FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Marin University sells 6,500 season basketball tickets at $55 each for the entire 13-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 357,500 Cash 357,500arrow_forwardOn March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,900. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardPrepare a journal entry on December 23 for the withdrawal of $22,500 by Graeme Schneider for personal use. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.arrow_forward
- Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Carla Vista Restaurant accepted a Visa card in payment of a $250 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make? Tamarisk Company sold its accounts receivable of $67,100. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit Creditarrow_forwardDineshbhaiarrow_forwardAll information needed is inlcuded.arrow_forward
- Kingbird University sells 5,000 season basketball tickets at $75 each for the entire 10-game home schedule.(a)Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record the sale of the season tickets enter a debit amount enter a credit amount enter an account title to record the sale of the season tickets enter a debit amount enter a credit amount (b)Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record the revenue recognized after playing the first home game enter a debit amount enter a credit amount enter an account title to record the revenue recognized after…arrow_forwardOn July 4, Ivanhoe’s Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee.Prepare the entry on Ivanhoe’s books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 4arrow_forwardConsider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?arrow_forward
- Current Attempt in Progress Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?arrow_forwardplease answer do not image.arrow_forward
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