Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Question
Provide correct solution

Transcribed Image Text:Calculate the unknown amount required in each of the following five
independent situations.
Account
Beginning
Balance
Ending
Other Information
Balance
Total cash disbursed,
a Cash
$8,600
$5,250
$5,400.
Accounts
Services on account,
b
11,000
9,300
Receivable
$16,500.
Borrowed funds by issuing
c Notes Payable
17,500
20,000
note, $30,000.
Accounts
Payments on account,
5,780
1,720
Payable
$4,900.
Stockholders'
Capital Contribution,
34,500
46,000
Equity
$5,000.
Unknown Amounts Required:
a. Total cash received
b. Total cash collected from credit customers.
c. Notes payable repaid during the period.
d. Good and services received from suppliers on the account.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps with 5 images

Knowledge Booster
Similar questions
- Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an example: Account Beginning Balance Ending Balance Other Information a. Cash $7,000 $5,250 Total cash disbursed, $5,400. b. Accounts Receivable 11,000 9,300 Services on account, $16,500. c. Notes Payable 17,500 23,000 Borrowed funds by issuing a note, $30,000. d. Accounts Payable 2,500 1,720 Payments on account, $3,900. e. Stockholders’ Equity 29,000 46,000 Capital Contribution, $7,000. Unknown Amounts Required a. Total cash received $3,650 b. Total cash collected from credit customers Answer c. Notes payable repaid during the period Answer d. Good and services received from suppliers on account Answer e. Net income, assuming that no dividends were paid Answerarrow_forwardCalculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $arrow_forward7. 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…arrow_forward
- What will be the journal entry to record the issue of note of $30,000 to a creditor who has agreed to pay the amount on the specified terms as per the note agreement? а. Ref. Debit(in S) Credit(in S) 30,000 Date Description |Notes Payable Cash |To record the issue of note against the amount due) $ 30,000 b. Date Description Ref. Debit(in $) | Credit(in S) |Notes Payable Accounts Payable |To record the issue of note against the amount due) 30,000 $ 30,000 с. |Ref. Debit(in S) Credit(in S)_ 30,000 Date Description |Accounts Payable Notes Payable |To record the issue of note against the amount due) 30,000 d. |Ref. Debit(in $) Credit(in $) 30,000 Description Date Accounts Payable Cash |(To record the issue of note against the amount due) 30,000arrow_forwardWhich of the following is the correct journal entry to convert a $6,300 account payable to a note payable? Cash $6,300 Notes Payable $6,300 Notes Receivable $6,300 Notes Payable $6,300 Notes Payable $6,300 Cash $6,300 Accounts Payable $6,300 Notes Payable $6,300arrow_forwardThe 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.)arrow_forward
- Suppose a bank receives a deposit of... Provide answer the financial accountingarrow_forwardWhich of the following states the entries required to account for a reimbursement to the petty cash float of $125 from the bank account? Cr Cash and bank Cr Petty cash A Dr Petty cash В Dr Cash and bank C Dr Drawings Cr Petty cash D Dr Drawings Cr Cash and bankarrow_forwardAnswer full question.arrow_forward
- Need Answer of this Question please get answrarrow_forwardThe following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.arrow_forwardGiven this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College

College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,

College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub

Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage