Hi the photos ive uploaded says all the question and information needed to solve the question. Thanksproblem one that is shown in the first picture is referring to the second photo ive uploaded in order to work on the question, hope this will make it easier for you to answer Assignment FiveThere is only one problem for this assignment: P4.5 on page 4-50; however, incorporate thefollowing modifications:• Ignore GST and income taxes.• Use $ instead of Euro.• Narrations in the journal are not required, but cross-referencing in both the journal andledger is required.• Add the following event for 1 July: borrowed $10,000 from the bank at a 6% annualinterest rate; the loan is due in 15 months, but the interest is payable quarterly. Forthis event, add the following accounts to the general ledger: No. 600 InterestExpense; No. 220 Interest Payable; and No. 230 Loan Payable.• A worksheet is not required, but a trial balance, an adjusted trial balance, and a post-closing trial balance are required.• For Instruction e., you also should consider if the loan discussed above requires anAJE, and if it does, include the AJE with the others required by Instruction e.Also for Instruction e., add the following event: The bank informs the business thatinterest revenue of $30 for July will be credited to the company's bank account on 1August. For this event, add the following accounts, if necessary, to the general ledger:No. 115 Interest Receivable and No. 410 Interest Revenue.• For Instruction d., prepare a Statement of Comprehensive Income and a Balance Sheetin the form and format required in this course. You do not have to prepare a separateStatement of Retained Earnings.• Prepare a residual analysis, including accounts debited and credited, to explain the AJErequired for the data contained in Instruction c. 5. (the employees' salaries data).Please submit the adjusting journals (problem 1(e) only) as your online submission. Complete all steps in accounting cycle.P4.5 (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the follow-ing transactions were completed.July 1 Shareholders invested €20,000 cash in the business in exchange for ordinary shares.I Purchased used truck for €12,000, paying €4,000 cash and the balance on account.3 Purchased cleaning supplies for €2,100 on account.Paid €1,800 cash on a l-year insurance policy effective July 1.125Billed customers €4,500 for cleaning services.18 Paid €1,500 cash on amount owed on truck and €1,400 on amount owed on cleaning supplies.Paid €2,800 cash for employee salaries.Collected €3,400 cash from customers billed on July 12.252021Billed customers €6,000 for cleaning services.31Paid €350 for the monthly gasoline bill for the truck.31 Declared and paid a €5,600 cash dividend.The chart of accounts for Anya's Cleaning Service contains the following accounts: No. 101 Cash,No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No.158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and WagesPayable, No. 311 Share Capital-Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense,No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.Instructionsa. Journalize and post the July transactions. Use page J1 for the journal and the three-column form ofассоunt.b. Prepare a trial balance at July 31 on a worksheet.c. Enter the following adjustments on the worksheet and complete the worksheet.1. Unbilled and uncollected revenue for services performed at July 31 were €2,700.b. Trial balance €37,700c. Adjusted trial balance€41,9002. Depreciation on equipment for the month was €500.Comprehensive Accounting Cycle Review 4-513. One-twelfth of the insurance expired.4. An inventory count shows €600 of cleaning supplies on hand at July 31.5. Accrued but unpaid employee salaries were €1,000.d. Prepare the income statement and a retained earnings statement for July and a classified statementof financial position at July 31.d. Net income €6,900Total assets €34,300e. Journalize and post adjusting entries. Use page J2 for the journal.f. Journalize and post closing entries and complete the closing process. Use page J3 for the journal.g. Post-closing trial balance€34,800g. Prepare a post-closing trial balance at July 31.

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

n needed to solve the question. Thanks problem one that is shown in the first picture is referring to the second photo ive uploaded in order to work on the question, hope this will make it easier for you to answer

n needed to solve the question. Thanks problem one that is shown in the first picture is referring to the second photo ive uploaded in order to work on the question, hope this will make it easier for you to answer

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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2. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June 16. The amount received as payment in full on June 23 is: a. P700 b. P650 c. P686 d. P685
8. Problem Solving. A promissory note which is dated January 1, 20A was received from a client for merchandise delivered by the ML Company for P220,000. Its term is 120 days and carries with it an 8% interest. On March 1 20A, due to financial turmoil, ML company immediately have it discounted to a GG Financial Provider even at 13% discount. Compute the amount proceeds if the discounting arrangement is a secured borrowing. Assume 30 days a month. Round off final answer to the nearest peso.
A 7% p.a. demand loan was paid off with payments of $3,000 on April 10th, $2,000 on September 25th and a final payment of $5,447.13 on December 5th. If it uses the standard declining balance method, what was the original amount of the loan back on March 8?
30. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September 15, 20x1, with a bank at 16% on a with recourse basis. The bank used 365 days a year in computing the discounts. If the discounting is treated as a secured borrowing, interest expense would be The correct answer is: 5,270 REQUIRED: Provide a step-by-step solution.
Question A Suppose the annualized LIBOR3 is 4.23% and the annualized LIBOR6 is 5.97%. What is the forward forward rate for a LIBOR3 (annualized) deposit to be placed in three months? a.7.629% b.4.043% c.10.200% d.6.678% e.None of the options in this question are correct. Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line .
7. The CFO has negotiated a cheaper deal with mCommerceBank, a competitior of eCommerceBanque.The bank has agreed to provide loan of $2102, for 1 year and the payments are required to be paid monthly (at the end). The annualized interest rate charged by the bank is 9% pa. Compute the monthly payment amount to be made to the mCommerceBank. (i) Enter the values of number of periods, Present Value and Type in cells C43, C46 and C48 respectively. (ii) Write a formula in cell C45 to convert the annual rate to monthly interest rate.(iii) Write a formula in cell C50 to compute the monthly payments to be made to the bank.
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32) On November 1, Bahama national bank lens $3.9 million and except a six month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue add December 31, the end of the reporting period. (If no entry is required for a transaction/event, select “ no journal entry required” in the first account field. Enter your answer in dollars, not in millions (I.E. 5 should be entered as 5,000,000).)
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A company can issue a 90-day $5 million commercial paper at a rate of 6.55%. It can reduce the rate to 6.35% if it is backed by a standby letter of credit (SBLC). A bank is willing to issue the SBLC for a fee of 10 basis points. a) Should the company obtain an SBLC? Explain why or why not? b) Explain the formula - Expected loss = EAD × PD × LGD
13. AAA has a receivable from Client QRC amounting to P850,000 with existing credit term of 10/45, n/60. This was used by AAA to avail financing from C19 Finance Corporation. Client QRC is one of AAA’s credible client for the longest time which is its basis why this account was assigned to the finance provider. C19 has only extend 85% of the amount with 2% finance fee based on the face receivable assigned. A monthly interest of 4% will be charged by on the outstanding obligation of AAA. As this transaction was completed, AAA notified the finance department of QRC to pay its account directly to C19. Assuming AAA sold merchandise to Client QRC on April 1, 20A and the assignment transaction was completed on April 15, 20A. If Client QRC has paid its entire receivables availing the discount, of the amount received by the bank, which of the following entries is not found when the AAA was notified of the collection and the excess cash was received? a. Dr. Sales discount 85,000 b. Loan payable…