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EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Students have asked these similar questions
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year
with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that
date?
A. Cash
Sales Revenue
Accounts Receivable
B. Cash
Sales Discounts
Accounts Receivable
Interest Revenue
C. Cash
Sales Discounts
Accounts Receivable
D. Cash
Accounts Receivable
Sales Revenue
Select one:
O A. Option A
OB. Option B
O C. Option C
OD. Option D
Clear my choice
45,540
460
46,000
460
45,540
460
46,000
46,000
46,000
460
46,000
45,540
460
The following transactions took place for Parker’s Grocery.
a.
Jan.
1
Loaned $84,000 to a cashier of the company and received back a one-year, 10 percent note.
b.
June
30
Accrued interest on the note.
c.
Dec.
31
Received interest on the note. (No interest has been recorded since June 30.)
d.
Dec.
31
Received principal on the note.
Required:
Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Bartow Photographic Services takes wedding and graduation photographs. At December 31, theend of Bartow’s accounting period, the following information is available:a. All wedding photographs are paid for in advance, and all cash collected for them is creditedto Unearned Service Revenue. Except for a year end adjusting entry, no other entries aremade for service revenue from wedding photographs. During the year, Bartow received$42,600 for wedding photographs. At year end, $37,400 of services had been performed.The beginning-of-the-year balance of Unearned Service Revenue was zero.b. During December, Bartow photographed 225 members of the next year’s graduating class ofShaw High School. The school has asked Bartow to print one copy of a photograph of eachstudent for the school files. Bartow delivers these photographs on December 28 and will billthe school $5.00 per student in January of next year. Revenue from photographs ordered bystudents will be recorded as the orders are received…
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- can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.arrow_forwardInstructions Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 1 31 Issued a 30-day, 4% note for $372,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Jul. 1. Purchased tools by issuing a $276,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. Purchased equipment from Greenwood Co. for $540,000, paying $108,000 cash and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $309,500, payable…arrow_forwardThe accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?arrow_forward
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