How can i record this quastion on quckbook? Record the purchase of a building from Leeds, Inc. (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.
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How can i record this quastion on quckbook? Record the purchase of a building from Leeds, Inc. (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.
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- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerRecord the purchase of a building from Leeds inc (a new vendor) on 1/17/2020 in exchange for notes payable of $31,800A furniture store received an invoice from a supplier for $12282 dated July 13, 2022 with terms 5/10, 2/20, n/60. A partial payment, in the amount of $5373 is made on July 20. What amount is credited to the account? Boyd Industries received an invoice dated September 4, 2021 with terms 2.5/10, n/30. The amount stated on the invoice was $6386. What is the amount due on September 10 if the invoice is to be paid in full? A set of weights has a list price of $97. If discounts of 14%, 10% and 3% are offered, what is the single equivalent discount rate (SEDR) that was given? Write your final answer as a percent rounded to 2 decimal places. A microwave oven has a list price of $93 less discounts of 16%, 5% and 2%. What is the net price of the microwave oven? Beatles Office Products bought a desk for $735 and plans a mark up of $626. During a clearance sale, they decided to mark down the regular selling price of the desk by 16%. What was the clearance sale price of the desk?…
- On January 4, 2021, Wilkes Company purchased a used delivery truck for $28,000, paying cash. How would this transaction be journalized?A company decides to purchase a new delivery vehicle. The cost, in dollars, is $104,500. They takes out a 5-year "note" to pay for the vehicle, with 4% interest due at the beginning of each year. If I were to journalize this entry, would it be debit to equipment, and credit to accounts receivable for 104,500/5 + 0.04*104500? Or is it credited to something else?On 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:…
- A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14, 2/21, n/60. If $1000 was paid on January 25, what would the amount credited be? (Round accurately to two decimal places and include a dollar sign.)The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to deferred rent revenue. Depreciation on office equipment is $4,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing…The company takes out a $1,000,000 loan from the bank. Provide the journal entry that would be necessary to record the transaction.
- OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date, JOJO Company issued a 60-day, 12% promissory note to the bank. Upon closing of company's books on December 31, 2020, the bookkeeper prepared an adjusting entry for accrued interest. The amount of accrued interest is:What is the journal entry for this transaction? Please explain. Thanks. On June 1, the entity completed negotiations with another client and accepted an advance of P210,000 for services to be performed in the next year. The P210,000 was credited to Unearned Service Revenue.A publishing company delivered textbooks worth $43,000 to a college bookstore. The invoice is dated September 22, 2020 and has the following payment terms: 3.5/7, 3/30, n/45. What amount paid by the bookstore to the publisher will settle the invoice on: a. September 29, 2020 b. October 22, 2020 c. November 6, 2020
