Slip. On January 1, 2017,Puppi's Treats opened a current account with a CA# 0715-0010-36 at SunOne Bank.In May 15, 2017 the owner of Puppi's needed to withdraw P57,800 to pay Sunrise Millerin cash for the flour delivered. Unfortunately, the owner cannot go to the bank and sentLeah Son (the secretary) instead. Help fill out Puppi's withdrawal slip.WITHDRAWAL SIPSunOne BankDETAILS/AREAKDOWNTELLER NOCASHDENOMINATIONACCOUNT NAME:PIECESAMOUNTACCOUNT NUMBER:DATE:OSAVINGS DKURRENTDDOLLAROPESOMACHINE VALIDATIONTOTALWITHDRAWALFOR WITHDRAWAL THROUGH REPRESENTATIVENAME AND SIGNATURE OF REPRESENTATIVEAMOUNT OF (IN WORDS):SIGNATURE OF DEPOSITORSIGNATURE OF DEPOSITOR/SRECEIVED BYVERIFIED BYIAPRROVED BY

In order to fill out Puppi's withdrawal slip, the representative must follow the steps mentioned…

ened a current account with a CA# 0715-0010-36 at SunOne ne owner of Puppi's needed to withdraw P57,800 to pay Sunris ar delivered. Unfortunately, the owner cannot go to the bank a etary) instead. Help fill out Puppi's withdrawal slip. WITHDRA k DETARS/BREAKDOWN CASH DENOMINATION TELLER NO PIECES AMOU DATE: OPESO DDOLLAR TOTAL WITHDRAWAL

ened a current account with a CA# 0715-0010-36 at SunOne ne owner of Puppi's needed to withdraw P57,800 to pay Sunris ar delivered. Unfortunately, the owner cannot go to the bank a etary) instead. Help fill out Puppi's withdrawal slip. WITHDRA k DETARS/BREAKDOWN CASH DENOMINATION TELLER NO PIECES AMOU DATE: OPESO DDOLLAR TOTAL WITHDRAWAL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Assume that on February 2, 2018, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
please answer these 2 questions. Their pictures are attached as well 1. Under the allowance method, which of the following does not change the balance in the Accounts Receivable account? A) Collections on customer accounts. B) Write-offs. C) Returns on credit sales D) Bad debt expense adjustment. 2. On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash 7,840 Accounts Receivable. 7,840 B. Cash 7,840 Sales Discount 160 Accounts Receivable 8,000 C. Cash 7,840 Sales Revenue 160 Accounts Receivable 8000 D. Cash 8000 Accounts Receivable 8000
Pinky is confused about the lack of agreement between the cash balance per books andthe balance per the bank. Explain the causes for the lack of agreement to Pinky, and givean example of each cause. Mahmudul extended credit to customer Shanawaz in the amount of $130,900 for hispurchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost ofthe purchase to Mahmudul is $56,200. On September 4, Mahmudul determined thatShanawaz account was uncollectible and wrote off the debt. On December 3 Shanawazunexpectedly paid in full on his account.Required: Record each Mahmudul transaction with Shanawaz. In order to demonstratethe write-off and then subsequent collection of an account receivable, assume in thisexample that Mahmudul extends credit directly, so this transaction is permitted to use thedirect write-off method. Remember, however, that in most cases the direct write-offmethod is not allowed. Efaz Company has been using the FIFO cost flow method during a…
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green.1. Prepare the journal entry for January 312. Prepare the journal entries for March 9; assume no additional money is expected from Green. 1. Record the write-off of Green's $1,500 account 2. Record the reinstatement of Green's account, assuming no additional money is expected. 3. Record the cash receipt from Green.
The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29875. The bank statement shows a closing balance of $25000. On the last day of the month, cash receipts of $2500 were deposited into the bank account, but have not been recorded by the bank. Two payments made to suppliers totally $125 have also not been recorded by the bank. Interest of $1500 was charged during the month by the bank. It has been identified an error occurred with the recording of a $1350 cash sale in the business accounts, that should have been $350. What is the ending reconciled cash balance?A.None of the other answers B.30,250 C.24,875 D.26,375 E.27,375
On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April 27, Foreman’s electrical work does not pass inspection, and Foreman grants the customer an allowance of $600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1. Record the credit sale on April 25. 2. Record the sales allowance on April 27. 3. Record the cash collection on April 30. 4. Calculate net sales associated with these transactions.
Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information. 1st June, 2017 31st May, 2018$ $Inventory 1,019 2,998Trade Receivables 3,605 2,070Trade payables 1,740 970Telephone prepaid 200 265Cash at bank 1,696 (1,144)The bank statements for the year to 31st May, 2018 are summarized as follows:$Payments to suppliers 8,460 Receipt from Customers 6,690Cash takings 5,900 Drawing 3,120Rent 2,700 Telephone 1,150Other balances as at 1st June, 2017 are as follows: $Motor vehicle (cost $6,000) 4,750Rent; Outstanding 165 Prepaid 100You are given the following additional information: i. Depreciation is to be charged at 20% on straight line method. Mr. Otabil took goods for his personal use worth $375. ii. A telephone bill was received on 7th July, 2018 for $375, this related to the quarter ended 30th June, 2018. iii. Rent includes $960 paid on 1st…
On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. What amount would the company report as its net accounts receivable on December 31, 2017? Prepare the journal entry to write off the accounts on January 2, 2018. Assuming no other transactions occurred between December 31, 2017, and January 3, 2018, what amount would the company report as its net accounts receivable on January 3, 2018? Has net accounts receivable changed from December 31, 2017?
L&M Home Health Corporation (L&M) had a checking account with Wells Fargo Bank. L&M engaged Gentner and Company, Inc. (Gentner) to provide consulting services, and paid Gentner for services rendered with a check drawn on its Wells Fargo account in the amount of $60,000, dated September 23, 2013. Eleven days later, on October 4, 2013, L&M orally instructed Wells Fargo to stop payment on the check. Eleven days after that, on October 15, 2013, Gentner presented the L&M check to Wells Fargo for payment. On the same date the teller issued a cashier’s check, payable to Gentner, in the amount of $60,000. On November 5, 2008, Wells Fargo placed a “stop payment order” on the cashier’s check. On January 15, 2014, Gentner deposited the cashier’s check at another bank, but it was not honored and was returned stamped “Payment Stopped.” Gentner sues Wells Fargo for wrongful dishonor of the cashier’s check. Is Gentner a holder in due course of the check? Discuss.
For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
Creative Catering receives a $50,000 cash deposit from a customer on October 15, but will not provide the catering services until November 20. Which statement is true? A. Company credits deferred revenue for $50,000 on October 15 B. Company records nothing on October 15 C. Company credits service revenue for $50,000 on Oct 15 D. Company debits cash for $50,000 on Nov 20
Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $7,200. On September 9, the customer unexpectedly pays the $7,200 balance. Determine the financial statement effects of collecting cash from an account previously written off as uncollectible. (Amounts to be deducted should be entered with minus sign.)