Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| Oct 14 | 9% Notes receivable | 5200 | |
| Sales revenue | 5200 | ||
| Nov 16 | 3% Notes receivable | 9000 | |
| Sales revenue | 9000 | ||
| Dec 13 | Cash | 5278 | |
| 9% Notes receivable | 5200 | ||
| Interest revenue (5200*9%*60/360) | 78 | ||
| Dec 31 | Interest receivable | 33.75 | |
| Interest revenue (9000*3%*45/360) | 33.75 | ||
| Jan 27 | Cash | 9054 | |
| 3% Notes receivable | 9000 | ||
| Interest receivable | 33.75 | ||
| Interest revenue | 20.25 | ||
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Northland Company, which has a December 31 year-end and uses a periodic inventory system, completed the...
True North Company, which has a December 31 year-end and uses a periodic inventory system, completed...
True North Company, which has a December 31 year-end and uses a periodic inventory system, completed the following transactions during 2019 and 2020. (Click the icon to view the transactions.) Required Prepare the necessary Journal entries to record the transactions. Assume that a 365-day year is used for calculations. Oct. 14, 2019. Sold merchandise to AMAZ Racing, receiving a 60-day, 6 percent note for $6,400. (Record debits first, then credits. Exclude explanations from journa Journal Entry Debit Credit Date Accounts...
The Bentley Company has a December 31 yeacend and uses a periodic inventory system. The Company...
The Bentley Company has a December 31 yeacend and uses a periodic inventory system. The Company has completed the following transactions in 2019 and 2020 2019. October 15: sold goods to Tremblay receiving a 60-days, 6 percent note of $ 10 000 November 16: sold merchandise to E.Corbeil receiving a 60 days, 4 percent note of $15 000 December 14: Received amount due from Tremblay December 31: Recorded accrued interest on Corbeil's note . O 2020: January 15 : Corbeil's...
ro-STA (DOOK/static) Question Help Sleepy Recliner Chairs completed the following selected transactions: (Click the icon to...
ro-STA (DOOK/static) Question Help Sleepy Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar) (Record debits first, then credits. Exclude explanations from journal entries. For notes stated in days, use a 365-day year.) Begin with the transactions for 2018. Jul. 1: Sold inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold....
3) Hughes Foods completed the following selected transactions 2016 Oct 31 Sold goods to BiLo's Foods,...
3) Hughes Foods completed the following selected transactions 2016 Oct 31 Sold goods to BiLo's Foods, receiving a $36,000, three-month, 4.5% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Made an adjusting entry to accrue interest on the BiLo's Foods note. Dec 31 2017 Jan 31 Feb 18 19 Collected the BiLo's Foods note. Received a 90-day, 7.00%, $7,000 note from Dutton Market on account. Sold the Dutton Market note to...
Chapter 8 Hand-out Assignment Question 1 Revis Flooring has a December 31 year end and uses...
Chapter 8 Hand-out Assignment Question 1 Revis Flooring has a December 31 year end and uses the perpetual inventory system. The following transactions occurred during 2021 and 2022: 2021 Aug 30 Sold goods with a cost of $ 8,250 to Jules Harrison for $ 14,500 on account, terms 2/15, n/30. Oct 1 Jules ran into some financial troubles and reached an agreement with Revis to convert the account receivable into a 90-day, 8% note receivable. Dec 18 Sold goods with...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
not regl More Info gnore c 2018 Jul. Cred 1 Sold merchandise inventory to Great -...
not regl More Info gnore c 2018 Jul. Cred 1 Sold merchandise inventory to Great - Mart, receiving a $45,000, nine-month, 8% note. Ignore Cost of Goods Sold. 31 Recorded cash sales for the period of $18,000. Ignore Cost of Goods Oct Sold. Dec 31 Made an adjusting entry to accrue interest on the Great-Mart note. 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $13,500 of...
Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize...
Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music, Round all amounts to the nearest dollar (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $15,000, 90-day, 10% note in settlement of an overdue accounts receivable from All Star Date Accounts Debit Credit 2018...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,500; assume a perpetual inventory system. Apr. 1 Borrowed $666,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $17,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14....
What are the match of accounting terms The balance sheet of Regal Company on July 31,...
What are the match of accounting terms
The balance sheet of Regal Company on July 31, 2020 showed balances in Accounts Receivable of $625,000 and an Allowance for Doubtful Accounts of $30,500. During the month of August 2020, transactions affecting Accounts Receivable were as follows: a) Sales on account $637,000 b) Cash collections from credit customers 95,000 c) Accounts receivable from Good Company written-off as worthless 8,200 After a careful aging and analysis of all customer accounts on August 31,...
True North Company, which has a December 31 year-end and uses a periodic inventory system, completed the following transactions during 2019 and 2020. (Click the icon to view the transactions.) Required Prepare the necessary Journal entries to record the transactions. Assume that a 365-day year is used for calculations. Oct. 14, 2019. Sold merchandise to AMAZ Racing, receiving a 60-day, 6 percent note for $6,400. (Record debits first, then credits. Exclude explanations from journa Journal Entry Debit Credit Date Accounts...
The Bentley Company has a December 31 yeacend and uses a periodic inventory system. The Company has completed the following transactions in 2019 and 2020 2019. October 15: sold goods to Tremblay receiving a 60-days, 6 percent note of $ 10 000 November 16: sold merchandise to E.Corbeil receiving a 60 days, 4 percent note of $15 000 December 14: Received amount due from Tremblay December 31: Recorded accrued interest on Corbeil's note . O 2020: January 15 : Corbeil's...
ro-STA (DOOK/static) Question Help Sleepy Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar) (Record debits first, then credits. Exclude explanations from journal entries. For notes stated in days, use a 365-day year.) Begin with the transactions for 2018. Jul. 1: Sold inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold....
3) Hughes Foods completed the following selected transactions 2016 Oct 31 Sold goods to BiLo's Foods, receiving a $36,000, three-month, 4.5% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Made an adjusting entry to accrue interest on the BiLo's Foods note. Dec 31 2017 Jan 31 Feb 18 19 Collected the BiLo's Foods note. Received a 90-day, 7.00%, $7,000 note from Dutton Market on account. Sold the Dutton Market note to...
Chapter 8 Hand-out Assignment Question 1 Revis Flooring has a December 31 year end and uses the perpetual inventory system. The following transactions occurred during 2021 and 2022: 2021 Aug 30 Sold goods with a cost of $ 8,250 to Jules Harrison for $ 14,500 on account, terms 2/15, n/30. Oct 1 Jules ran into some financial troubles and reached an agreement with Revis to convert the account receivable into a 90-day, 8% note receivable. Dec 18 Sold goods with...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
not regl More Info gnore c 2018 Jul. Cred 1 Sold merchandise inventory to Great - Mart, receiving a $45,000, nine-month, 8% note. Ignore Cost of Goods Sold. 31 Recorded cash sales for the period of $18,000. Ignore Cost of Goods Oct Sold. Dec 31 Made an adjusting entry to accrue interest on the Great-Mart note. 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $13,500 of...
Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music, Round all amounts to the nearest dollar (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $15,000, 90-day, 10% note in settlement of an overdue accounts receivable from All Star Date Accounts Debit Credit 2018...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,500; assume a perpetual inventory system. Apr. 1 Borrowed $666,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $17,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14....
What are the match of accounting terms
The balance sheet of Regal Company on July 31, 2020 showed balances in Accounts Receivable of $625,000 and an Allowance for Doubtful Accounts of $30,500. During the month of August 2020, transactions affecting Accounts Receivable were as follows: a) Sales on account $637,000 b) Cash collections from credit customers 95,000 c) Accounts receivable from Good Company written-off as worthless 8,200 After a careful aging and analysis of all customer accounts on August 31,...
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