Mar. 9) The company completed a $10,400 project for a client, who must pay within 30 days. Note: Enter debits before credits. Date Account Title Debit Credit Mar 09
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- Mar. 9) The company completed a $10,400 project for a client, who must pay within 30 days.
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- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 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 October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April?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?
- Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?On February 2, Reedy’s Printing Service received a payment of $9,000 for contracted printing work that will completed over the next 3 months. As of the end of February, the company had completed 1/3 of the work. The adjusting journal entry at the end of February for prepaid revenue will include a.a debit to Unearned Revenue for $9,000 b.a credit to Unearned Revenue for $6,000 c.a credit to Printing Revenues for $3,000 d.a debit to Cash for $3,000Designer Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…
- On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.Gidi professional institute is constructing a tuition center at Aboabo that will take about 18 months to complete. The company commenced construction on 2 January, 2018. The following payments were made during the year: 31 January GH¢ 40,000,000 1 March GH¢90,000,000 30 June GH¢20,000,00031 October GH¢40,000,00030 November GH¢50,000,000The first payment on 31 January was funded from the company’s pool of debts. However, the company succeeded in raising Medium-Term Loan Notes for an amount of GH¢160,000,000 on 31 March 2018 at a simple interest rate of 9 percent per year, calculated and payable monthly in arrears.These funds were specifically used for the construction. Excess funds were temporarily invested at 6 percent monthly in arrears and payable in cash. The pool of debts was again used for a GH¢40,000,000 payment on 30 November 2018 which could not be funded from the Medium-Term Loan Notes. The construction project was temporarily halted for three weeks in May 2018 when…• Prepare and complete the worksheet using the following information: a. Supplies on hand at Dec. 31 amounted to P4,700. b. Salaries of P1,800 have accrued at month-end. c. Depreciation is P800 for December. d. Detoya has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour. Note: The firm uses the account Fees Receivable to reflect the amounts earned but not yet billed. • Prepare an income statement, a statement of changes in equity; a balance sheet and a statement of cash flows.
- ABC Ltd received $15,000 on the 1st of July 2015 from one of its customers for services expected to be completed by December 31 on the equal monthly paces. If 45% of the requested services performed by the end of September, how would ABC record this revenue? Select one: Dr Service Revenue - $7,500 Cr Unearned Service Revenue - $7,500 Dr Service Revenue - $6,750 Cr Unearned Service Revenue - $6,750 Dr Unearned Service Revenue - $6,750 Cr Service Revenue - $6,750 Dr Unearned Service Revenue - $7,500 Cr Service Revenue - $7,500Refer to the situation described in BE 5–31. Assume that, during the first year the company billed its customer$7 million, of which $5 million was collected before year-end. What would appear in the year-end balance sheetrelated to this contract?Wall Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax. 1. Determine the proper amount of service revenue to report for the month.2. Prepare a journal entry to record the revenue and related liabilities for the month