ill up the blank space. A company has 12,247 customers they extend credit to, they will have 1 ______________ A/R account.
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fill up the blank space.
A company has 12,247 customers they extend credit to, they will have 1 ______________ A/R account.
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- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?Advanced Packaging accepted a credit card account receivable in exchange for $25,000 of services provided to a customer. The credit card company charges a 4% service charge. What effect on the accounting equation will recording the transaction in the company’s accounting records have? It will increase assets and shareholders’ equity by $24,000. It will increase assets by $25,000. It will decrease assets and shareholders’ equity by $1,000. It will decrease shareholders’ equity by $25,000.From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. 28-day billing cycle 18-March Billing date Previous balance $ 800.00 24-March Payment (credit) $ 60.00 29-March Charge: Sears $ 250.00 5-April Payment (credit) $ 20.00 9-April Charge: Macys $ 200.00 Required: Using the information above, complete the following table and questions Number of days of current balance Current balance Extension 6 $ 800.00 5 7 4 6 What is the total extension amount? What is the average daily balance? Total number of days of current balance
- Kitty Inc. shares the following information with you and ask you to determine their ending receivables balance. What is the correctly computed balance? opening accounts receivable, $40 million Sales $160 million and Collections $145 million. Answer:From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:Using the table, what is the average daily balance of the credit card for the July 1 - July 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 ----- ------ 8000 9 Payment −700 7300 19 Purchase +550 7850 27 Payment −600 7250
- A credit card account had a $230 balance on March 5. A purchase of $150 was made on March 12, and a payment of $200 was made on March 28. Find the average daily balance if the billing date is April 5. (Round your answer to the nearest cent.)If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customer’s ending balance for the month would show a (debit or credit) of how much?Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 c. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 d. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000
- During the month of March, Harley's Computer Services made purchases on account totaling $46,100. Also, during the month of March, Harley was paid $11,900 by a customer for services to be provided in the future and paid $38,200 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $78,600, what is the balance in accounts payable at the end of March? Mutiple Choice 86,500 98,400 7,900 74,600 6,200Using the table, what is the average daily balance of the credit card for the December 1 - December 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 -- -- 9,500 6 Purchase +500 10,000 16 Purchase +1,250 11,250 21 Purchase +3,000 14,250Can you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?