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Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1....
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit c...
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 4 percent service fee; it patd Luna as soon as it recetved the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry Is requlred for a transaction/event, select "No Journal entry required" In the first account fleld.) 2.5 points Skipped View transaction list Book Journal entry worksheet A Print...
Luna Company accepted credit cards in payment for $6,000 of services performed during July 2018. The...
Luna Company accepted credit cards in payment for $6,000 of services performed during July 2018. The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the invoices. Required Based on this information alone, what is the amount of net income earned during the month of July?
Exercise 5-1A Record credit sale (LO5-1) PD HW i Exercise 5-1A Record credit sale (L05-1) On...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: Service Revenue $720,000 810,000 770.000 776,000 Collections S680.000 838,000 762.000 780,000 Pretax counting Income $246.000 320.000 288,000 260.000 2022 2023 There are...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting Income for 2020-2023 are as follows: 2020 2021 2022 2023 Service Revenue $ 720, eee 810, eee 770,000 776,000 Collections $ 680, eee 838,00 762,00 780, Pretax Accounting...
[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Check my work Alsup Consulting sometimes performs services for which it receives payment at the conclusion...
Check my work Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: points Skibbed 2020 2021 2022 2023 Service Revenue $668.000 758,000 718,000 724,000 Collections $628,000 786,000 710,000 720.000 Pretax Accounting...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The bonds have a face amount of $60 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question by entering your answers in the tabs below...
A company had the following transactions 1 Paid $150 for office supplies using a debit card....
A company had the following transactions 1 Paid $150 for office supplies using a debit card. 2 Purchased office equipment costing $700 using a credit card 3. Paid utilities bill of $400 by issuing a check. Record each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record $150 purchase of office supplies using a debit card. Note: Enter debits before credits Transaction General...
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 4 percent service fee; it patd Luna as soon as it recetved the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry Is requlred for a transaction/event, select "No Journal entry required" In the first account fleld.) 2.5 points Skipped View transaction list Book Journal entry worksheet A Print...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: Service Revenue $720,000 810,000 770.000 776,000 Collections S680.000 838,000 762.000 780,000 Pretax counting Income $246.000 320.000 288,000 260.000 2022 2023 There are...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting Income for 2020-2023 are as follows: 2020 2021 2022 2023 Service Revenue $ 720, eee 810, eee 770,000 776,000 Collections $ 680, eee 838,00 762,00 780, Pretax Accounting...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Check my work Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: points Skibbed 2020 2021 2022 2023 Service Revenue $668.000 758,000 718,000 724,000 Collections $628,000 786,000 710,000 720.000 Pretax Accounting...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The bonds have a face amount of $60 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question by entering your answers in the tabs below...
A company had the following transactions 1 Paid $150 for office supplies using a debit card. 2 Purchased office equipment costing $700 using a credit card 3. Paid utilities bill of $400 by issuing a check. Record each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record $150 purchase of office supplies using a debit card. Note: Enter debits before credits Transaction General...
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