Daisy runs her own flower shop called "Daisy's Floral Arrangements". Daisy has the following transactions that have taken place during the month: Date Transaction Daisy's Floral Arrangements sells $5,000 in floral arrangements for the Hill wedding. The customers paid cash at pick up. 3-Apr Daisy's Floral Arrangements pays $400 cash for new supplies. 5-Apr The company takes a loan from the bank to purchase a new delivery vehicle for $12,000 8-Apr Daisy paid employee salaries of $1,400 Match the correct Account Title with the Account Balance as of April 10th. 2-Apr Assets Liabilities Revenue Expense [Choose ] [Choose] [Choose ] [Choose]

Daisy runs her own flower shop called "Daisy's Floral Arrangements". Daisy has the following transactions that have taken place during the month: Date Transaction Daisy's Floral Arrangements sells $5,000 in floral arrangements for the Hill wedding. The customers paid cash at pick up. 3-Apr Daisy's Floral Arrangements pays $400 cash for new supplies. 5-Apr The company takes a loan from the bank to purchase a new delivery vehicle for $12,000 8-Apr Daisy paid employee salaries of $1,400 Match the correct Account Title with the Account Balance as of April 10th. 2-Apr Assets Liabilities Revenue Expense [Choose ] [Choose] [Choose ] [Choose]

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 37P

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James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…