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- what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP BankAblema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…A debit order of R1500 for payment of rates will appear in ____________during the bank reconciliation process
- The accompanying table, Data table Date Deposit (Withdrawal) Date Deposit (Withdrawal) 1/1/20 $8,000 1/1/22 $3,272 1/1/21 $(6,540) 1/1/23 $5,255 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) , shows a series of transactions in a savings account. The account pays 5% simple interest, and the account owner withdraws interest as soon as it is paid. Calculate the following: a. The account balance at the end of each year. (Assume that the account balance at December 31, 2019, is zero.) b. The interest earned each year. c. The true rate of interest that the investor earns in this account. Question content area bottom Part 1 a. The account balance at the end of 2020 is $8,0008,000. (Round to the nearest dollar.) Part 2 The account balance at the end of 2021 is $1,9531,953. (Round to the nearest dollar.)Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.1% p.a. on positive balances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of March.MULTIPLE CHOICE 1. These represent open accounts with customers. a. Trade receivables b. Nontrade receivables c. Accounts receivable d. Notes receivables 2. Upon initial recognition, accounts receivable are measured at а. Face value b. Discounted value c. Maturity value d. Net realizable value 3. Trade receivables that are expected to be collected within 12 months after the reporting period shall be presented in the statement of financial position at a. Net realizable value b. Maturity amounts c. Face amounts d. Discounted values 4. Receivables denominated in a foreign currency should be a. Translated to local currency using the exchange rate at the time of recognition b. Shown at face value of the foreign currency c. Translated to local currency using the exchange rate at closing rate d. Translated to local currency using the exchange rate when the financial statements are authorized for issue 5. Which valuation allowance is a proper deduction from trade accounts receivable in…
- 7. Accompanying the bank statement was a credit memorandum for a short-term, noninterest-bearing note collected by the bank. What entry is required in the depositor’s accounts?a. Debit Cash; credit Miscellaneous Incomeb. Debit Cash; credit Notes Receivablec. Debit Accounts Receivable; credit Cashd. Debit Notes Receivable; credit Cash 8. On January 1, 2020, Point Luna Corporation sold inventory costing P1,800,000 with a list price of P2,200,000 and a cash price of P2,000,000 in exchange for a P2,400,000 noninterest-bearing note due on December 31, 2022. How much is the initial measurement of the receivable?a. 1,800,000b. 2,200,000 c. 2,000,000 d. 2,400,000 9. On January 1, 2020, ABC Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2023. The prevailing rate of interest for this type of note is 12%. How much is the…9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.Problem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?
- If the discounting is secured borrowing, what is included in the journal entry to record the transaction? a. Debit loss on note receivable discounting Ᵽ87,000b. Debit interest expense Ᵽ87,000c. Credit liability for note discounted Ᵽ6,063,000d. Credit interest income Ᵽ63,000Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale PartialPayment Credit forPartial Payment NetAmount Due $8,303.00 2/10, n/30 $2,400 $ $In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period