FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare the entries for transaction below and indicate what journal it is
30 Aug received the balance due from ultracity for the credit sales dated on August 19
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- Please answer in text form, in proper formatarrow_forwardReproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts.arrow_forwardFor each of the following accounts, place the letter of the financial statement on which it would be found in the space provided.1) Treasury Stock2) Amoritization Expense3) Trucks4) Gain on Sale of Equipment5)Unearned Revenues6) Accounts Receivablearrow_forward
- Ganarrow_forwardPLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:arrow_forwardDate May 15 General Journal Debit Creditarrow_forward
- How to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!arrow_forwardThis information relates to Monty Co. 1. 2. 3. 4. 5. (a) (b) On April 5, purchased merchandise from Martinez Company for $45,000, on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $1,150 on merchandise purchased from Martinez Company. On April 7, purchased equipment on account for $32,800. On April 8, returned $3,900 of the April 5 merchandise to Martinez Company. On April 15, paid the amount due to Martinez Company in full. Assume that Monty Co. paid the balance due to Martinez Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.) Date Account Titles and Explanation Debit Creditarrow_forwardA credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.arrow_forward
- a. Journalize the entry to record the issuance of the note on January 1. 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. b. b. Journalize the entry to record the payment of the note at maturity, including interest. Assume a 360-day year. 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_forwardHere is Deon's credit card statement for the month of November. Date Transaction November 1 November 7 November 19 November 26 Payment Beginning balance Payment Purchase Date (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction amount $2900.06 $540.00 $35.45 $700.00 Transaction November 1 Beginning balance November 7 Payment November 19 Purchase November 26 Payment Transaction amount Unpaid balance Number of days at that balance $2900.06 $2900.06 6 days (from November 1 through November 6) $540.00 $2360.06 $35.45 $700.00 days (from November 7 through November 18) $7 days (from November 19 through November 25) $5 days (from November 26 through November 30) Total: 30 days Unpaid Number balance of days X $17,400.36 $ $ $ Total: $arrow_forwardDomesticarrow_forward
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