Mohawk Hair Design has the following transactions during the month of February. February 2 Pay $560 for radio advertising for February. February 7 Purchase beauty supplies of $1,160 on account. February 14 Provide beauty services of $2,200 to customers and receive cash. February 15 Pay employee salaries for the current month of $760. February 25 Provide beauty services of $860 to customers on account. February 28 Pay utility bill for the current month of $160. Required: Record each transaction. Mohawk uses the following accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Service Revenue, Advertising Expense, Salaries Expense, and Utilities Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218   4/5 Payment 17 Credit 4/9 Charge: Macy’s 166     Average daily balance:

Please read the questions carefully the First question is asking for journal entry.

Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: • Lamplight purchases 25 light fixtures for $25 each on August 1, invoice date August 1, with no discount terms. Lamplight returns 5 light fixtures (receiving a credit amount for the total purchase price per fixture of $25 each) on August 3. • Lamplight purchases an additional 15 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms. • Lamplight pays $130 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?

Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required:     Hide     Prepare the journal entry assuming the payment is made after 10 days (after the discount period).               Account and Explanation Debit Credit                   Record collection of accounts receivable

A man received an invoice for washing machine for $455 dated April 17, with a sales term of 2/10 EOM. How much should he pay if he pay if he pays bill on April 28?

Squeaky Shine provides car washing services in Jersey City, New Jersey. A three-month pass for automatic car wash sells for $60, which entitles the customer for an unlimited number of car washes during the contract period. Squeaky Shine estimates that pass holders wash their cars equally throughout the three-month period. On December 1st, customers purchased $2,160 of the three-month passes, with usage of the passes occurring evenly throughout the contract period. Required: 1. Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2024, with respect to this transaction. 2. State the account titles and amounts that will be included in Squeaky Shine's 2024 income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 State the account titles and amounts that will be included in Squeaky Shine's 2024 income statement and balance sheet. Account Titles Amounts Income Statement and Balance…

It is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000 (debiting Accounts Receivable and Crediting Sales) and send it to a specified customer. Normally invoices are sent to customers when products have been shipped or the service has been finished. You manager tells you that we will be shipping equipment and performing the setup services for this customer next month (as early as next week).   How would the company’s financial statements (and the users of the financial statements) be affected if you record this entry?