Bell provides $500 of services to customers on account with terms 3/10, n/30. The Service Revenue account is credited for $500. If the customer pays within 10 days, Bell will record which of the following? O Debit Service Revenue $500 O Credit Cash $500 O Credit Sales Discount $50 O Debit Sales Discount $15
Q: Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 6% note in…
A: Journal entries refer to the recording of the financial transactions in a format of debit and credit…
Q: MAnji
A: The objective of the question is to prepare a multi-step income statement for Mystery Incorporated…
Q: sh3
A: The production budget is prepared in the explanation field.Explanation:Step 1: The production budget…
Q: B. Koi Inc., a Manitoba-based retail business, began operations on February 1, 2024. During…
A: Journal Entry-A journal is called a book of original record or a book of prime entry because all the…
Q: Every transaction you have in business is documented in some way. How do companies document or "log"…
A: The objective of the question is to understand how businesses document or log their transactions.…
Q: Carica Company is a manufacturer with two production departments (Machining and Assembly) as well as…
A: Solution:-The inquiry concerns how support department costs are distributed to production…
Q: Dividends per share Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as…
A: Dividends are the part or share of profits that is being paid to shareholders. This is paid to both…
Q: A company acquired an item of plant under a finance lease on 1 April 2007. The present value of the…
A: A lease a contractual agreement whereby one party grants the other party the right to use the asset…
Q: María, age 32, earns $60,000 working in 2021. She has no other income. Her medical expenses for the…
A: Adjusted gross income (AGI) is determined by subtracting the applicable deductions from the gross…
Q: Ober Corporation, which has only one product, has provided the following data concerning its most…
A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…
Q: The unadjusted inventory balance of Conway Corp. is $800,000 on December 31, based on a physical…
A: To calculate the adjusted inventory balance on December 31, we need to consider the adjustments for…
Q: A proposed cost-saving device has an installed cost of $600,000. It is in Class 8 (CCA rate=20%) for…
A: SOLUTION:Given Informationlet's break down the information(A) No Salvage ValueCalculate Annual…
Q: Please don't provide handwriting solution
A: The objective of the question is to calculate the cash balance of Melody Inc. at the end of March.…
Q: MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost…
A: The question is based on the concept of Cost Accounting.Direct material budget is used to calculate…
Q: K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a…
A: The objective of the question is to calculate the accrued interest on a loan with variable interest…
Q: The following information is available for the preparation of the government-wide financial…
A: A resource that has economic worth and is owned or controlled by a person, business, or nation with…
Q: Beginning Inventory Date January 1 Units Unit Cost Total Cost 120 Purchase January 15 380 $ 80 90 $…
A: Stockpile of 120 items at $80 items for $9,600. On January 15, $34,200 was spent on 380 $90 goods.…
Q: The purpose of testing the quality of debits and credits is to find errors recorded in the amounts.…
A: The purpose of testing the quality of debits and credits in accounting is to ensure that all…
Q: Greenwood Company manufactures two products-14,000 units of Product Y and 6,000 units of Product Z.…
A: Under activity-based costing, overhead costs are allocated to different products on the basis of…
Q: The journal entry to record the Labor Time Tickets includes a credit to the Factory Labor account of…
A: Journal Entry:— It is an act of recording transactions in books of account when transaction…
Q: What is the total amount of expenses Bridget would include on her expense report if she drives?…
A: The cost that affects the specific managerial decision is known as the relevant cost. The cost that…
Q: Marin Inc. uses a periodic inventory system and reports the following for the month of June. Date…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…
Q: The Gourmand Cooking School runs short cooking courses at its small campus. Management has budgeting…
A: The flexible budget performance report is prepared to compare the actual and planned production…
Q: Waterway Company follows the practice of pricing its inventory at LCNRV, on an individual-item…
A: To calculate the cost of inventory at lower cost or net realization value on individual basis, first…
Q: Enter the missing dollar amounts for the income statement for each of the following independent…
A: CasesSales revenueBeginning inventoryPurchasesTotal available Ending inventoryCost of goods…
Q: Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources),…
A: One technique for allocating costs that makes use of simultaneous equations is the reciprocal…
Q: Maya Company reports the following information for March: View the data. Read the requirements. Data…
A: Variable Costing Method:The Variable Costing Method, includes only variable costs associated with…
Q: You a partner incharge of the audit for Bargin Ltd, a private company. The completion of the audit…
A: The objective of the question is to determine the appropriate audit report type for each of the…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: In accounting the closing down of a department or a product line of a business is considered as…
Q: 1. Garrison Boutique, a small novelty store, just spent $4,000 on a new software program that will…
A: Relevant cost: Any cost which is relevant to decision making. These costs are avoidable.Relevant…
Q: Pharoah Corporation issued $5180000 of bonds at face value on January 1, 2024. Pharoah chose the…
