What are the total time in days for the following notes. (Assume there are 28 days in February.)    Date of Note Due Date Time in Days May 4 July 17   August 17 October 1   July 5 September 5   December 11 February 5   March 24 May 16   January 6 March 18

Q: For the credit card account, assume one month between billing dates and interest of 1.6% per month…

A: Here, Interest Rate is 1.6% per month on average daily balance

Q: What amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for…

A: solution : given Invoice dated Amount June 28 $815 July 7 $780 July 14 $895…

Q: Date of Note Due Date Time in Days 1. June 28, 2010 August 10, 2010 days 2. March 5, 2010 August 12,…

A: As mentioned specifically to answer Time in days so we are answering only for that.

Q: From the information given below, determine the due date for the following notes:   Date Issued…

A: Due date of note: When a debtor takes goods in credit, he issues a note that the payment of these…

Q: What is the due date of a $12,000 90-day, 8% note receivable dated August 5?

A: Maturity date of notes receivable is calculated on the basis of the wordings in the note. If it is…

Q: Complete the table to determine the unpaid balances and the finance charges. The interest rate is…

A: Interest is calculated on Unpaid balance at the end of the month. Unpaid balance at the end of the…

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: (our credit card statement for the month of June (30 days) has the following information. Your…

A: As per company policy it is only possible to solve three sub parts.

Q: Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in…

A: A note is a financial security that obligates a borrower to pay a borrowing within a certain time…

Q: What is the effect on XYZ's accounting equation in June when it remitted the $10,000?

A: Solution:- Preparation of the Effect on XYZ accounting equation, when it remitted $10,000 Cash…

Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…

A: Salaries expense for 5 days = $7,820 Hence, Salaries expense for 4 days period = $7,820 x 4/5 =…

Q: Daniel Corporation's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet…

A: Depreciation is the systematic allocation of the cost of an asset (minus its salvage value) over the…

Q: Presented below are the data on three promissory notes. Determine the missing amounts (round answers…

A: WN 1. Maturity date calculation For 1st Promissory note = April 1 + 60 days = May 31. For 2nd…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Given Information: Previous month’s balance is $680 Purchases and cash advances is $127.97 Payments…

Q: Use average daily balance method to compute the charge on the credit card account for the previous…

A: Computation:

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: g. Wages paid in June include the balance in the Wages Payable account at May 31 plus S36,100 of…

A: A journal entry is prepared in order to record the business transactions in the books of accounting.…

Q: Month: April (30 days), previous month s Balahce: $270 Use the average daily balance method to…

A: Credit card finance charge: Any fee related to borrowing money and repaying it over time is referred…

Q: The amount of interest to be accrued at the end of September is

A: Accrued interest on note payable is the outstanding interest amount which is accrued or outstanding…

Q: Previous Month's Finance Charge (in $) Purchases and Cash Advances Payments and Credits New Balance…

A: Solution In the given question , Kathy has a revolving credit account         The finance charge is…

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Journal entry is the primary entry that records the financial transactions initially.

Q: Income Statement For the month ended January 31, Year 1 Revenues: Expenses: Income Before Taxes %24

A: Income statement (IS) is one the vital financial statement of the business along with balance sheet…

Q: Zoey Bella Company has a payroll of $5,080 for a five-day workweek. Its employees are paid each…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Given: Period Amount 1-Apr 480 12-Apr 58 14-Apr -430 18-Apr 178 27-Apr 48

Q: What is the total book receipts for December?

A: Bank Reconciliation Statement Purpose of preparing the bank reconciliation statement is to check and…

Q: Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in…

A: 1) Time in days = 22 days of May + 30 days of June + 17 days of July = 69 days 2) Time in days = 13…

Q: Interest of $162 had accrued on the notes payable for the month of September.

A: Interest Expense account Dr::162$..      To Note payable account $162....

Q: Consider the above balance sheet and income statement. The account payable deferral period is equal…

A: The account payable deferral period is the period of time taken by the company to pay off its…

Q: You have a credit card that charges an interest rate of 9.5% compounded monthly. The table below…

A: Average Daily balance method is the method in which interest charges for the period are calculated…

Q: how to come up with the beginning balances in each month? Why is it 5k in January, 2k in Feb, 1k in…

A: The explanation with respect to the beginning balances of cash in each month is given hereunder :…

Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…

A: Formulas: Due Date (Maturity Date) = Date of Note + term on the note (in days) Interest on Note =…

Q: Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday…

A: INTRODUCTION: The accounting equation depicts the connection between assets, liabilities, and…

Q: Find the due date for 130 days note dated July 7,using Actual time

A: Note payable refers to those legal obligations of the company which will be paid on any specific…

Q: The Super Cool Car Company estimates warranty expense at 3% of revenue. Revenue during January were…

A: Warranty liability: Sometimes, when products are sold with warranty organizations make an estimation…

Q: aoul's credit card statement showed these transactions during May. May 1 May 6 May 10 May 15 May 26…

A: In credit cards bank charges interest based on daily balance during month and interest is charged…

Q: Transactions on Devin's credit card are shown for the month of May. The interest rate is 2.4% per…

A: Introduction: A credit card is a financial tool or instrument that is being used by account holders…

Q: Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in…

A: Calculation of Calculation of total time in days for above note are as follows:

Q: Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for…

A: Maturity date is the date on which the instrument is matured. Total interest is principal * rate *…

Q: A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June…

A: Average daily balance = Total of (Number of days * Unpaid balance) / Total number of days

Q: On the 11 of July a customer cash good payment for the first third of the month of July. On the 18,…

A: Journal entries are defined as recording of the business transactions into the books of company and…

Q: An invoice with an amount of OMR 8,500 dated March 20th, and terms of payment on ordinary dating…

A: The Numerical has covered the concept of the Credit Period. The Credit Period is that period where…

Q: Using exact time, the due date of a loan that is made on February 10 of a leap year and is due in 60…

A: While calculating 60 days, February 10 shall be included and accordingly 60 days shall be…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Computation:

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: b. What is the balance owing at the end of January? PLEASE NOTE INTEREST IS CALCULATED ONCE PER…

A: The question is based on the concept of Financial Accounting.

Q: From the information given below, compute the time in days for the following notes: Date of Note Due…

A: In calculation of days and date we do not consider the date of note because internet do not pay for…

Q: Honeycomb Company issued a note receivable to a customer on September 1.  The face value of the note…

A: Accrued interest on December 31 = Face Value of note receivable x interest rate x no. of months/12 =…

Q: What is the balance of accounts payable at May 31st?

A: Accounts payable balance should be as per terms of cash payment.

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.