Purchased $1,100 of computer supplies on credit from Harris Office Products. Note: Enter debits before credits. Date December 15 Record entry General Journal Clear entry Debit Credit View general journal
Q: 20. Diaz Company sells its product for $28.00 per unit. For the first year of operations Diaz…
A: Budgeted Income Statement Particulars Year 1 Year 2…
Q: .25. Sale Of Principal Residence Ms. Jan Sadat owns a house in Ottawa as well as a cottage in…
A: There are capital gains whether it is short term or long term it depends on the whether you sell in…
Q: Assets Canh 30 Comparative Balance Sheets 2021 PERSONAVE $ 96,700 92,000 81,800 6,200 Accounts…
A: The cash flow statement is one of the important financial statement of the business. It classifies…
Q: a newly appointed Chief Supply Chain Officer at YS Medical Devices, you want to figure out the…
A: the cash conversion cycle is calculated by taking the account receivable days along with the…
Q: I'm looking for a word, it means an amount of money that was put aside for a contract or an…
A: Generally, organisations whether profit or not for profit, put aside some amount of money to meet…
Q: The following information was extracted from the records of Cascade were completed: Common stock…
A: The retained earnings at year end is transferred to stockholders' equity section. The dividend is…
Q: osts paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and…
A: Labour expenses are direct and indirect. Direct expenses are recorded to work in process. Indirect…
Q: Metlock Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of…
A: Because of usage, wear and tear, or obsolescence, the monetary worth of an object will depreciate…
Q: The following table shows the balance sheet for United Community Bank. Compute the value of the…
A: Anything the business owns that has a market value and can be exchanged for money is considered an…
Q: - Determine the materials budget for the year.
A: Meaning of direct material purchase budget This budget shows how much direct material or material is…
Q: Chavin Company had the following results during August: net operating income, $220,000; turnover, 5;…
A: The return on investment ratio tells about the earnings of the company as compared to the assets…
Q: Meiji Isetan Corporation of Japan has two regional divisions with headquarters in Osaka and…
A: Return on Investment: Return on Investment is an indicator of the profitability of the investments,…
Q: Blossom SA reported the following balances at December 31, 2019: share capital-ordinary €530,000,…
A: Statements of financial position are frequently used to refer to the balance sheet. The statement…
Q: Determine the amount of ending inventory and prepare the year-end adjusting entry to write-down…
A: Product A1: Purchases Sales Balance Particulars Units Unit price Amount Units Unit…
Q: Give and explain three examples of how data analytics can be useful to an accountant
A: Accounting is the process of tracking and recording the financial or monetary transactions of an…
Q: Choose the response that correctly states the maximum penalty the IRS can assess against a paid tax…
A: who fails to satisfy the due diligence requirements when preparing a return for an individual.…
Q: On Sept 1, 2021, Firm A issued a 9-month, 12% promissory note in exchange for cash of $240,000.…
A: In this question, we need to pass journal entry for: Issuance of Notes. Adjusting entry for accrual…
Q: Which of the following statements is true? A balanced scorecard consists of a report showing a…
A: The time period balanced scorecard (BSC) refers to a strategic control overall performance metric…
Q: Required information A process for producing the mosquito repellant Deet has an initial investment…
A: The question is based on the concept of Cost Accounting. Break even point is the point where there…
Q: Earnings per share (EPS) for Valcor Inc. are $3 at a sales level of $4 million. If Valcor’s degree…
A: In order to determine the Earnings per share (EPS), the company's net profit are required to be…
Q: The unadjusted trial balance for PS Music as of July 31, 20Y5 is as follows: PS Music Unadjusted…
A:
Q: Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable…
A: Accounts payable is the amount which is to be paid to the suppliers from whom the inventory was…
Q: I don't know how I would come up with all the other answers? It only lets me know the asset minus…
A: Part 1a: Workings: Annual straight-line depreciation expense=Cost of asset-Estimated residual…
Q: On January 1, 2016, Baznik Company adopted a defined benefit pension plan. At that time, Baznik…
A: Introduction Identification of all expenses related to creating, maintaining, and providing your…
Q: The following information relates to last year's operations at the Legumes Division of Gervani…
A: Investment turnover = Investment turnover measures the efficiency of a company's assets to generate…
Q: Assume on January 1, 2018, a parent company acquired a 75% interest in a subsidiary’s voting common…
A: Correct answer will be a. $24,300 Because, the unrealised profit will be deducted from the income…
Q: Describe how the "culmination" of the audit process looks like. 2. In the final stage of a…
A: Describe how the "culmination" of the audit process looks like. The culmination of the audit…
Q: At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year…
A: Lease refers to a contract where the owner of the asset known as lessor provides the right to an…
Q: (iii) (iv) - - Select THREE (3) transactions that Kate Minimart performs and illustrate their effect…
