FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?arrow_forwardAn invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received on July 3 , how much should be paid on or before August 1?arrow_forwardJounalize all entries required for First Place Running Shoes. ( Record debits first, then credits. Select the Explanation on the last line of the journal entry table.) May 3, 2018: Recorded credit sales of 100,000. Ignore Cost of Goods Sold. Oct 1, 2018: Loaned $18,000 to Tess Philip, an executive with the company, on a one-year 7% note. Dec 31, 2018: Accrued interest revenue on the Phillip note. Oct 1, 2019: Collected the maturity value of the Phillip note. (Prepare a single compound journal entry.)arrow_forward
- Please read the questions carefully the First question is asking for journal entry.arrow_forwardA 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?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
- On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…arrow_forwardan invoice for kitchen appliances is dated December 23 and is paid on January 14 of the following year. credit terms are 2/15,n/45 EOM. The total amount, $497.48 includes a charge for freight and insurance of $62.43. A. What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still owed after the payment?arrow_forwardAinsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card)arrow_forward
- Travel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?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_forward4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800arrow_forward
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