Homework Answers
| Cash | 11,556 | |
| Service charges (12,000*3.7%) | 444 | |
| Sales revenue | 12,000 |
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USLIUM IU "iew Policies how Attempt History Current Attempt in Progress - Your answer is partially...
Current Attempt in Progress On May 10, Tamarisk, Inc. sold merchandise for $6,000 and accepted the...
Current Attempt in Progress On May 10, Tamarisk, Inc. sold merchandise for $6,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.10% service charge for credit card sales. Prepare the entry on Tamarisk, Inc.'s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date...
Current Attempt in Progress On May 10, Metlock, Inc. sold merchandise for $6,500 and accepted the...
Current Attempt in Progress On May 10, Metlock, Inc. sold merchandise for $6,500 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.80% service charge for credit card sales. Prepare the entry on Metlock, Inc.'s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date...
Kimmel, Financial Accounting, be Help System Announcements CALCULATOR PRINTER VERSION BACK Exercise 8-8 On May 10,...
Kimmel, Financial Accounting, be Help System Announcements CALCULATOR PRINTER VERSION BACK Exercise 8-8 On May 10, Coronado Industries sold merchandise for $31,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account, Best Business Bank charges a 3.3% service charge for credit card sales. Prepare the entry on Coronado Industries's books to record the sale of merchandise. (Credit account titles are automatically indented...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
need answer to part c iew Policies how Attempt History Current Attempt in Progress Machinery purchased...
need answer to part c
iew Policies how Attempt History Current Attempt in Progress Machinery purchased for $48,600 by Sheffield Corp. on January 1, 2015. was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years. with a residual value of $3.500 at the end of that time....
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sweet Corporation traded a used truck (cost $26,400, accumulated depreciation $23,760) for a small computer with a fair value of $4.356. Sweet also paid $660 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Send to Gradebook Question 2 View Policies Show Attempt History Current Attempt in Progress - Your answer is partia...
Send to Gradebook Question 2 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. On July 1, Sage Hill Inc. purchases 420 shares of its $5 par value common stock for the treasury at a cash price $10 per share. Journalize the treasury stock transaction Credit account titles are automatically indented when amount is and Do not inden o lyan entry is required, select "No Entry for the accountitles and enter for the ar...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. On January 1, 2020, Flint Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from its...
Question 3 View Policies Show Attempt History Current Attempt in Progress • Your answer is partially...
Question 3 View Policies Show Attempt History Current Attempt in Progress • Your answer is partially correct. Use the basic accounting equation to answer these questions. (a) The liabilities of Ivanhoe Company are $96,300 and the stockholders' equity is $277,000. What is the amount of Ivanhoe's total assets? Total assets $ 373300 (b) The total assets of Tamarisk Company are $184,000 and its stockholders' equity is $88,000. What is the amount of its total liabilities? Total liabilities $ 96000 (c)...
Current Attempt in Progress On May 10, Tamarisk, Inc. sold merchandise for $6,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.10% service charge for credit card sales. Prepare the entry on Tamarisk, Inc.'s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date...
Current Attempt in Progress On May 10, Metlock, Inc. sold merchandise for $6,500 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.80% service charge for credit card sales. Prepare the entry on Metlock, Inc.'s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date...
Kimmel, Financial Accounting, be Help System Announcements CALCULATOR PRINTER VERSION BACK Exercise 8-8 On May 10, Coronado Industries sold merchandise for $31,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account, Best Business Bank charges a 3.3% service charge for credit card sales. Prepare the entry on Coronado Industries's books to record the sale of merchandise. (Credit account titles are automatically indented...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
need answer to part c
iew Policies how Attempt History Current Attempt in Progress Machinery purchased for $48,600 by Sheffield Corp. on January 1, 2015. was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years. with a residual value of $3.500 at the end of that time....
Question 12 0.83/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sweet Corporation traded a used truck (cost $26,400, accumulated depreciation $23,760) for a small computer with a fair value of $4.356. Sweet also paid $660 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Send to Gradebook Question 2 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. On July 1, Sage Hill Inc. purchases 420 shares of its $5 par value common stock for the treasury at a cash price $10 per share. Journalize the treasury stock transaction Credit account titles are automatically indented when amount is and Do not inden o lyan entry is required, select "No Entry for the accountitles and enter for the ar...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. On January 1, 2020, Flint Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from its...
Question 3 View Policies Show Attempt History Current Attempt in Progress • Your answer is partially correct. Use the basic accounting equation to answer these questions. (a) The liabilities of Ivanhoe Company are $96,300 and the stockholders' equity is $277,000. What is the amount of Ivanhoe's total assets? Total assets $ 373300 (b) The total assets of Tamarisk Company are $184,000 and its stockholders' equity is $88,000. What is the amount of its total liabilities? Total liabilities $ 96000 (c)...
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