Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $82,000 as shown in the ledger. The following information is available for your first year in business. 1. Collections from customers     $198,000 2. Merchandise purchased 320,000 3. Ending merchandise inventory 90,000 4. Goods are marked to sell at 40% above cost   Instructions Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.

Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank. Oct. 1 Jim White made a $600 payment on account. 8 Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credic Sales Credit Credit Cash Debit Oct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt Chang

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 12%. Complete the following account activity table for Kathy. Round your answers to the nearest cent. Previous Purchases New Balance Month's Finance and Cash Payments End of Month Balance Charge Advances and Credits Month May $540.00 $177.53 $585.00

Use the five transactions below for Hennigan Rentals to answer the questions that follow. Dec. 1   Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days. 8   Hennigan accepts advance deposits for tool rentals of $75. 15   Hennigan receives a bill from Farmer's Electric Company for $150. Payment is due in 30 days. 20   Customers are charged $750 by Hennigan for tool rentals. Payment is due from the customers in 30 days. 31   Hennigan receives $500 in payments from the customers that were billed for rentals on December 20. Refer to the transactions for Hennigan Rentals.Based on the above transactions, how much is still owed to Hennigan on December 31 from its customers? a.$500 b.$750 c.$250 d.$0.                                                                   Please answer properly

You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in the table below: Month Previous Balance Payment Purchases Finance Charge New Balance 1 $200 $75 $50 a:$  b:$  2  $  $75 $60 c:$  d:$

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The cash register tape for Tamarisk Industries reported sales of $8,103.30.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $59.85. (b) Cash on hand exceeds cash reported by cash register tape by $33.39. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.)     Transactions Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places   enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places   enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places         (b) enter an account title enter a debit amount rounded to 2 decimal…