Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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What should I do with the contracts that were issued for contracted services in the amount of $91,750.
Note: Enter debits before credits.
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Step 1: Explanation of Journalizing
Journalizing is the process of recording financial transactions in a journal, where each entry includes the date, accounts involved, and the corresponding amounts to maintain an organized record of a company's financial activities.
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- What should i do? Record the invoices amounting to $81,300 from the contracts. Note: Enter debits before credits. Transaction General Journal Debit Credit 6aarrow_forwardHow do you find the amount of payment to be credited and the balance outstanding when you know the amount on the invoice is $600, it was dated on 7/5 with terms of 4/10 and n/60, and that a partial payment of $400 was made on 7/14?arrow_forwardHow do you find the amount of payment to be credited and the balance outstanding when you know the amount of invoice is $600, the terms are 4/10 and n/60, the invoice date is 7/5, the actual partial payment made is $400, and the date of partial payment is 7/14?arrow_forward
- The shorthand notation on an invoice 2/10, n/30 is called the _______________. Group of answer choices accounts payable debit memo credit terms purchase orderarrow_forwardHow will I debit and credit this general entry scenario: Master Flow made a payment on its Trade Account with Kohler, for the full Balance.arrow_forwardUse the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 79 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Feb. 4 Evert Company 17433 E123 2,000.00 Feb. 8 King Inc. 17434 K331 775.30 Feb. 14 Martina Inc. 17435 M132 2,301.99 Feb. 16 Shriver Company 17436 S101 700.00 Total fill in the blank 1 CASH RECEIPTS JOURNAL Page: 102 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, or OtherAccounts CR 2019 Feb. 1 Cash Sales 475.00 475.00 Feb. 5 Payment from Evert Co. 17433 1,960.00 40.00 2,000.00 Feb. 15 Bank loan 230 1,500.00 1,500.00 Feb. 21 Payment from…arrow_forward
- Exercise 14-9 Amortization table and accrued interest LO5 SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The contract interest rate is 11.50%. The bonds pay interest on October 31 and April 30. They were issued at a price of $903,072 when the market interest rate was 12.00%. SweetFish Corp's year-end is December 31. a. Prepare an amortization table for these bonds that covers their entire life. Use the effective interest method of allocating interest. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Cash Unamortized Discount Period Period Interest Discount Interest Carrying Value Ending Expense Amortization Paid May 1/20 Oct 31/20 |Apг 30/21 Oct 31/21 Apr 30/22 Oct 31/22 Apr 30/23 Oct 31/23 Apr 30/24 Oct 31/24 Apr 30/25 Totalsarrow_forwardneed help finding the net payment and credit towards account still due invoice amount= $538.42 date of invoice= April 23 Date of payment= May 14 credit terms= 3/10,1/15, n/30 E.O.M Net price= ?arrow_forwardSales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions:arrow_forward
- Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offarrow_forwardTwo transactions were posted to the following creditor's account: NAME Windsurf, Inc.ADDRESS 343 Coastline Road Date Item Post Ref Debit Credit Balance Aug. 1 Balance 427 8 Invoice No. 333 CP89 427 0 15 Invoice No. 567 P18 1,177 1,177 Describe each transaction and the source of each posting. Aug. 8 Payment of $ ______to Windsurf, Inc. on account. Aug. 15 Purchased $ ______of supplies on account from Windsurf, Inc.arrow_forwardKINDLY ANSWER THE QUESTIONS IN THE ATTACHED FILE. THANK YOU :)arrow_forward
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