Record each transaction in a journal entry. Explanations are not required. Established a petty cash fund for $150.i. Sold appliances on account to Bill Contractors for $215,000, terms n/30 (cost,$86,000).j. Sold appliances to Down Contracting for $150,000 (cost, $65,000), receiving a 6-month, 8% note.Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee ofh.k.2%. All fees are recorded at the time of the sale.Received payment in full from Bill Contractors.Purchased appliances from Long Appliance Manufacturers on account for$650,000.I.m.Monufooturors 0300 000

Name: Record each transaction in a journal entry. Explanations are not requi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Record each transaction in a journal entry. Explanations are not required. Established a petty cash fund for $150.i. Sold appliances on account to Bill Contractors for $215,000, terms n/30 (cost,$86,000).j. Sold appliances to Down Contracting for $15

Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Business

Accounting

Established a petty cash fund for $150. i. h. Sold appliances on account to Bill Contractors for $215,000, terms n/30 (cost, $86,000). Sold appliances to Down Contracting for $150,000 (cost, $65,000), receiving a 6- j. month, 8% note. k. Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. All fees are recorded at the time of the sale. I. Received payment in full from Bill Contractors. Purchased appliances from Long Appliance Manufacturers on account for $650,000. m. 200 000

Established a petty cash fund for $150. i. h. Sold appliances on account to Bill Contractors for $215,000, terms n/30 (cost, $86,000). Sold appliances to Down Contracting for $150,000 (cost, $65,000), receiving a 6- j. month, 8% note. k. Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. All fees are recorded at the time of the sale. I. Received payment in full from Bill Contractors. Purchased appliances from Long Appliance Manufacturers on account for $650,000. m. 200 000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

See similar textbooks

Similar questions

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.
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: a. Monthly fee 4, check-processing fee of 20 cents, average of 23 checks written per month b. Annual interest of 1.5 percent paid if balance exceeds 750, 8 monthly fee if account falls below minimum balance, average monthly balance 815, account falls below 750 during four months
On December 1, Farley Corporation assigns $250,000 of its accounts receivable to Greenhouse Company for cash. Greenhouse charges a $1,500 service fee, advances 80% of Farley’s accounts receivable and charges a 7% interest rate on any outstanding loan balance. A. Prepare the journal entries to record the financing arrangement on Farley’s books. B. On December 31, Farley Received $40,000, on assigned accounts. Prepare the journal entries to record the cash collection on the receivable and the payment to Greenhouse. (Round your final number to the nearest dollar).
Could anyone explain this problem? How would you put these statements in a cash receipt journal? Dec 1: Made cash sales of $15,000. Dec 1: Received $9,000 cash for a three-month rental of equipment. Note: Wolfpack uses the traditional approach for recording deferrals. Dec 4: Received cash from Dalgado for the balance owed. Dec 4: After the above return, Eastern paid Wolfpack the remaining balance that is owed. Dec 5: Received $16,000 in cash on the accounts receivable from Winters. Note: Receipts are first applied to the oldest invoice. Dec 6: Received payment in full from Townsend. Dec 7: Received a check for payment in full from Rogers. Dec 8: Recorded weekly cash sales of $45,000. Dec 12: Received a check in the amount of $4,000 from Winters towards the balance owed. Dec 12: Wolfpack received cash dividends of $5,000 on some of its investments. Dec 13: Received a check from Wilson for $29,400. Dec 15: Recorded weekly cash sales of $27,000. Dec 15: Received a check from Wilson in…
John has opening balances on his trade receivables of £68,000 and an allowance forreceivables of £3,400. During the year John made cash sales of £146,000 and credit sales of£354,000. He collected cash from his credit customers of £340,000.At the end of the year John identified £2,000 of bad debts to write off. In addition, he estimatedthe need to increase the allowance for receivables to £4,000.A. Calculate the net trade receivables balance to present in the Statement of financial positionat the year end B. What is the total bad and doubtful expense to be charged to the Statement of Profit or lossfor the year?
LINO INC established a petty cash fund for USD12,000. Before it was replenished, the petty cash box has the following items Bills and currencies 5, 400 Various employee checks in payment of IOUS 2, 350 An empty pay envelope labeled “salary of Employee Z” 1, 850 IOUS from employees 2, 100 Customer checks in payment of accounts with the company 4, 900 Unreplenished expense vouchers are: Supplies (USD 360 remains unused as of year-end) 1, 500 Representation 750 Transportation…
The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following: Currencies, P20,000 Coins, P2,000 Petty cash vouchers: - gasoline payments for delivery equipment, P3,000 - medical supplies for employees, P1,000 - repairs of office equipment, P1,500 - loans to employees, P3,500 A check drawn by the entity payable to the order of Grace dela Cruz, petty cash custodian, representing her salary, P15,000 An employee's check returned by the bank for insufficiency of funds, P3,000 A sheet of paper with names of several employees together with contribution for a birthday gift of a co-employee. Attached to the sheet of paper is a currency of P5,000. The petty cash general ledger account has an imprest balance of P50,000. What is the amount of petty cash fund that should be reported in the statement of financial position on December 31, 20XX?
Tagum Inc. required additional cash for its operation and used accounts receivable to raise such needed cash, as follows: On December 1, 2021 Tagum Inc. assigned on a non-notification basis accounts receivable of P 5,000,000 to a bank in consideration for a loan of 90% of the receivables less 5% service fee on the accounts assigned. Tagum Inc. signed a note for the bank loan. On December 31, 2021, Tagum Inc. collected assigned accounts of P 3,000,000 less discount of P 200,000. Tagum Inc. remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. Tagum Inc. sold P 1,550,000 of accounts receivable for P 1,340,000 . The receivables had a carrying amount of P 1,470,000 and were sold outright on a nonrecourse basis. Tagum Inc. received an advance of P 300,000 from Union Bank by pledging P 360,000 of accounts receivable On June 30,…