Homework Answers
Journal entry will be
Cash A/C------Dr
To Customer A/C
Assumption-sales are done on credit basis and received payment from customer.
Note-If payment is made at the time of sales than journal entry will be
Cash A/C-----Dr
To Sales A/C
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7. Recoming of payment I on 20th February 2020 by a cash. from a customer Idah...
s, sall of an asset for immediate payment, On 6th February 2020 Bernadette sond goods which...
s, sall of an asset for immediate payment, On 6th February 2020 Bernadette sond goods which had cost her K 800 for the same amount receiving cash on the same date in churn.
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
Instructions Marydale Products permits its customers to defer payment by giving personal notes instead of cash....
Instructions Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 10% note from Customer A in lieu of a $4,200 cash payment for services provided that day. b. On February 28,...
If my last mortgage payment was paid on December 20th, at December 31st, do I need...
If my last mortgage payment was paid on December 20th, at December 31st, do I need to make an adjusting entry for the principle of the January 20th payment or only for the interest accrued?
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
there is page 2019 and 2020 Marydale Products permits its customers to defer payment by giving...
there is page 2019 and 2020
Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 12% note from Customer A in lieu of a $5,400 cash payment for services provided that...
The journal entry that records the collection of cash from a customer for payment on account...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
The T-accounts below summarize transactions of Hopewell Corporation from February 22 to February 25, 2020: Cash...
The T-accounts below summarize transactions of Hopewell Corporation from February 22 to February 25, 2020: Cash Balance 12,500 48 13 70 65 5 42 Accounts Receivable Balance 3,600 13 Inventory Balance 5,200 15 38 PP&E, Net Balance 16,700 42 Other Assets Balance 600 Accounts Payable 5 Balance 2,400 15 Debt Balance 3,700 65 Other Liabilities Balance 3,000 Paid-In Capital Balance 5,600 70 Retained Earnings Balance 23,900 10 What is the final amount in Total Liabilities?
Given the following information, compute the amount of cash remitted by the customer on February 21....
Given the following information, compute the amount of cash remitted by the customer on February 21. Feb 14 - Sale on credit, terms of 1/15, n/30 - $12,000 Feb 19 - Allowance granted due to some items being damaged - $600 Feb 21 - Payment in full received from customer - ????? a.$11,286 b.$12,000 c.$11,996 d.$11,400 Goods held on consignment for another company should be included in the inventory of the company holding the merchandise. True False To record the...
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows....
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $421,200 $468,000 Direct materials purchases 140,400 146,250 Direct labor 105,300 117,000 Manufacturing overhead 81,900 87,750 Selling and administrative expenses 92,430 99,450 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases...
s, sall of an asset for immediate payment, On 6th February 2020 Bernadette sond goods which had cost her K 800 for the same amount receiving cash on the same date in churn.
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
Instructions Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 10% note from Customer A in lieu of a $4,200 cash payment for services provided that day. b. On February 28,...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
there is page 2019 and 2020
Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 12% note from Customer A in lieu of a $5,400 cash payment for services provided that...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
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