevant discount accounts in the general ledger. 20X5 October 1 Balances brought forward: Cash £115, Bank £290 (Cr.) Paid creditors by cheque; G Denton £440 L Lewis £120 (before discount) and received a 5% discount on invoice totals. October 3 October 5 Cash sales £489 Paid £300 cash into bank account Received cheques from suppliers for accounts totals as follows: R Moore £264, L Webster £360 and C Webb £120, in each case allowing a 2.5% discount. Cash purchases £78 Paid rent by cheque £56 Received cheque of £90 from H Kasim in settlement of sales worth £95. October 9 October 13 October 19 October 20 October 22 October 25 Cash withdrawn from bank for personal use £100 October 29 Paid D Doyle by cheque for £85 in settlement of £95 account balance. Received commission by cheque £46 October 30

b) A three-column cashbook is required fro the following month from the following transactions. The cashbook should be balanced off at the end of the month and the totals should be transferred to the relevant discount accounts in the general ledger. 20X5 October 1 Balances brought forward: Cash £115, Bank £290 (Cr.) Paid creditors by cheque; G Denton £440 L Lewis £120 (before discount) and received a 5% discount on invoice totals. October 3 October 5 Cash sales £489 Paid £300 cash into bank account Received cheques from suppliers for accounts totals as follows: R Moore £264, L Webster £360 and C Webb £120, in each case allowing a 2.5% discount. Cash purchases £78 Paid rent by cheque £56 Received cheque of £90 from H Kasim in settlement of sales worth £95. October 9 October 13 October 19 October 20 October 22 October 25 Cash withdrawn from bank for personal use £100 October 29 Paid D Doyle by cheque for £85 in settlement of £95 account balance. Received commission by cheque £46 October 30

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
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Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three 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 February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
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