A: A journal entry is a record of a financial transaction in the account system of a business. It…
Q: K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a…
A: The objective of the question is to calculate the accrued interest on a loan with variable interest…
Q: Taxable income 20X7 20X8 Accounting earnings Permanent difference: Accounting income subject to tax…
A: Temporary differences arise when the timing of recognizing income or expenses on financial…
Q: Donald and Landry are partners who share income and losses in the ratio of 3:2, respectively. On…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: 1. What are the annual net cash inflows provided by the new dipping machine? 2. Compute the new…
A: Reduction in annual operating Costs: Operating Costs, Present hand Method53,000 Less: Operating…
Q: Example of Analytics a. What is a battery manufacturer's break-even level of sales, based on the…
A: The entire cost structure and profitability of electric vehicles are significantly influenced by the…
Q: Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for…
A: The manufacturing overhead refers to the cost incurred in factory for the production of goods and is…
Q: [The following information applies to the questions displayed below.] Arndt, Incorporated reported…
A: Required changes in Deferred tax liability / Assets = Ending balances required - Beginning…
Q: Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company…
A: Equivalent unitsDirect Materials17,000Conversion14,600 Cost per Equivalent unitsDirect…
Q: You a partner incharge of the audit for Bargin Ltd, a private company. The completion of the audit…
A: 1. Bargin Ltd carries its property, plant, and equipment accounts at current market values, which…
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores.…
A: Customer margin refers to the margin a customer makes from all the transactions. The margin is equal…
Q: The managing partner at Mina's Accounting Service typically hires one part-time intern to complete…
A: The objective of the question is to calculate the total cost of services that Mina should budget for…
Q: Novak Inc. had net income for the current year ending December 31, 2023 of $953,780. During the…
A: The objective of the question is to calculate the incremental per share effect for the 2012 bonds,…
Q: Newly formed S&J Iron Corporation has 125,000 shares of $5 par common stock authorized. On March 1,…
A: Net profit means the difference between the income and expenses. Financial statement means the…
Q: K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a…
A: The objective of the question is to calculate the accrued interest on a loan with variable interest…
Q: Question 1: On 1 January 20x1, P Bhd. acquired an 80% interest in the equity capital of S Bhd. for a…
A: ConsolidationThe combination of one or two elements is called consolidation. When a company acquires…
Q: Bob sold a capital property on December 31, 2023 for $300,000 cash and $280,000 payable December 31,…
A: Gain:In accounting, gain refers to the amount when the market value of the asset is greater than the…
Q: A2
A: The objective of the question is to calculate the annual worth of the investment in a water…
Q: For the year ended December 31, 2023, Kingbird Ltd. reported income before income taxes of $195,000.…
A: Net deferred tax liability A deferred tax liability is a liability on a balance sheet. Deferred tax…
Q: GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor…
A: Summary of Answers:a. COGM $940,800 ; Average Cost per Unit $49b. COGS $543,900c. Difference of…
Step by step
Solved in 3 steps
- If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17Beth uses the net invoice method to record sales on account. Beth made sales of $40,000 with terms 3/15, net 45. The customer pays after 25 days. Journalize: Date Accounts Debit CreditOmani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choice
- On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 Account Name Debit Credit Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n/30. The retailer paid OMR 10000 within 10 days. From the following given options, identify the journal entry recorded by the company for the first payment made by credit customer. a. Dr Cash A/C OMR 9800, Dr Sales discount A/C OMR 200 and Cr Accounts receivables A/C OMR 10000 b. Dr Cash A/C OMR 10000 and Cr Accounts receivables A/c OMR 10000 c. Dr Accounts receivables A/C OMR 10000 and Cr Cash A/C OMR 9800, Cr Sales Discount A/C OMR 200 d. None of the given options Clear my choiceThe journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
- Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n / 30 . The retailer paid OMR 10000 within 10 days . From the following given options , identify the journal entry recorded by the company for the first payment made by credit customer . a . Dr Cash AC OMR 10000 and Cr Accounts receivables A/C OMR 10000 b. Dr Accounts receivables A / C OMR 10000 and Cr Cash A / C OMR 9800 , C Sales Discount A / C OMR 200 • c. Dr Cash A / C OMR 9800 , Dr Sales discount A / C OMR 200 and Cr Accounts receivables . A/C OMR 10000 d. None of the given optionsen June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7The entry to record the receipt of payment within the discount period on a sale of $4000 with terms of 2/10, n/30 will include a credit to O Accounts Receivable for $4000. O Sales Discounts for $80. O Cash for $3920. O Sales Revenue for $4000.
- Prepare the following journal entries. a. customer is given an allowance of $ 425. b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.The credit terms offered to a customer by a Merchandise Business are 2/10, n/30, which means that a. The customer can deduct a 2% discount if the bill is paid within 30 days of the invoice date. The customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. The customer must pay the bill within 10 days. d. The customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment. a) $12,105.26 b) $12,105.0 c) $12.105