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- 42) Identify the term, which is used for the full payment is due on the 15th of the month following the invoice date from the following? a. 15MFI b. 1/10 c. 2/10 d. 3/EOMProblem # 7 What payment should be made on an invoice in the amount of $9,400 dated January 11 if the terms of sale are 2/15, 1/30, n/45 and the bill is paid on a. January 23? b. February 20?If a business has paid rent of $1,000 for the year to 31 March 20X9, what is the prepayment in the accounts for the year to 31 December 20X8? A $250 B $750
- Find the EAR in each of the following cases: (Use 365 days a year. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answerThis year's final paycheck will be issued on the last Friday of December. If you report the wages for the remaining four days of December as an expense in the next year, which principle are you violating? A. The disclosure principle B. The matching principle C. The revenue recognition prin
- 9. What amount should be adjusted in relation to the doubtful accounts for the fourth quarter? A. 0 B. 4,000 C. 41,000 D. 37,000 E. None of themWhat is the Allowance for Uncollectible Accounts at December 31 of the current year after adjustments? attached in ss below thansk rgwiohwj ohwt hwAssume an individual is wanting to determine the ending balance after 1 year based on monthly deposits of $1,000 in an account that has 6% continuous compounding. Determine the ending balance. $12,363.42 $14,336.42 $12,336.42 $12,633.42
- 67. Jansen Company prepares an account receivable aging schedule with a series of computations as follows: 10% of the total peso balance of accounts from 1-60 days past due, plus 15% of the total peso balance of accounts from 61-120 days past due and so on. How would you describe the total of the amounts determined in this series of computations? Group of answer choices It is the amount of uncollected accounts expense for the year. It is the amount of the desired credit balance of the allowance for uncollectible accounts to be reported in the year-end financial statements. When added to the total of accounts written off during the year, this new sum is the desired credit balance of the allowance account. It is the amount that should be added to the allowance for uncollectible accounts at year-end.You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What is the outstanding balance on the January 25th invoice after the January 27th payment?P8 Prepare the adjusting entry for each of the following situations. The last day of the accounting period is December 31. a. The payment of the P19,000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy has now expired. b. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending December 26. They worked on Monday, Dec. 29, Tuesday, Dec. 30 and Wednesday, Dec. 31. c. The Supplies account had a balance of P4,480 on January 1. During the year, P11,000 of supplies were bought. A year-end inventory showed that P6,400 worth of supplies are still on hand. d. Equipment costing P588,000 has a useful life of 5 years with an P80,000 salvage value at the end of its life. Record the depreciation for the year.