Record sale of gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits. Date January 02 General Journal Debit Credit

Record sale of gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits. Date January 02 General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: A note is a formal instrument that expresses an obligation to repay a debt to a creditor or an…

Q: Journal Entries (Note Received, Renewed, and Collected) Jan. 16 Received a 30-day, 6% note in…

A: Journal entries:

Q: On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…

A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

Q: Accounting for a note receivable On June 6, Lakeland Bank &amp; Trust lent $80,000 to Stephan…

A: When money is lent against notes, the notes receivable (asset) is debited and cash is credited.

Q: 19. Prepare the general journal entries for the following notes payable transactions for the Village…

A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with a…

Q: Entries for receipt and dishonor of note receivable Journalize the following transactions of Trapper…

A: Note Receivable :- It is a written promise to receive money in the future date. This amount…

Q: Calculate interest accrued for the following notes receivable as of December 31st using the…

A: The accrued interest is the amount of interest due for payment but not paid yet. The accrued…

Q: On April 1, 2020, Aljean Company discounted with recourse a 9-month, 10% note dated January 1, 2020…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On December 16, Charlotte's Cookies signed a $27,000, 75-day, 9% note payable to cover a past due…

A: Notes payable are a promissory notes and a negotiable instruments. In this one party agrees to pay a…

Q: Prepare journal entries to record these selected transactions for Morrobel Company. Nov. 1 Accepted…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

Q: Keesha Company borrows $100,000 cash on November 1 of the current year by signing a 90-day, 11%,…

A: Notes payable is an instrument issued by the payer. It acts like a promissory note that carries a…

Q: Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia…

A: Loss on sale of receivable = Amount receivable x discount rate x no. of months /12 = $120,000 x 12%…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: Tamarisk, Inc. receives a $10500, 3-month, 8% promissory note from Nash's Trading Post, LLC in…

A: Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

Q: On January 1, 2021, Norwood borrows $530,000 cash from a bank by signing a five-year installment…

A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

Q: a. On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance…

A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with a…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.…

Q: Which journal entry below would be properly used to record an issuance of an installment note…

A: Notes payable are the negotiable instruments used for deferring payments. In this one-party agree to…

Q: A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day…

A: In a journal entry for issuance of the note, the creditor will be debited, and the note payable will…

Q: Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year…

A: Journal- It refers to the primary books of account under which entries/transactions are recorded in…

Q: Answer all questions. Ch.5-4

A: Please find the whole answer in the picture.

Q: 7. Teller purchased merchandise from TechCom on October 17 of the current year. TechCom accepted…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Prepare journal entries for the following selected transactions of Danica Company for 2014. Exercise…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Entries for Notes Payable A business issued a 60-day, 15% note for $86,000 to a creditor on…

A: Interest on Note = Note Amount x Interest (%) x Days of Note / 360

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $48,000, dated April 17,…

A: Average due date: Due date is the date when the amount of bill is payable and the average due date…

Q: Calculating the Cost of Credit Card Purchases Directions Use the interest rate of 18% and an annual…

A: The cost of credit represents the amount charged to the borrower by the lender in a credit…

Q: Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12,…

A: Meaning : 1. Note Receivable: Note receivable record the value of promissory note that a business…

Q: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

Q: Credit card bills Assume you open a credit card at the beginning of the year January 1 with an open…

A: Credit card balance as at March 1 is $367 (Note: $367 is net of all transactions occurred between…

Q: Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. T July 15 note is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Given data, Date of note = July 14th Lenght of note = 50 days date note discounted on = August 5

Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: ntries for Discounted Note Payable A business issued a 60-day note for $36,000 to a creditor on…

A: a.Journalize the entry to record the issuance of the note.

Q: on november 1, 2018, Downtown Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: Use the journals provided in the assignment file to journalize the notes receivable transactions…

A: A business records the principal amounts of the promissory notes it has issued in the Notes Payable…

Q: Journalize the following entries on the books of Winston Co. for August 1, September 1, and November…

A: Note means an instrument acknowledging as debt due from one party to another party.

Question

Journal entry worksheet
1
2
3
4 5 6 7 8 9 10
Record sale of gift cards totaling $8,000. The cards are redeemable for
merchandise within one year of the purchase date.
Note: Enter debits before credits.
Date
January 02
General Journal
Debit
Credit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Explaining journal entrie

VIEW

Step 2: Preparing journal entries

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journal Entries (Note Issued for Bank Loan) July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13 Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year DATE ACCOUNT TITLE DEBIT CREDIT 20--Jul. 15 __________ _____ _____ __________ _____ _____ __________ _____ _____ Sept. 13 _________ ______ _____ _________ ______ _____ __________ ______ ______ ________ ______ ______
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note Date note discounted Discount period April 12 45 days May 02 days
Please only answer the amount fields. Thank you
Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day year.a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place.a. Accounts Payable Notes Payable Interest Expense b. Journalize the entry to record the payment of the note at maturity.
eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
A $7,000, 4%, 120-day note dated March 20 is discounted on July 15. Assuming a 3% discount rate, the bank discount is: Multiple Choice $1.74 $1.77 $93.33 $70.00
Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CR
Journal Entries (Note Received, Discounted, Dishonored, and Collected) Received a 120-day, 6% note in payment for accounts receivable balance of Apr. 6 $3,000. 26 Discounted the note at a rate of 7%. Received a 30-day, 7% note in payment for accounts receivable balance of May 3 $900. June 2 The $900, 30-day, 7% note is dishonored. 5 The dishonored note is paid, plus interest at 7% on the maturity value. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Notes Receivable Accounts Receivable - 3,000 1 Apr. 6 2 3,000 2 3 3 4 Apr. 26 Cash : Notes Receivable Interest Revenue 6. 8 May 3 9 10 10 11 Jun. 2 11 12 12 13 13 14 14 15 Jun. 5 15 16 16 17 17
JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED, DISHONORED, ANDCOLLECTED) Prepare general journal entries for the following transactions:
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
can I get some help with this question TIA