DF: ACCOUNTING PRINC 14E WPNGEC 1 SEM
DF: ACCOUNTING PRINC 14E WPNGEC 1 SEM
14th Edition
ISBN: 9781119709947
Author: Weygandt
Publisher: WILEY
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Chapter 2, Problem 8E
To determine

Introduction: Journal is a book of original entries in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking into account the rules of the double entry book-keeping system.

To prepare: The journal entries for the given transactions.

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Selected transactions for Concord’s Dog Care are as follows during the month of March. March 1   Paid monthly rent of $1,320. 3   Performed services for $150 on account. 5   Performed services for cash of $85. 8   Purchased equipment for $660. The company paid cash of $90 and the balance was on account. 12   Received cash from customers billed on March 3. 14   Paid wages to employees of $580. 22   Paid utilities of $80. 24   Borrowed $1,650 from Grafton State Bank by signing a note. 27   Paid $240 to repair service for plumbing repairs. 28   Paid balance amount owed from equipment purchase on March 8. 30   Paid $1,980 for six months of insurance. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896
On February 33​, the billing​ date, Carol Ann Bluesky had a balance due of ​$122.39122.39 on her credit card. Her bank charges an interest rate of​ 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month. Feb. 88 ​Charge: Art supplies ​$21.2721.27 Feb. 1212 Payment ​$90.0090.00 Feb. 2323 ​Charge: Flowers delivered ​$62.5462.54 Feb. 2525 ​Charge: Music CD ​$10.9210.92 ​a) Find Carol​ Ann's average daily balance for the billing period from February 33 to March 33. Assume it is not a leap year. ​b) Find the finance charge to be paid on March 33. ​c) Find the balance due on March 33. ​d) Compare the result obtained to those obtained using the previous balance method.       Question content area bottom Part 1 ​a) The average daily balance for the billing period was ​$enter your response here. ​(Round to the nearest cent as​ needed.)
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