On April 1, Quincy Corp received an invoice for $9,800, with terms 3.25/5, 2.25/10, n/30, and credit for partial payments. They submitted a payment of $5,000 last Friday (April 3). How much do they need to pay today (April 10) to pay off their balance?
Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit)…
A: 2020 Journal entries of ENG hardware's - - Date Particulars Debit Credit December 31 Wages…
Q: Sadaf Oman Company's ledger showed an ending accounts receivable balance of RO 25,000 on April 30,…
A: Accounts receivable: It can be defined as the amount owed by the customers from the business for the…
Q: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services.…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Classic Customs began operations on December 1, 2020. In setting up the bookkeeping procedures, the…
A: Adjusting entry means where some adjustment need to be made at the end of specified period for…
Q: A computer assembly company received a shipment of monitors from its suppliers with an invoice of $…
A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…
Q: 3) Omani Company's ledger showed an ending accounts payables balance of RO 10,000 on October 31,…
A: Formula: Ending balance of Accounts payable = Beginning balance of Accounts payable + credit…
Q: Williams, Inc. received an invoice of $12,000 for computer hardware with terms of 4/15, n/30. They…
A: INVOICE- It is a commercial document that records a transaction between a buyer and a seller. It…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…
A:
Q: Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580…
A: What amount should appear in the "Other Receivables" category?
Q: A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14,…
A: Payment terms 5/14, 2/21, n/60 means that 5% discount will be allowed if payment is being made in 14…
Q: At October 31, 2022, the Accounts Payable balance is
A: Solution:-Option $91,200 credit is the right answer Accounts…
Q: 1) Omani Company's ledger showed an ending accounts payable balance of OR 25,000 on June 30, 2020.…
A: The ending balance of accounts payable can be calculated by adding up credit purchase and deducting…
Q: Proco had an account payable of $3,800 due to Shiroo Inc., on of its suppliers. The amount was due…
A: In horizontal statement model, the transactions are shown in balance sheet equation as well as…
Q: On July 1 Fisher Shoe Store paid $24,000 to Acme Realty for 6 months’ rent beginning July 1 and…
A: Rent Expense per month = Total amount paid for rent / Total period = $24,000 / 6 months = $4,000 per…
Q: JenStar received an invoice of $7,645 dated September 10 with terms 2/10, n15. JenStar paid $2.500…
A: Data given:: Invoice amount= $7,645 Date of invoice = September 10 Terms: 2/10, n/15 Payment date…
Q: Consider the following situations for Shocker:1. On November 28, 2021, Shocker receives a $4,500…
A:
Q: f a customer owed your company $100 on the first day of the month, then purchased $200 of goods on…
A: The normal balance of customer's account is credit balance, And if the amount is paid by the…
Q: Transaction 6 is a monthly fee paid to Shopify. If instead of monthly payments, Just for Kicks had…
A: Step 1 Matching principle is the accounting principle that requires that the expenses incurred…
Q: An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000…
A: Account balance P7,000 Paid an amount of P3,500 on the November 7 due date. A purchase of P2,000…
Q: On September 1, Starr Guitar Corp, borrowed $24,000 from their bank, and signed a 8%, 3- month bank…
A: Formula used: Interest amount = Loan amount x Time period x Interest rate
Q: On October 1, Eli's Carpet Service borrows $125,000 from Bank on a 3 month, $125,000, 8% note. What…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The Jamesway Corporation had the following situations on December 2021. On December 10, 2021,…
A: Adjusting entries are the entries recorded at the end of an accounting year to record any expenses…
Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…
A: Journal entry is the process of documenting business transactions for the first time in the books of…
Q: A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If the…
A: 5 days salaries expense = P200,000 Monday to Wednesday = 3 days 3 days salaries expense =…
Q: Marigold Corp. received a check for $14040 on July 1, which represents a 6-month advance payment of…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: On November 10, JumpStart Co. provides $2,260 in services to clients. At the time of service, the…
A: The question is based on the concept of Financial Accounting.
Q: REM Real Estate received a check for $24,000 on July 1 which represents a 6 month advance payment of…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: Baden Realty Company received a check for: P18,000 on July 1 which represents a 6 month advance…
A: Revenue earned on july 31 = total amount received / no. of months = 18000/6 months = P3,000
Q: A business had a balance at the bank of $2,500 at the start of the month. During the following…
A: A settlement discount is used in business where a business offers another business a rebate when a…
Q: 12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance…
A: Lets understand the basics. Adjustment entry is required to prepare to record correct amount of…
Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The Super Cool Car Company estimates warranty expense at 3% of revenue. Revenue during January were…
A: Warranty liability: Sometimes, when products are sold with warranty organizations make an estimation…
Q: At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month,…
A: Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid…
Q: On November 10, JumpStart Co. provides $2,160 in services to clients. At the time of service, the…
A: Solution . (a). Journal to be made on Nov 10th Date General journal Debit Credit Nov.…
Q: Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of…
A: Unearned rent revenue is the amount which represents the advance money received for the services or…
Q: (a) On September 30, the firm received its utilities bill for the month of September amounting to…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $2,400…
A: 1. $2,400 is received for 3 months, from Nov. 28 to Dec. 31, 1 month has finished. 2. $2,280 is…
Q: Zaldy's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15 and P…
A: Date unpaid balance Sep. 10 $5000 (previous balance) Sep. 15 $5000+$3000=$8000 (purchase of…
Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: At the end of April, Hernandez Company had a balance of $35,070 in the vacation benefits payable…
A: Calculate unused vacation benefits: Unused vacation benefits = Vacation benefits payable end of…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to * ?prepay rent for December…
A:
Q: On November 10, JumpStart Co. provides $2,210 in services to clients. At the time of service, the…
A: a. Accounts title Debit Credit Cash 630 Accounts receivable (2210-630) 1580…
Q: What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still…
A: Sales can be done on a cash or credit basis. When sales are on cash basis, cash will be received…
Q: Wildhorse's gross earnings for the week were $1,800, his federal income tax with-holding was $332,…
A: given that, Wildhorse's gross earnings for the week were $1,800 federal income tax withholding was…
Q: Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $4,350…
A: Assets: Assets are the resources that are owned, and controlled by the company to generate a…
Q: As a buyer for the J&J company, you receive an invoice with terms 3/10, EOM, net 60. The invoice…
A: 1. 3/10 EOM means buyer can get the cash discount of 3% if he pays the amount within 10 days from…
Step by step
Solved in 2 steps with 2 images
- Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three 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 February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500
- 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.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.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?
- Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalHomeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.On October 31, the Vermillion Igloos Hockey Club received 800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional 450,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31. b. List the title of the account and the related balance that will appear on the income statement. c. List the title of the account and the related balance that will appear on the balance sheet.McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.