Homework Answers
Particulars LF Dr. Cr.
Bank A/c 5000
To Loan A/c 5000
(For Loan being approved)
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Bank Credit Memo #PLCU-4433 Dated April 15, 2022 From Pet Lovers Credit Union, approval of $5...
General enteries of the given questions. Memo #2 Dated July 8, 2022 Adjust Sales Invoice #122...
General enteries of the given questions.
Memo #2 Dated July 8, 2022 Adjust Sales Invoice #122 to Flamer's Steel Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the sales invoice as a weekly recurring transaction. Memo #3 Dated July 8, 2022 Chris's welding tank exploded when a customer accidentally dropped it. Write off the welding tool recorded in account...
journal transactions of the given questions started from july 2. i want to know journal transactions...
journal transactions of the given questions started
from july 2.
i want to know journal transactions of the given
transactions. what should be debited to credited.simple
enteries.
Hide the unused modules: Payroll Inventory Project Turn off To-Do Lists and Checklists. Back up your files in your data folder. Continue with the working copy of your data files. Finish entering the history. When you have finished entering the history, enter the transactions that follow. Change the session date to July 8,...
3. Union Bank sent Paper Products their end of month bank statement for September. The end...
3. Union Bank sent Paper Products their end of month bank statement for September. The end of month balance by the bank is $9,755.00. The statement shows that a deposit for $5,750 is in transit at the end of the statement period. The statement also revealed that checks for $75.00, $145.00, and $85.00 are outstanding. Union Bank collected a 90 day, 10 % Note Receivable for $ 3,000.00, charging $10 for the service. No interest has been accrued on the...
Requirements 1. Prepare a cash budget for April for Pet Gear. 2. Why do Pet Gear's...
Requirements 1. Prepare a cash budget for April for Pet Gear. 2. Why do Pet Gear's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? times Pet Gear (PG) does not make any sales on credit. PG sells only to the public and accepts cash and credit cards; 90% of its sales are to customers using credit cards, for which PG gets the cash right away, less a 2% transaction fee. times Purchases of...
Bank Reconcilation Review the records of Mayhem Co. for the month of April. Their ending The...
Bank Reconcilation Review the records of Mayhem Co. for the month of April. Their ending The followe information comes from cash belance per their general ledger was $7,840. Cash Payments 580 870 1,0s0 110 Apr 4 1716 Apr 】 17 25 1718 1719 17 From the Company's Bank Statement 4/2 560 4/5 1716 4/1 4,480 4/2 5,040 580 800 20 Sc 1,440 4/28 1,500 CM 4/11 5,69 780 10 IN 4/12 4,890 4/15 6,390 4/17 7,170 4/28 CM-Credit Memo sc-Service...
Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest...
Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated
January 1, 2022, at face value. Interest is paid each January
1.
(a) Prepare the journal entry to record the sale of these bonds on
January 1, 2022.
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title for the journal entry on January 1,2017
enter a debit amount
enter a credit amount
enter an account title for the journal entry on January 1,2017
enter a debit...
1. 1. Record a revolving credit agreement negotiated with Parish Bank that can be renewed annually...
1.
1. Record a revolving credit agreement negotiated with Parish
Bank that can be renewed annually upon bank approval. The amount
available under the line of credit is $34.0 million at the bank’s
prime rate.
2. Record a three-month bank loan of $10.0 million with Parish
Bank under the line of credit agreement. Interest at the prime rate
of 10% was payable at maturity.
3. Record the payment of the 10% note at maturity.
4. Record the issuance of $19.0...
3) (15 points) A local credit union pays a market interest rate of 5% per year...
3) (15 points) A local credit union pays a market interest rate of 5% per year for long-term deposits. The current inflation rate is 2% per year. a) (5 points) If I invest some money in a long-term fund at the credit union, what is the real (inflation- free) interest rate I will be earning? b) (10 points) I open a new account today, deposit $10,000, and do not expect to make any deposits or withdrawals for the next 5...
On December 31, 2020, Bridgeport Company borrowed $69,348 from Paris Bank, signing a 5-year, $106,700 zero-interest-bearing...
