2 Your answer is partially correct. Try again. Presented below are two independent transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Tony's Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Tony's make? (b) Larkin Company sold its accounts receivable of $60,000. What entry should Larkin make, given a service charge of 3% on the amount of receivables sold? Account Titles and Explanation Debit Credit (a) cash 168 Service Charge Expense sales 175 (b) Cash 58200 Service Charge Expense 1800 Accounts Receivable 60000

2 Your answer is partially correct. Try again. Presented below are two independent transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Tony's Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Tony's make? (b) Larkin Company sold its accounts receivable of $60,000. What entry should Larkin make, given a service charge of 3% on the amount of receivables sold? Account Titles and Explanation Debit Credit (a) cash 168 Service Charge Expense sales 175 (b) Cash 58200 Service Charge Expense 1800 Accounts Receivable 60000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consider these transactions: (List all debit entries before credit entries. 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.) (a) Sunland Restaurant accepted a Visa card in payment of a $300 lunch bill. The bank charges a 2% fee. What entry should Sunland make? (b) Splish Brothers Company sold its accounts receivable of $60,400. What entry should Splish Brothers make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Textbook and Media Debit Credit
Vikarm
Consider these transactions: (List all debit entries before credit entries. 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) (a) (b) Sandhill Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Sandhill make? (b) Teal Mountain Company sold its accounts receivable of $68,000. What entry should Teal Mountain make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation (a) Debit 0000 Credit SURRO
Current Attempt in Progress Consider these transactions: (List all debit entries before credit entries. 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.) (a) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?
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Vishnu
Han's Supplies's bank statement contained a $260 NSF check that one of its customers had written to pay for supplies purchased. Required: a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $280 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. Note: Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or leave the cell blank if there is no effect. Event (a) (c) HAN'S SUPPLIES Horizontal Statements Model Balance Sheet Income Statement Assets Cash + Accounts Receivable Liabilities + Equity Revenue Expense Net Income Statement of Cash Flows
Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 one-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.
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Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.
A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was charged for processing the returned cheque. Upon notification of the NSF, the company who initially received the customer’s cheque will most likely 1. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit the accounts receivable for the bank service fee of $15. 2. reverse the customer’s payment on their books to re-establish the accounts receivable for $455. 3. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit bank charges expense for the bank service fee of $15. 4. make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding.