Homework Answers
Q 4. The account Cash Short and Over is an income statement account (within a company's general ledger) in which shortages or overages of cash are recorded.
In the given situation also there is a difference between the cash sale and actual cash of $60.
As the actual cash is more than the cash sales, this becomes the income and therefore, Cash Short and Over will be created by $60.
Therefore entry will be debiting cash $1,260;credit sales $1,200;credit Cash Short and Over $60.
Therefore, option c is the correct answer.
Q1. Computation of days sales uncollected:
The days' sales uncollected divides accounts receivable by net sales and multiplies it by 365.
Days' sales uncollected = $3,000/$31,200*365 days = 35.10 days
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice 29 Debit Cash of $180 and credit Sales $180. Debit Cash of $180 and...
m4 Chapters 7-8 X Metp://newcornectunhedacation.com cam 4 Chapters 78 /comedel Help Seve Exit Brinker accepts all...
m4 Chapters 7-8 X Metp://newcornectunhedacation.com cam 4 Chapters 78 /comedel Help Seve Exit Brinker accepts all major bank credit cards, including Fast Savings Bank's which assesses a 45% charge on sales for using is card On May 26. Brinker had $5000 in First Savings Bank Card credit sales. Whatentry should r emake on May 26 to record the depos Multiple Choice O Debit Cash 54775, debit Credit Card Expense $225. credit les 55.000 O Debit Accounts Receivable $5.000, credit Sales...
Seved Help Save & Exit A company estimates that warranty expense will be 2% of sales....
Seved Help Save & Exit A company estimates that warranty expense will be 2% of sales. The company's sales for the current period are $170,000. The current period's entry to record the warranty expense is: Multiple Choice Debit Warranty Expense $3.400 credit Sales $3,400. Debit Warranty Expense $3,400 credit Estimated Warranty Liability $3,400 Debit Estimated Warranty Liability $3,400 credt Warranty Expense $8,400. Debit Estimated Warranty Liability $3,400 credit Cash $3,400 No entry is recorded until the items are returned for...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice 26 Debit Cash $7,714, credit Interest Revenue $19. credit interest Receivable $95credit Notes Receivable $7,600. Debit Cash $7,714, credit Notes Receivable $7,714 Debit Cash $7,714, credit Interest Revenue $95. credit interest Receivable...
er 15 Homework Help Save & Exit Submit Check my work During the current month, a...
er 15 Homework Help Save & Exit Submit Check my work During the current month, a company that uses job order costing purchases $52,000 in raw materials for cash. It then uses $22.000 of raw materials indirectly as factory supplies and uses $18,900 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Kipped Journal entry worksheet Book Hint Print Record the raw materials purchase for $52,000, paid in cash, References Note: Enter...
e Review (IUPUIS 1 Help Save & Exit Submit Check my work At the beginning of...
e Review (IUPUIS 1 Help Save & Exit Submit Check my work At the beginning of the year, accounts receivable were $163,000 and the allowance for bad debts was $13,400. During the year, sales (all on account) were $619,000, cash collections were $599,000, bad debts expense totaled $19,900, and $13,900 of accounts receivable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint...
2 (Chapters 6 &7) 6 Saved Help Save & Exit Submit OB1 Sabres Ltd. has determined...
2 (Chapters 6 &7) 6 Saved Help Save & Exit Submit OB1 Sabres Ltd. has determined that product sales are not what they could be because they have unused capacity. As a result, the company is considering adjusting its marketing strategy. At present, all sales to distributors are on a cash basis, but the competition offers credit terms. Similar credit terms for OB1 Sabres have been suggested. Research suggests that sales in the upcoming year would jump from $1.395 million...
ek 5 - CH 4 Saved Help Save & Exit Check my work mode : This...
ek 5 - CH 4 Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completic Return to a 2 Exercise 4-12A Record transactions for employee purchases (L04-6) 5. nts Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenish the end of each month. At the end of...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
html ing Cycle Review Help Save & Exit Subm Check my work Problem 2-6 Accounting cycle...
html ing Cycle Review Help Save & Exit Subm Check my work Problem 2-6 Accounting cycle LO2-2, 2-3, 2-4, 2-5, 2-6, 2-7 The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: 28,700 18,000 31,000 Equipment 9,300 10,000 49,000 9,400 Common stock 77,700 77,700 The following is a summary of the transactions for the year. of services, $134,000, of which $40,200 was on credit. a. Sales b. Collected on accounts receivable,...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice 29 Debit Cash of $180 and credit Sales $180. Debit Cash of $180 and...
m4 Chapters 7-8 X Metp://newcornectunhedacation.com cam 4 Chapters 78 /comedel Help Seve Exit Brinker accepts all major bank credit cards, including Fast Savings Bank's which assesses a 45% charge on sales for using is card On May 26. Brinker had $5000 in First Savings Bank Card credit sales. Whatentry should r emake on May 26 to record the depos Multiple Choice O Debit Cash 54775, debit Credit Card Expense $225. credit les 55.000 O Debit Accounts Receivable $5.000, credit Sales...
Seved Help Save & Exit A company estimates that warranty expense will be 2% of sales. The company's sales for the current period are $170,000. The current period's entry to record the warranty expense is: Multiple Choice Debit Warranty Expense $3.400 credit Sales $3,400. Debit Warranty Expense $3,400 credit Estimated Warranty Liability $3,400 Debit Estimated Warranty Liability $3,400 credt Warranty Expense $8,400. Debit Estimated Warranty Liability $3,400 credit Cash $3,400 No entry is recorded until the items are returned for...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice 26 Debit Cash $7,714, credit Interest Revenue $19. credit interest Receivable $95credit Notes Receivable $7,600. Debit Cash $7,714, credit Notes Receivable $7,714 Debit Cash $7,714, credit Interest Revenue $95. credit interest Receivable...
er 15 Homework Help Save & Exit Submit Check my work During the current month, a company that uses job order costing purchases $52,000 in raw materials for cash. It then uses $22.000 of raw materials indirectly as factory supplies and uses $18,900 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Kipped Journal entry worksheet Book Hint Print Record the raw materials purchase for $52,000, paid in cash, References Note: Enter...
e Review (IUPUIS 1 Help Save & Exit Submit Check my work At the beginning of the year, accounts receivable were $163,000 and the allowance for bad debts was $13,400. During the year, sales (all on account) were $619,000, cash collections were $599,000, bad debts expense totaled $19,900, and $13,900 of accounts receivable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint...
2 (Chapters 6 &7) 6 Saved Help Save & Exit Submit OB1 Sabres Ltd. has determined that product sales are not what they could be because they have unused capacity. As a result, the company is considering adjusting its marketing strategy. At present, all sales to distributors are on a cash basis, but the competition offers credit terms. Similar credit terms for OB1 Sabres have been suggested. Research suggests that sales in the upcoming year would jump from $1.395 million...
ek 5 - CH 4 Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completic Return to a 2 Exercise 4-12A Record transactions for employee purchases (L04-6) 5. nts Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenish the end of each month. At the end of...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
html ing Cycle Review Help Save & Exit Subm Check my work Problem 2-6 Accounting cycle LO2-2, 2-3, 2-4, 2-5, 2-6, 2-7 The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: 28,700 18,000 31,000 Equipment 9,300 10,000 49,000 9,400 Common stock 77,700 77,700 The following is a summary of the transactions for the year. of services, $134,000, of which $40,200 was on credit. a. Sales b. Collected on accounts receivable,...
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