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ISussIohLocator assignment eBook Calculator Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Taken Bolton sold a customer...
Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Token Bolton sold a customer service contract with a...
Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Token Bolton sold a customer service contract with a price of $40,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, 1/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days after the discount period). If an amount box does not require an entry, leave it blank. Cash 39,600 Sales Discounts x 400 Accounts Receivable 40,000 X Record collection within...
There were no sale discounts taken Bolton sold a customer service contract with a price of...
There were no sale discounts taken Bolton sold a customer service contract with a price of $41,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period. Prepare the journal entry assuming the payment is made after 10 days (after the discount period). If an amount box does not require an entry, leave it blank.
Brief Exercise 5-42 Sales Discounts Not Taken Gordon's Grocers purchases bread from Buddy's Bread Company at...
Brief Exercise 5-42 Sales Discounts Not Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase 20,000 loaves of Buddy's bread. Buddy offered credit at terms of 2/10, n/30 and expects Gordon to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days (after the discount period). If an amount box does not require an entry, leave it blank. Record...
Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the...
Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the following transactions occurred during the month of April: a. On April 1, Rigoletto Corp. purchased merchandise on account from Villanuevo, Inc. with credit terms of 2/10, 1/30. The selling price of the merchandise was $3,900 and the cost of the merchandise sold was $2,450. b. On April 1, Rigoletto paid delivery charges of $100 cash to have the goods delivered to its store. c....
Cornerstone Exercise 5-34 (Algorithmic) Notes Receivable Metzler Communications designs and programs a website for a local...
Cornerstone Exercise 5-34 (Algorithmic) Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $33,000 for the project, and the local business signs an 5% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019 Record sale 2. Determine how much interest Metzler will receive if the note is repaid on July 1, 2019 3. Prepare Metzler's journal entry to record the cash received to pay off...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 5-35 (Algorithmic) Notes Receivable Link Communications programs voicemail systems for businesses. For a recent...
Cornerstone Exercise 5-35 (Algorithmic) Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135,000. The customer secured this amount by signing a note bearing 5% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019 Record sale 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. Round your answer to the nearest whole dollar. 3. Prepare Link's...
Cornerstone Exercise 9-31 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $1,450,000 in...
Cornerstone Exercise 9-31 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $1,450,000 in 10% bonds (payable on December 31, 2029) on January 1, 2020, for $1,290,500. Interest is paid on June 30 and December 31. The market rate of interest is 12%. Required: Prepare the amortization table through December 31, 2021, using the effective interest rate method. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0"....
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Token Bolton sold a customer service contract with a price of $40,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, 1/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days after the discount period). If an amount box does not require an entry, leave it blank. Cash 39,600 Sales Discounts x 400 Accounts Receivable 40,000 X Record collection within...
Brief Exercise 5-42 Sales Discounts Not Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase 20,000 loaves of Buddy's bread. Buddy offered credit at terms of 2/10, n/30 and expects Gordon to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days (after the discount period). If an amount box does not require an entry, leave it blank. Record...
Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the following transactions occurred during the month of April: a. On April 1, Rigoletto Corp. purchased merchandise on account from Villanuevo, Inc. with credit terms of 2/10, 1/30. The selling price of the merchandise was $3,900 and the cost of the merchandise sold was $2,450. b. On April 1, Rigoletto paid delivery charges of $100 cash to have the goods delivered to its store. c....
Cornerstone Exercise 5-34 (Algorithmic) Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $33,000 for the project, and the local business signs an 5% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019 Record sale 2. Determine how much interest Metzler will receive if the note is repaid on July 1, 2019 3. Prepare Metzler's journal entry to record the cash received to pay off...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 5-35 (Algorithmic) Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135,000. The customer secured this amount by signing a note bearing 5% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019 Record sale 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. Round your answer to the nearest whole dollar. 3. Prepare Link's...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
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