On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face amount), one-year, noninterest-bearing note. The going (i.e. market) rate of interest is 10 percent. The annual reporting period for Nico Company ends on December 31. Customer Francis paid the note in full on its maturity date. What is the journal entry to record April 30, 2015 transaction?
Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…
A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…
Q: On January 1, 2017, Sage Hill Inc. borrowed and received $410,000 from a major customer, Cheyenne…
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A: Liabilities:The claims creditors have over assets or resources of a company are referred to as…
Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…
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A: Present value:
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A: Calculation of discount on notes payable: Present value of Note = Face value of Note x PVF @12% for…
Q: Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is…
A: Interest receivable is interest accrued but not received. Interest receivable is an asset. Increase…
Q: On August 1, Batson Company issued a 60-day note with a face amount of $47,400 to Jergens Company…
A: SOLUTION- BOND AND NOTES PAYABLE- BONDS AND NOTE PAYABLE ARE BOTH TYPE OF LOAN . BONDS ARE USUALLY…
Q: On January 2, 2017, Adani Inc. sells goods to Geo Company in exchange for a zero-interest-bearing…
A: Discount on Notes Receivable = Face value of Notes Receivable - Fair value of the goods at the date…
Q: On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a…
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Q: Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Issued a…
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Q: On August 1, Batson Company issued a 60-day note with a face amount of $96,000 to Jergens Company…
A: Proceeds of the note (when note is discounted) = Face value of the Note - Discount amount where,…
Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…
A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…
Q: On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year,…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On January 1, 2020, Blue Co. borrowed and received $ 507,000 from a major customer evidenced by a…
A: Present value of bonds = Face value of bonds x present value factor (9%, 4 years) = $520000 x…
Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…
A: When any discount note received against the sale then we need to record sale at the discount note…
Q: Prepare Grouper Corporation’s January 1 journal entry.
A: Compute the present value of the note.
Q: On January 1, 2020, Avery Co. borrowed and received $400,000 from a major customer evidenced by a…
A: Step 1: a. Compute the discount on notes payable as follows:
Q: On September 1, 2011, Health Wise International acquired a 12 percent, nine-month note receivable…
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Q: FDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for…
A: The amount to be received at the time of the maturity of the promissory note include the principal…
Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…
A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…
Q: Resin Milling issued a $420,000 note on January 1, 2018 to a customer in exchange for merchandise.…
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Q: January 1, 2021, Hopper Company sold merchandise costing P150,000 to Eleven , who issued a…
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Q: December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign…
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Q: On July 1, 2017, KYU Co. discounted a 90-day, P850,000, 12% note, received from a customer on June…
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Q: n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend…
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Q: On December 31, 2021, Roth Company issued a P1,000,000 face value note payable to Wake Company in…
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Q: Prepare all appropriate journal entries including the sale of merchandise.
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A: The journal entries keep the record for daily transactions of the business.
Q: On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year,…
A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Sheffield Corporation issued a 3-year, $66,000, 6% note to Oriole Company on January 1, 2017, and…
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Q: . During 2021, the following transactions related to receivables occurred: Feb. 28 Sold…
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- omework E X ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser%3D0&launchUrl=https%253A%252F%252Ffayted User Management,.. https://outlook.off.. FES Protection Plan lomework Exercises Saved Select whether each of the following acCcounts normally has a debit balance or a credit balance: 1. Cash Debit 2. Blaine Brownell, Capital Credit 9:36 3. Fees income Credit 4. Accounts payable Credit 5 Supplies Debit 6. Equipment Debit 7. Accounts receivable Debit 8 Salaries expense Debit Addresspevonline.comVOAuth/SharedContent?code3DPILJACKS164&lessonID=11761&assetID-CEV70948 Vocab&activityType=3&courselD%-D3... Save Progress Banking Products & Services - Vocabulary 4 of 9 Match the word with the correct definition. allows individuals to have their paycheck or other payments deposited directly into their account electronic banking terminal which allows customers to complete basic transactions, such as deposits or withdrawals individual who holds legal control of the assets in a trust account electronic movement of money from one account to another :: Automated Teller Machine :: Direct Deposits : Beneficiary :: Electronic Funds TransferX SAM.gov | Home First Financial Bank Question 1- Week 5: X devry: Cost Managem X -Portal X M Inbox (17) - princessp: X X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com... A to Homework i Saved Help Save & Exit Check The following information is available for Brownstone Products Company for the month of July: Master Actual Budget Units 3,500 4,000 Sales revenue $ 54,300 $ 60,000 Variable manufacturing costs 10,000 16,000 Fixed manufacturing costs 13,000 14,000 Variable selling and administrative expenses 6,500 8,000 Fixed selling and administrative expenses 8,000 9,100 Required: 1. What was the master budget variance for July? Was this variance favorable or unfavorable? es 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of…
