Homework Answers
a.
| Date | General Journal | Debit | Credit |
| Accounts receivable (6,000*96%) | $ 5,760 | ||
| Credit card expenses | $ 240 | ||
| Service revenue | $ 6,000 |
b.
| Cash | $ 5,760 | |
| Accounts receivable | $ 5,760 |
c.
| Service revenue | $ 6,000 |
| Less: Credit card expenses | $ (240) |
| Net income | $ 5,760 |
Add Answer to:
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit c...
Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1....
Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet...
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...
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...
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...
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax...
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
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...
Required information Problem 6-4A Preparing a bank reconciliation and recording adju...
Required information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 (The following information applies to the questions displayed below. points The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. eBook References a. On July 31, the company's Cash account has a $25,638 debit balance, but its July bank statement shows a $27.896 cash balance b. Check No. 3031 for $1.470. Check No. 3065...
Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet...
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...
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...
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...
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
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...
Required information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 (The following information applies to the questions displayed below. points The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. eBook References a. On July 31, the company's Cash account has a $25,638 debit balance, but its July bank statement shows a $27.896 cash balance b. Check No. 3031 for $1.470. Check No. 3065...
Most questions answered within 3 hours.
-
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 11 minutes ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 13 minutes ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 1 hour ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 1 hour ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 1 hour ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 2 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 2 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 2 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 2 hours ago -
Why would your heart not function well if constructed of
skeletal muscle? What is the particular...
asked 2 hours ago -
Please respond to this essay question in full essay form for
Chemistry 1102 Organic and Biochemistry:...
asked 2 hours ago -
Determine the head loss and velocity of flow in a water supply main
of 15.0 cm...
asked 3 hours ago