Naa Adjorkor started business as a paper plate and cup manufacturer on1 January 2018, making up accounts to 31 December 2018.Electricity bills received were as follows.201820192020GHCGHCGHC31 January6,491.526,753.2430 April5,279.475,400.936,192.8231 July4,663.804,700.945,007.6231 October4,117.284,620.005,156.40What should the electricity charge be for the year ended 31 December2018, 2019 and 2020; show the necessary journal entries

First, we need to identify the electricity bills that are relevant for each accounting year. The…

Answered: Naa Adjorkor started business as a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

You have a credit card that charges a monthly interest rate of 1.85 %. The table below shows your activity for the month of May. Date May 1 May 3 May 8 May 17 May 20 May 23 May 31 Activity Beginning Balance Purchase 202.62 Payment Purchase Purchase Purchase Closing date Amount 1050.15 32.52 -1050.15 87.19 13.41 68.85 What is the interest charged on the unpaid balance from the previous month? $1050.15 What is the statement balance due for the May billing period? Question Help: Message instructor
Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.75%. The itemized billing for the month of April is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date April 1 April 3 April 11 April 15 April 28 April 30 May 7 Amount 95 755 395 890 845 (a) Find the average daily balance. $ 1,453.17 (b) Find the interest due for this month. $ 25.43 Or (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704
Provide the answer is correct option
question is attached in the ss blow thanks for help thlatpatphat ha arepoacited it top4ipt4op 4itp 4iyp4 o o4i y
Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is April 1st. ..... Date Transaction April 3 Charged $125 for a coat April 11 Made payment of $142 April 21 Charged $34 for DVDs April 28 Charged $25 for groceries The finance charge for the month of April is $enter your response here.
A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On June 16, there is a return of $100. The buyer makes the payment for the remaining amount by utilizing the discount. What should be the amount to be paid? O A) $855 B) $900 C) $950 D) $810 E) $600
BUS 038 : Business Computatns4. You buy goods on an invoice dated October 28, with terms of 2/20, n/45. What is the last day of the discount period?
ou have a credit card that charges an interest rate of 15.65% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 1,375.00 April 8 Purchase 41.60 1,416.60 April 15 Payment −175.00 1,241.60 April 17 Purchase 93.00 1,334.60 April 20 Purchase 14.00 1,348.60 April 28 Purchase 35.30 1,383.90 April 30 Ending Balance 1,383.90 What is the average daily balance for this account?$What is the finance charge for the month of April?

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS