Homework Answers
| S.No. | Date | Account name | Debit | Credt | |||
| 1 | 2011 Nov 30 | Notes Receivable | 63400 | ||||
| Sales revenue | 63400 | ||||||
| recorded sales revenue against programming done and consideration booked as notes receivable | |||||||
| 2 | 2011 Dec 31 | Interest Receivable | 634 | (63400*12%/12 months) | |||
| Interest Income | 634 | (63400*12%/12 months) | |||||
| accrued interest income recorded | |||||||
| 3 | 2012 Apr 30 | Cash | 66570 | ||||
| Notes Recievable | 63400 | ||||||
| Interest Receivable | 634 | ||||||
| Interest Income | 2536 | ||||||
| notes matured and interest booked and received. |
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SERIES NS120... Student Center On November 30, 2011, Tucker Products performed computer programming services to Thomas,...
Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer pr...
Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $55,500, 12% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30, 2020. Required: Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar....
Please help with November 9th journal entry. Prepare journal entries to record the following transactions entered...
Please help with November 9th
journal entry.
Prepare journal entries to record the following transactions entered into by the Sheridan Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2021 June 1 Received a $15,000,8%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $17,000, terms 2/10,n/30. Nov. 5 Barlow, Inc.,...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell engaged in the following activities involving notes receivable a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yamella 6-month, 11% note as payment b. On December 1, 2019, Yarnell sold an $8,500 system to Searfoss Inc. Starfoss gave Yarella 9- month, 10% note as payment c. On May 1, 2020, Ross paid the amount due on its note....
eBook Show Me How Calculator Details of Notes Receivable and Related Entries Gen-X Ads Co. produces...
eBook Show Me How Calculator Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Interest Rate Term 1. Apr. 10 4% 60 days Face Amount $78,000 14,400 45,000 2. June 24 30 days July 1 4. Oct. 31 120 days 60 days 60 days 30 days 5. 45,000 90,000 126,000 Nov. 15 6. Dec. 27 Required: Assume 360 days in a year. 1....
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods...
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Commu Casebolt Company wrote off the follo accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount Shawn Brooke $4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Accounts Receivable x Accounts Receivable-Shawn Brooke...
The trial balance of Sweet Fashion Center contained the following accounts at November 30, the end...
The trial balance of Sweet Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. SWEET FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit $33,780 37,420 48,720 9,220 140,440 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense Totals $26,720...
Exercise 7-14 On December 31, 2015, Oriole Co. performed environmental consulting services for Hayduke Co. Hayduke...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
Entries for resentments in Bonde, Interest, and sale of Bonds Kalyagin Investments acquired $150,000 of Jerris Corp.
Entries for resentments in Bonde, Interest, and sale of Bonds Kalyagin Investments acquired $150,000 of Jerris Corp., 8% bonds at their face amount on October 1, 2012. The bonds p 2013, Kalyagin sold $50,000 of Jervis bonds at 102 person O Berland Journalize the entries to record the following under the cost method: If an amount box does not require an entry, leave blank a. The initial acquisition of the Jernis Corp. bonds on October 1, 2012, 2012 Oct. 1 v...
The trial balance of Bramble Fashion Center contained the following accounts at November 30, the end...
The trial balance of Bramble Fashion Center contained the
following accounts at November 30, the end of the company’s fiscal
year.
BRAMBLE FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2020
Debit
Credit
Cash
$33,320
Accounts Receivable
37,090
Inventory
48,390
Supplies
8,890
Equipment
139,780
Accumulated Depreciation-Equipment
$26,460
Notes Payable
54,390
Accounts Payable
51,890
Common Stock
93,390
Retained Earnings
11,390
Sales Revenue
765,210
Sales Returns and Allowances
4,200
Cost of Goods Sold
495,400
Salaries and Wages Expense
138,480
Advertising Expense
27,630
Utilities Expenses...
The trial balance of Crane Fashion Center contained the following accounts at November 30, the end...
The trial balance of Crane Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit CRANE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,700 Accounts Receivable 36,700 Inventory 48,000 Supplies 8,500 Equipment 139,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 139,000 Advertising Expense 27,400 Utilities Expenses 15,000 Maintenance and Repairs Expense 12,100...
Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $55,500, 12% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30, 2020. Required: Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar....
Please help with November 9th
journal entry.
Prepare journal entries to record the following transactions entered into by the Sheridan Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2021 June 1 Received a $15,000,8%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $17,000, terms 2/10,n/30. Nov. 5 Barlow, Inc.,...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell engaged in the following activities involving notes receivable a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yamella 6-month, 11% note as payment b. On December 1, 2019, Yarnell sold an $8,500 system to Searfoss Inc. Starfoss gave Yarella 9- month, 10% note as payment c. On May 1, 2020, Ross paid the amount due on its note....
eBook Show Me How Calculator Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Interest Rate Term 1. Apr. 10 4% 60 days Face Amount $78,000 14,400 45,000 2. June 24 30 days July 1 4. Oct. 31 120 days 60 days 60 days 30 days 5. 45,000 90,000 126,000 Nov. 15 6. Dec. 27 Required: Assume 360 days in a year. 1....
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Commu Casebolt Company wrote off the follo accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount Shawn Brooke $4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Accounts Receivable x Accounts Receivable-Shawn Brooke...
The trial balance of Sweet Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. SWEET FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit $33,780 37,420 48,720 9,220 140,440 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense Totals $26,720...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
Entries for resentments in Bonde, Interest, and sale of Bonds Kalyagin Investments acquired $150,000 of Jerris Corp., 8% bonds at their face amount on October 1, 2012. The bonds p 2013, Kalyagin sold $50,000 of Jervis bonds at 102 person O Berland Journalize the entries to record the following under the cost method: If an amount box does not require an entry, leave blank a. The initial acquisition of the Jernis Corp. bonds on October 1, 2012, 2012 Oct. 1 v...
The trial balance of Bramble Fashion Center contained the
following accounts at November 30, the end of the company’s fiscal
year.
BRAMBLE FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2020
Debit
Credit
Cash
$33,320
Accounts Receivable
37,090
Inventory
48,390
Supplies
8,890
Equipment
139,780
Accumulated Depreciation-Equipment
$26,460
Notes Payable
54,390
Accounts Payable
51,890
Common Stock
93,390
Retained Earnings
11,390
Sales Revenue
765,210
Sales Returns and Allowances
4,200
Cost of Goods Sold
495,400
Salaries and Wages Expense
138,480
Advertising Expense
27,630
Utilities Expenses...
The trial balance of Crane Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit CRANE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,700 Accounts Receivable 36,700 Inventory 48,000 Supplies 8,500 Equipment 139,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 139,000 Advertising Expense 27,400 Utilities Expenses 15,000 Maintenance and Repairs Expense 12,100...
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