Chapter 5, Problem 1.14C

Establish a line of credit with the bank at an intrest rate of 10%. The bank will charge a fee of 1% to establish a line of credit. Calculate Actual percentage cost of line of credit

Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box blank. Account Accounts Payable Account No. 21 DATE ITEM POST.REF. DEBIT CREDIT BALANCEDEBIT CREDIT Sept. 1, 20Y4 Balance           Sept. 18, 20Y4

Prepare the following journal entries. a. customer is given an allowance of $ 425.       b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.

Coasters Co. issued a note receivable to a customer. The customer made payment, principal and interest, directly to the Coaster’s bank. What would be included in the journal entry to adjust for this payment?     Debit to interest expense     Debit to notes receivable     Credit to interest income     No journal entry needed     Credit to cash

From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account   Sal Buchemi   Date Item PostRef. Debit Credit Balance May  9    J1 89.00   89.00    19    J2 215.00   304.00 Account   Grace Carlton   Date Item PostRef. Debit Credit Balance May  10    J2 11,401.00   11,401.00    15    J2 2,263.00   13,664.00 Account   Pat Heins   Date Item PostRef. Debit Credit Balance May  15    J2 5,278.00   5,278.00    22    J3 ​  5,278.00 0.00 Account   Falana Moore   Date Item PostRef. Debit Credit Balance May  4    J1 1,139.00   1,139.00    8    J1 423.00   1,562.00    14    J2 ​  1,139.00 423.00 Account   Peggy Nelson   Date Item PostRef. Debit Credit Balance May  1    J1 23,652.00   23,652.00    10    J2 ​  23,652.00 0.00    14    J2 13,236.00   13,236.00 Account   Will Sache   Date Item PostRef. Debit Credit Balance…

The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.6​% of the average daily balance. Calculate parts​ a-d using the statement in the popup. transaction description transaction amount previous balance, $2646.05   June 1 billing date   June 6 payment $1000.00 credit June 8 charge: gas $36.02 June 9 charge: groceries $138.48 June 17 charge: gas $42.18                charge: groceries $126.42 June 27 charge: clothing $215.69 June 30 end of billing period   Payment due date: July 9   A) Find the average daily balance for the billing period. Round to the nearest cent. B) Find the interest to be paid on July​ 1, the next billing date. Round to the nearest cent. ​(Use the answer from part a to find this answer. Round to the nearest cent as​ needed.) C) Find the balance due on July 1. (Use the answer from part b to find this​ answer.) D) This credit card requires…

Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a)   Pearl Industries accepted a Visa card in payment of a $1,100 lunch bill. The bank charges a 4% fee. What entry should Pearl Industries make? (b)   Whispering Winds Corp. sold its accounts receivable of $64,900. What entry should Whispering Winds Corp. make, given a service charge of 4% on the amount of receivables sold?

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).  Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. These cards charge a 4% fee.Please use the numbers in my question and place correct solution on journal sheet as rrequested in the assignment please.

Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) AMOUNT OF INVOICE : $8,303.00 TERMS OF SALE : 2/10, N/30 PARTIAL PAYMENT: 2,800