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- Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bankFinancial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
- Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.Determine whether the firm reports each of the following items as part of cash and cash equivalents in the balance sheet. Item Cash or Cash Equivalent? (yes/no) 1. Currency 2. Inventory for sale to customers 3. Balance in savings account 4. Checks 5. Accounts receivable 6. Investments purchased with maturities of less than three months 1. _________________ 2.__________________ 3.__________________ 4.__________________ 5.__________________ 6.__________________Use the image for the following question: Q1. Honesty & Co. What is the adjusted cash amount of cash receipts during OctoberA. 760,650B. 772,150C. 779,650D. 789,650 Q2. Honesty & Co. What is the adjusted amount of disbursements per bank during October? A. 624,700B. 605,700C. 633,200D. 615,700 Q3. Honesty & Co. What is the adjusted cash balance as of September 30, 2021? A. 3,000B. 2,500C. None of the optionsD. 2,000 Q4. Honesty & Co. What is the unadjusted amount of cash receipts per bank during October? A. 789,650B. None of the optionsC. 780,450D. 790,450 Q5. Honesty & Co. What is the unadjusted amount of cash disbursements per book during October? A. None of the optionsB. 640,300C. 630,300D. 633,200
- 8. Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below. Cash Accounts Payable Dividends Payable Treasury Stock Dividends Preferred Stock Note Receivable Common Stock Bonds Payable Paid $22,000 cash on bonds payable. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N)? Collected $12,600 cash for a note receivable. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N)? Declared a dividend to shareholders for $16,000. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N)?…Consider the three independent situations below (amounts are $ in millions): Situation SalesRevenue Accounts ReceivableIncrease (Decrease) Cash Receivedfrom Customers 1. 2. 3. 200 200 200 -0- 30 (30) ? ? ? Required: 1. Calculate cash received from customers. 2. Prepare the summary journal entry for each situation.Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $
- Han's Supplies's bank statement contained a $430 NSF check that one of its customers had written to pay for supplies purchased. Required: a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal financial statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. Suppose the customer redeems the check by giving Han $290 cash in exchange for the bad check. The additional $20 paid a service fee charged by Han. Show the effects on the financial statements. c. Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? d. Select which of the following is the correct answer. Complete this question by entering your answers in the tabs below. Req A and C Req B Reg D a. Show the effects of recognizing the NSF check on the financial statements by recording the…Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash Account ledger? Oa. Discount received O b. Rent OC. Purchases O d. Cash receivedInstructions: Use the below bank account receipts and payments summary to create a statement of cash flows. Use the direct method and follow the format in your textbook, chapter 6. Transaction Description Date 1/1/20 Cash deposit to start business 1/1/20 Three month's rent 1/1/20 Cash register paid for 1/1/20 Store furniture paid for 1/31/20 Receipts for sales in January 2020 2/7/20 Widgets supplied in January paid for 2/25/20 Cash withdrawn for your own expenses 2/29/20 Receipts for sales in February 2020 3/15/20 Widgets supplied in February paid for 3/16/20 Store utility charges for Jan, Feb, Mar 2020 3/31/20 Receipts for sales March 2020 3/31/20 Balance in bank on March 31st 2020 Receipts 10,000 6,500 9,000 12,000 37,500 Payments 2,400 450 8,500 4,500 3,000 6,000 300 12,350 37,500