The following selected transactions were completed by Zippy Do Co., a supplier of zippers forclothing:2019Dec.1223456780910111212131415161732020Mar. 2 Received payment of note and interest from Chicago Clothing & Bags Co.Journalize the entries to record the transactions. If no entry is required, simply skip to the nexttransaction. Be sure to include the year in the date for the entries.1819203131Page 10Accounting 1AClass AssignmentChapter 8-ReceivablesReceived from Chicago Clothing & Bags Co., on account, a $36,000, 90-day,6% note dated December 3.Recorded an adjusting entry for accrued interest on the note of December 3.Recorded the closing entry for interest revenue.DateGENERAL JOURNALDescriptionPostrefDebitPageCredit12345607191891011121314151617181920Page <

Notes Receivable - Notes Receivable is a Promissory notes issued by the payer to the receiver. It is…

ung Class Assignment Chapter 8-Receivables 2019 Dec. 3 Received from Chicago Clothing & Bags Co., on account, a $36,000, 90-day, 6% note dated December 3. Recorded an adjusting entry for accrued interest on the note of December 3. Recorded the closing entry for interest revenue. 31 31 2020 Mar. 2 Received payment of note and interest from Chicago Clothing & Bags Co. Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Be sure to include the year in the date for the entries.

ung Class Assignment Chapter 8-Receivables 2019 Dec. 3 Received from Chicago Clothing & Bags Co., on account, a $36,000, 90-day, 6% note dated December 3. Recorded an adjusting entry for accrued interest on the note of December 3. Recorded the closing entry for interest revenue. 31 31 2020 Mar. 2 Received payment of note and interest from Chicago Clothing & Bags Co. Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Be sure to include the year in the date for the entries.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...

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In November 2019, Yammy Fun Inc. purchased advertising for $1,000 that ran in the local November newspaper. All purchases and services are made on credit. The bookkeeper, PatrickFitz, recorded the advertising by crediting Supplies Inventory (asset) and debiting accounts payable. In 2020 (the following year), the new bookkeeper, Tua, saw this entry and asked you to help him analyze the entry. What is the correcting entry for 2020? Debit Supplies Inventory and credit Advertising Expense for 1,000.Debit Supplies Inventory and credit Retained Earnings for 1,000Debit Retained Earnings for 1,000 and credit Accounts Payable for 1,000.Debit Advertising Expense for 1,000, debit Supplies Inventory for 1,000, and credit Accounts Payable for2,000Debit Retained Earnings for 1,000, debit Supplies Inventory for 1,000, and credit Accounts Payable for2,000
Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Prepare: Journal entry Trial balance
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $48,000, 60-day, 6% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co. Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If no entry is required, simply skip to the next transaction. Assume a 360-day year when calculating interest.
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 7% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co. required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles CHART OF ACCOUNTS Fasteners Inc. Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-McKenna Outer Wear Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated…
A furniture store received an invoice from a supplier for $12282 dated July 13, 2022 with terms 5/10, 2/20, n/60. A partial payment, in the amount of $5373 is made on July 20. What amount is credited to the account? Boyd Industries received an invoice dated September 4, 2021 with terms 2.5/10, n/30. The amount stated on the invoice was $6386. What is the amount due on September 10 if the invoice is to be paid in full? A set of weights has a list price of $97. If discounts of 14%, 10% and 3% are offered, what is the single equivalent discount rate (SEDR) that was given? Write your final answer as a percent rounded to 2 decimal places. A microwave oven has a list price of $93 less discounts of 16%, 5% and 2%. What is the net price of the microwave oven? Beatles Office Products bought a desk for $735 and plans a mark up of $626. During a clearance sale, they decided to mark down the regular selling price of the desk by 16%. What was the clearance sale price of the desk?…
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:20Y3Nov. 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.Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3.20Y4Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions.
Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020
Presented are the transactions of Mandaue Electrical Supplies for the month of October 2019. Record all transactions using the Perpetual inventory assuming credit terms extended to customers are 2/10, n/30. Prepare your own Journal sheet.
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $48,000, 60-day, 6% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.