A: Transactions that Kate Minimart performs: (1) Kate invested $20,000 of her own funds in business…
Q: Consider the following information for Rosebud Lane Hospital. The number of admissions for the year…
A: Net profit is determined by the business entities by deducting all the expenses (Fixed as well as…
Q: asset is referred to below as Asset A, and Sitra's is referred to as Asset B. The following wary 1…
A: If an exchange lacks commercial substance, then the cost of asset received in exchange is measured…
Q: Nonresident basketball player with only a few games played inside the state of California during the…
A: Non resident person's income which is taxable in the country of California would be the income which…
Q: Will any CPP Contributions be withheld from Janice and how much
A: Janice Blair is in an Internship from May 1 through August 31 where she is Janice will turn 18 in…
Q: Donald's Inc. would like to declare dividends. Partial financial information for Donald's Inc. is…
A: Introduction: Company can declare and pay dividends to the extent of amount available in the…
Q: Could I see the journal entries pleas
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Calculate the sales charge and dollars and the sales charge percent for the mutual fund round…
A: 1. Sales charge: A sales charge is an additional fee paid by an investor that is used to compensate…
Q: The Regal Cycle Company manufactures three types of bicycles—a dirt bike, a mountain bike, and a…
A: Fixed cost are those cost which doesn't changes with the changing level of sales or production i.e.…
Q: Concord Bank and Trust is considering giving Alou Company a loan. Before doing so, management decide…
A: The inventory of a business at year end should include the inventory in transit that was purchased…
Q: Relic Industries manufactures and markets many products you use every day. In 2019, sales for the…
A: Receivable Turnover Ratio :— It is calculated by dividing credit sales by average accounts…
Q: 16.) Given the following information [daily basis] on a manufacturing company, calculate (a)…
A: a) Calculation of Contribution per unit Particulars Amount $ a Selling Price per unit 5 b…
Q: Forecast the food sales for the current (30-day) month. The restaurant serves lunch and dinner each…
A: Financial accounting are employed by nonprofit organizations, corporations, and small businesses to…
Q: Required information [The following information applies to the questions displayed below] Dain's…
A:
Q: dividend distribution
A: The dividend distributed for the current year is considered as expense and reported in the income…
Q: Calculate the annual interest in dollars in current yield as a percent of the bond. Round your…
A: Annual Interest = Face value * coupon rate Annual Interest = $100 * 8.25% Annual Interest = $8.25 or…
Q: What is an acquisition differential and where does it appear in the balance sheet?
A: INTRODUCTION: A balance sheet is a financial statement that shows the assets and liabilities of a…
Q: Perth Corporation has two operating divisions, a casino and a hotel. The two divisions meet the…
A: A company's operational profit is the sum of its sales income after all operating expenses, such as…
Q: Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $310,000. He…
A:
Q: Nick Andrewson uses gas to heat his home. He has accumulated the following information regarding his…
A: Cost at highest level of activity- $129Cost at lowest level of activity- $52Highest level of…
Q: ABC has the following transactions during 2020: 1. On March 1, 2020, ABC sold merchandise on account…
A: INTRODUCTION: A journal entry is a record of a commercial transaction performed in the accounting…
Q: Lola Metals has two decentralized divisions, Stamping and Finishing. Finishing always has purchased…
A: The question has asked to compute the contribution margin, and, the cost incurred by Lola Metal.…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Solve for the amount of discount and amount due.Invoice amt: $533.75Invoice date: Mar 7Terms: 2/10 - 20xGoods rec'd: Mar 9Date paid: Apr 6JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
- If Accounts Payable has debit postings of P170,000 credit postings of P140,000 and a normal ending balance of P60,000 which of the following was its beginning balance? Group of answer choices P30,000 Cr. P30,000 Dr. P90,000 Dr. P90,000 Cr.5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank accountThe debits and credits from two transactions are presented in the following customer account: NAME Mobility Products Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance ✔ 540 Aug. 10 Invoice No. 59 CR24 103 437 Aug. 17 Invoice No. 64 R35 129 566 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 fill in the blank 2 fill in the blank 4 Aug. 17 fill in the blank 6 fill in the blank 8
- question General ledger Debit Credit Balance 01.11.20 50,000 31.12.20 Rental Revenue 6000 56,000 31.12.20 Rental Revenue 1800 57,800 01.01.21 Rental Revenue 6,000 51,800 Kindly show me the T Accounts for the above general ledger.Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
- Pg 37 T- Accounts Please find the missing amount on the follwoing T-Account. and explain CLEARLY and indepth (showing formula or method) on how you found the amount. Accounts Payable DRs 6/4 Transaction A 1500 6/8 Transaction C 2000 CRs Beginning Balance 3000 6/6 Transaction B UNKOWN 6/29 Transaction D 3,400 Ending Balance 6,700company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14…