Question 4 of 9 A company received an invoice dated August 10, 2014 with terms 3/10, 1/30, n/60 for an amount of $150,000. It made a 1st payment of $58,200 on August 20, 2014, a 2nd payment of $49,500 on September 9, 2014, and the balance on October 9, 2014. a. What was the invoice balance after the 1st payment? Round to the nearest cent b. What was the amount paid on October 9, 2014?

Question 4 of 9 A company received an invoice dated August 10, 2014 with terms 3/10, 1/30, n/60 for an amount of $150,000. It made a 1st payment of $58,200 on August 20, 2014, a 2nd payment of $49,500 on September 9, 2014, and the balance on October 9, 2014. a. What was the invoice balance after the 1st payment? Round to the nearest cent b. What was the amount paid on October 9, 2014?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.20E: Interest Receivable On June 1, 2016, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan...

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Interest Receivable On June 1, 2016, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%. Required Prepare the journal entry on MicroTels books on June 1, 2016. Prepare the adjusting entry on MicroTels books on June 30, 2016. Prepare the entry on MicroTels books on July 31, 2016, when MaxiDriver repays the principal and interest.
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1.) The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising expense 21,000 Cash 15,000 Owner’s capital (1/1/14) 102,000 Owner’s drawings 14,000 Depreciation expense 12,000 Insurance expense 3,000 Note payable, due 6/30/15 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense 6,000 Equipment 210,000 What are total long-term liabilities at December 31, 2014? $90,000 $88,000 $0 $70,000
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On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a $19,400 account receivable. The note is due in six months. At December 31, Black should record interest revenue of the value listed below. Select the correct answer. a-$201 b-$194 c-$204 d-$191
ASAP!! ANSWER The following is the trial balance of Shah Latif & Co. on March 31, 2011Cash Rs. 20,000 Accounts Payable Rs. 30,000Accounts Receivable Rs. 50,000 Salaries Payable Rs. 15,000Merchandise inventory Rs. 60,000 Bank loan Rs. 25,000Equipment Rs. 40,000 Capital Rs. 100,000The following transactions were performed during first fortnight of April:Apr 05 Paid outstanding salaries06 Collected 1/2 of accounts receivable.07 Sold merchandise for cash Rs.20,000 and on account Rs.30,00010 Paid 1/3 of the accounts payable.14 Made additional investment depositing cash into the bank Rs.25,000.Requireda. Prepare the ledgers with opening balances on April 01. b. Prepare Trial balance