- mheducation.com/ext/map/index.html?_con3Dcon&external_browser%-D0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fpc Homework i Saved 9 You skipped this question in the previous attempt. CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,100 miles for $47,000. Originally the RV sold for $70,500 with a residual value of $20,100. After subtracting the residual value, depreciation allowance per mile was $0.87. How much was Melissa's purchase price over or below the book value? (Input the amount as positive value.) Purchase price was the book value by Does she have any equity that might assist her with purchasing bitcoin? O Yes O NoA Puree Eng 2 Wed-Morning 8.00- f (2) Facebook b My Questions | bartleby + (2) Facebook f (2) Facebook + i facebook.com/messenger_media/?thread_id=100005136376544&attachment_id=2518043765165174&message_id=mid.%24cAAAAAYrOs8J9ltBwvV3ZYsdaPi9d ia 3 On December 31,2019, Bryant Ltd. performed environmental consulting services for Warren Company was short of cash, and Bryant Ltd. agreed to accept 1,200,000 zero-interest-bearing note due December 31, 2021 as payment in full. Warren Company is somewhat of a credit risk and typically borrows funds at a rate of 10%. (PVIFA n=2i=10% =1.7355, PVIFA =3.=10% =2.4869, PVIF =0.8264 and PVIF n-3jat0% =0.7513) n=2.=10% Instruction: 3.1 Prepare the journal entry to record the transaction of December 31, 2019, for Bryant Ltd. 3.2 Assuming Bryant Ltd.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2020. *** 11:58 AM O Type here to search 2/3/2021 ..☐mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt=7676745&cmid=418253&page=4 N Dashboard N Current Student Inf... N This course N Technology Suppor... NIT Services N MyNMU N MyUser SNMU EduCat BusinessCourse Tab Stockholders' Equity: Transaction Descriptions from Account Data The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Riverview, Inc.: Paid-in Capital in Excess of Par Land value-Common Stock 33,000 (3) Common Stock, $10 Par 35,000 (2) 60,000 (3) (1) (2) (5) 6,080 Cash 80,600 35,000 4 *800 shares of common stock Date 1 OsLock Preferred Stock, $50 Par 65,000 (1) Esc FnLock 12,800 (4) ! Required 4 Using this information, give detailed descriptions, including number of shares and price per share when applicable, for each of the five transac General Journal 1 Paid-in-Capital in Excess of Par Value - Preferred Stock Type here to search (1) A F1 Z Description Return to course @ Paid-in Capital from Treasury…
- Answered: The fo x b Details | bartleby x b My Questions |b x Post Altendee -2 x FA Midterm Exan X -> File | C:/Users/Wendy/Downloads/FA%20Midterm%20Exam.pdf ME6 Which of the following entries records the payment of an account payable? a) Debit Accounts Payable, credit Cash b) Debit Cash, credit Accounts Payable c) Debit Expense, credit Cash d) Debit Cash, credit Expense ME7 The process of initially recording a business transaction is called: a) Sliding b) Posting c) Journalizing d) Transposing ME8 Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr, Revenue Cr c) Fees Earned, debit; Cash credit d) Cash, debit; Bank Cr ME9 The verification that the sum of the debits and the sum of the credits in the ledger are equal is called: a) A journal b) A ledger c) Posting Type here to search* CengageNOWv2 | Online teachirn x nttps://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-Dfalse O YouTube Maps 6 New Tab 6 Cookie Account Debit Credit No. Balances Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated Depreciation 19 1,100 Accounts Payable 21 1,900 Notes Payable 22 4,300 Bob Steely, Capital 31 12,940 Bob Steely, Drawing 32 790 Fees Earned 41 9,250 31 Wages Expense 51 2,500 92 Rent Expense 52 1,960 Utilities Expense 53 775 1.94 Depreciation Lxpense 54 250 14.96 Miscellaneous Expense 185 59 04.99 Totals 29,490 29,490 Determine the total liabilities for the period. 04.101 Oa. S1900 C.04.104 ress: 28/40 items O Type here to searchfrom Towards a X Mail-Edjouline X Bb Content - ACG2 X CengageNOWv2 X (58) YouTube werPoint now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3Dassignments&takeAssignmentSessionLocator%3Dassignment-take&inpro... eBook Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $28,000. The cost of merchandise sold was $16,800. Mar. 18. Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account to Pioneer Co. for $17,700. The cost of merchandise sold was $10,600. 21. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8% note. 25. Received from Pioneer Co. the amount due on the invoice of June 15. July 21. Received the interest due from JR Stutts and new 60-day, 9% note as a renewal of…
- * CengageNOWv X (58) YouTube × ロ Bb Content - ACG2 X + x from Towards a Mail - Edjouline X Office X PowerPoint | x v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. D YouTube eBook Show Me How Nine Entries for Notes Receivable, Including Year-End Entries 3.BLANKSHEET The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 4.BLANKSHEET 20Y3 03.ALGO Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. 04.ALGO Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 90 20Y4 -11 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. -12 Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when…g! Due to inactivity, your x Content * CengageNOWv2 | Online teachi x Cengage Learning .com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false les ajoutant à la barre de favoris. Importer mes favoris maintenant. h eBook 4 Show Me How Accounts Receivable Analysis A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover 14.6 V b. Number of days' sales in receivables x days Feedback Check My Work a. Divide sales by average accounts receivable. b. Divide average accounts receivable by average daily sales. Average daily sales are sales divided by 365 days. a N acerK Me Graw Hill Cloudy //ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware tice: Connect Knowledge Check (due Day 5) i 2 X W S QS 2-3 Reading a chart of accounts LO C3 Content. A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Advertising Expense b. Bills Payable c. Buildings d Commissions Earned e. Owner, Capital 1. Concessions Expense 19. Delivery Expense h. Equipment i Food Drink Expense # ** 3 E D $ 1 4 R F % X Ad Ter 5 T G Question 2-Wk 2 - Practice: Co x + 40 6 B O Y & 7 Ten O O L 07 Pel 11 P [ J back spac bluse