On December 31, 2020, Bridgeport Company borrowed $69,348 from Paris Bank, signing a 5-year, $106,700 zero-interest-bearing note. The note was issued to yield 9% interest. Unfortunately, during 2022, Bridgeport began to experience financial difficulty. As a result, at December 31, 2022, Paris Bank determined that it was probable that it would receive back only $80,025 at maturity. The market rate of interest on loans of this nature is now 10%. Prepare the entry to record the issuance of the loan...
PLEASE SOLVE 3 TO 5 QUESTIONS. Question 2: Orange Credit Union expects an average annual growth...
PLEASE SOLVE 3 TO 5 QUESTIONS.
Question 2: Orange Credit Union expects an average annual growth rate of 16% for the next five years. If the assets of the credit union currently amount to $1.7 million, what will the forecasted assets be in five years? Question 3 A loan for $14320 with interest at 4.75% compounded semi-annually is repaid after 7 years. What is the amount of interest paid? Question 4: An investment of $6300.00 earns interest at 11.96% p.a....
General enteries of the given questions.
Memo #2 Dated July 8, 2022 Adjust Sales Invoice #122 to Flamer's Steel Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the sales invoice as a weekly recurring transaction. Memo #3 Dated July 8, 2022 Chris's welding tank exploded when a customer accidentally dropped it. Write off the welding tool recorded in account...
journal transactions of the given questions started
from july 2.
i want to know journal transactions of the given
transactions. what should be debited to credited.simple
enteries.
Hide the unused modules: Payroll Inventory Project Turn off To-Do Lists and Checklists. Back up your files in your data folder. Continue with the working copy of your data files. Finish entering the history. When you have finished entering the history, enter the transactions that follow. Change the session date to July 8,...
3. Union Bank sent Paper Products their end of month bank statement for September. The end of month balance by the bank is $9,755.00. The statement shows that a deposit for $5,750 is in transit at the end of the statement period. The statement also revealed that checks for $75.00, $145.00, and $85.00 are outstanding. Union Bank collected a 90 day, 10 % Note Receivable for $ 3,000.00, charging $10 for the service. No interest has been accrued on the...
Bank Reconcilation Review the records of Mayhem Co. for the month of April. Their ending The followe information comes from cash belance per their general ledger was $7,840. Cash Payments 580 870 1,0s0 110 Apr 4 1716 Apr 】 17 25 1718 1719 17 From the Company's Bank Statement 4/2 560 4/5 1716 4/1 4,480 4/2 5,040 580 800 20 Sc 1,440 4/28 1,500 CM 4/11 5,69 780 10 IN 4/12 4,890 4/15 6,390 4/17 7,170 4/28 CM-Credit Memo sc-Service...
Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated
January 1, 2022, at face value. Interest is paid each January
1.
(a) Prepare the journal entry to record the sale of these bonds on
January 1, 2022.
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title for the journal entry on January 1,2017
enter a debit amount
enter a credit amount
enter an account title for the journal entry on January 1,2017
enter a debit...
1.
1. Record a revolving credit agreement negotiated with Parish
Bank that can be renewed annually upon bank approval. The amount
available under the line of credit is $34.0 million at the bank’s
prime rate.
2. Record a three-month bank loan of $10.0 million with Parish
Bank under the line of credit agreement. Interest at the prime rate
of 10% was payable at maturity.
3. Record the payment of the 10% note at maturity.
4. Record the issuance of $19.0...
3) (15 points) A local credit union pays a market interest rate of 5% per year for long-term deposits. The current inflation rate is 2% per year. a) (5 points) If I invest some money in a long-term fund at the credit union, what is the real (inflation- free) interest rate I will be earning? b) (10 points) I open a new account today, deposit $10,000, and do not expect to make any deposits or withdrawals for the next 5...
PLEASE SOLVE 3 TO 5 QUESTIONS.
Question 2: Orange Credit Union expects an average annual growth rate of 16% for the next five years. If the assets of the credit union currently amount to $1.7 million, what will the forecasted assets be in five years? Question 3 A loan for $14320 with interest at 4.75% compounded semi-annually is repaid after 7 years. What is the amount of interest paid? Question 4: An investment of $6300.00 earns interest at 11.96% p.a....
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