1) $25500
30000 x (1 - 0.15) = 25500
2) $29750
35000 x (1 - 0.15) = 29750
3) $29155
29750 x (1 - 0.02) = 29155
4) $102250
25500 + 29750 + 25000 + 22000 = 102250
5) $101155
Net Service Revenue = Service revenue - Discounts
102250 - 595 - 500 = 101155
*Discount to Customer B = 29750 x 2% = 595
Discount to Customer C = 25000 x 2% = 500
Use the following to answer questions 1 - 5 For the next few weeks RAD Ad...
Use the following to answer questions 1-5 For the next few weeks CUM Ad Agency is offering a 20% trade discount when providing advertising services of $50,000 or more to its customers to encourage customers to buy more advertising. The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month; amounts are shown before trade discounts have been deducted: • • Designs...
For the next few weeks CJM Ad Agency is offering a 20% trade discount when providing advertising services of $50,000 or more to its customers to encourage customers to buy more advertising. The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month; amounts are shown before trade discounts have been deducted: • • Designs a $30,000 ad campaign for Customer A-...
Chapter 5 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 1-5 For the next few weeks CUM Ad Agency is offering a 20% trade discount when providing advertising services of $50.000 or more to its customers to encourage customers to buy more advertising, The Agency also offers 2/15, n30 on all credit sales. All credit sales are invoiced at the end of the month. The Agency provided the following services this month;...
Question 5 The following events took place for ESP Service Corporation during the month of June, 2017: June 2 Paid total rent of $8,380 for two months, June and July. Purchased office supplies with cash for $420. June 3 June 5 Provided services to a customer, who paid cash $890 June 7 Provided services to another customer. Invoiced the customer $1,070, which is to be paid on June 21. June 12 Paid $530 for an invoice from the utility company....
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
Use the following to answer questions 10 - 13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash) see below. Only include the letter of the account not the account name. A Accounts payable E. Dividends 1. Rent expense M. Service revenue B Accounts receivable F. Equipment J. Retained earnings N. Supplies C. Cash G....
Use the following to answer questions 9-11 On February 28th, the general ledger of CACN shows a balance for cash of $100,000. Cash receipts yet to be deposited into the checking account total $25,000, while checks written by CACN but not yet processed by the bank total $52,000. The company's balance of cash does not reflect a NSF check of $1,000, a service fee of $25 and interest earned of $20 and a customer payments collected by the bank of...
I need help with 21 -27
Use the following to answer questions 21– 27 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY F. Accounts Payable G. Salaries Payable ACCOUNTS A. Cash K. Service Revenue L. Advertising expense B. Accounts Receivable C. Supplies D. Prepaid advertising E. Equipment H. Deferred revenue M. Rent Expense N. Salaries/Wage expense O. Utilities expense I. Notes Payable J. Retained Earnings February 1st transaction is completed as an example: Only include the letter of the account not...
Use the following transactions to answer the below questions. 1. Mr. Douglas invested $25,000 cash in the business. 2. Purchased equipment worth $7,000 with a $500 down payment. The remainder is due in 30 days. 3. Paid $900 cash for a six-month insurance policy. 4. Received $3,000 cash from customers for services rendered. 5. Paid wages, $1,750. 6. Received and paid advertising bill of $100. 7. Performed services worth $2,500 for credit customers. 8. Received $1,700 cash from customers previously...
USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (5) QUESTIONS: Magic Cleaning Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Magic has the following unadjusted trial balance Account Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Wage Expense Rent Expense Utilities Expense Debit S 430,900 $158,000 S111,000 S120,000 Credit S 45,900 S 113,600 S 100,000 S 649,200 S 48,600...