20. A company performs $5,780 of services for a customer on account. Write the torecord this transaction.15. On May 1, a company pays for 3 years of hardware maintenance and they make thefollowing entry:Prepaid hardware maintenance 432,000Cash432,000CustWhat adjusting entry do they make at the end of May?/10

Hello student! Expenses are only recognized as they are incurred/used. In this scenario, the advance…

Answered: 20. A company performs $5,780 of…

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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B.) The activity on Charlie Wilson's Visa account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is November 11 through December 10, the previous balance was $645.33, and the annual interest rate is 20%. November 15 payment $125.00 November 28 office supplies $24.97 December 1 toy store $317.52 average daily balance $ finance charge $
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A customer opens a certificate of deposit of $909,642. The current CD-rate is 9% and the CD duration is 162 days. What is the amount due to the customer at expiration of the CD? Round your answer to the nearest two decimals if needed. Do not type the $ symbol.
An 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?
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this?
Find the new balance at the end of the billing cycle using the average daily balance method. Assume one month between billing dates and find the finance charge using an 18% annual rate. Billing date: October 5 with a balance of $550.77 October 5: Plane ticket $405.98 October 12: Payment $350.00 October 30: Halloween costume rental $ 45.00
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
Ari Friedman is an employee at Ruby Investments, with an annual salary of $92,500, paid biweekly. Ari has the following fringe and voluntary benefits. • Medical insurance: $400 per month . 401(k): 3 percent of gross pay • Flexible spending arrangement $2,550 annually . Charitable contributions: $65 per pay period Required: What is the total amount Ari contributes to fringe benefits and voluntary deductions annually? Medical insurance 401(k) Flexible spending arrangement Charitable contribution Total amount Ari contributes to fringe benefits and voluntary deductions
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You have been provided with an extract from the pre-adjusted trial balance of JJ Stores. 31 December 2015 Details Debit Credit Long-term loan 100 000 Interest expense 11 000 Insurance 15 000 The above loan is with Accrual Bank and bears interest at 12% which accrues on the first day of each month. • The R15 000 relating to insurance above includes an amount of R8 000 which relates to insurance on the new truck. This amount related to the period from 1 July 2015 to 30 June 2016 The total insurance expense for the 2015 year of assessment should be:.

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