Accounts Payable 1,980 (1) 11,880 Cash (2) 150 (3) 13,860 (4) 11,880 (4) Inventory (1) 13,860 (3) 1,980 (2) 150
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The debits and credits from four related transactions, (1) through (4) are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30.
a. Describe each transaction b. Determine the invoice amount of the merchandise that was returned in (3).
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- 54. CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?ASSETS Current Assets Cash and cash equivalents 4, 21 ₱ 345,929,975 Receivables - net 5, 21 228,360,959 Notes receivable 8, 21 195,007,214 Inventories 6 33,918,796 Due from related parties - current portion 8, 21 1,602,120,064 Prepaid expenses and other current assets 7 97,563,470 Total Current Assets 2,502,900,348 Total Current Liabilities 1,929,206,522 SOLVE FOR THE QUICK RATIOMario's trial balance includes the following items: non-current assets $50,000, inventory $15,000, payables $10,000, receivables $5,000, bank $110,000, allowance for receivables $1,000. Using the information in Question 4 above, what is the figure for total assets? A $184,000 B $179,000
- c. The receipt of cash on account of $4,500 was recorded as a debit to Cash for $9,000 and a credit to Accounts Receivable for $4,500 The payment of $2,050 on account was debited to Accounts Payable for for $230 and credited to Cash for $2,050. Indicate whether the debit or credit total is higher and by how much.(B) Assume that BRI reported the following selected balances at 12/31/2022: Accounts receivable (net) $ 299,600 Inventory 572,632 Accounts payable 200,164 Salaries and wages payable 33,670 Compute: Cash collected from customers Cash paid to suppliers Cash paid to employees Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes…Find out value of account receivable from following Cash P48,000 accounts payable P33,000 office equipment P21,000 owner equity P77,000? a. P110,000 b. P15,000 c. P41,000 d. P21,000
- A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is a. $0; this is an investing activity. b. $0; this is an operating activity. c. $73,440. d. $68,000. e. $5,440.Below are recorded transactions of Yellow Jacket Corporation for August. Debit Credit1. Equipment........................................................ 8,800 Cash.............................................................. 8,8002. Accounts Receivable..................................... 3,200 Service Revenue....................................... 3,2003. Salaries Expense............................................ 1,900 Cash.............................................................. 1,9004. Cash................................................................... 1,500 Deferred Revenue.................................... 1,5005. Dividends.......................................................... 900…There’s 4 entry’s The last 3 are Record the payment of an account payable which was correctly written for $2,630, but was recorded in the accounting records as $2,900 Record the amount $121 deducted for an NSF cheque from a customer deposited on November 22 Record a debit memorandum in the amount of $115 for bank service charges.
- Determine the ending balance of each of the following T - accounts. 160 110 2,600 9,800 360 120 3, 700 80 370 Supplies Accounts Receivable 10, 600 4,400 900 210 1, 700 210 210 160 Wages Payable Cash760 12, 800 5,100 760 860 6,600 160 1, 9007. A payment on account for $230 was credited to cash for $230 and credited to account payable for $227Choices are: a. 3,550,000 b. 3,660,000 c. 3,610,000 d. 3,655,000 Question: What amount was reported as unadjusted cash in bank balance per book? Show solution and explanation
