9. Two sisters operate a bed and breakfast on the coast of B.C. As customers make reservations they are required to pay cash in advance equal to one-half of the rate for their stay. How should the sisters account for the cash received as reservations are made? a. Cash Unearned Revenue b. Cash Earned Revenue c. Unearned Revenue Earned Revenue d. Cash Sales

9. Two sisters operate a bed and breakfast on the coast of B.C. As customers make reservations they are required to pay cash in advance equal to one-half of the rate for their stay. How should the sisters account for the cash received as reservations are made? a. Cash Unearned Revenue b. Cash Earned Revenue c. Unearned Revenue Earned Revenue d. Cash Sales

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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Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: نه ن ن ن ن a. b. C. C. d. e. a. $ b. $ 00000 d. $ Merchandise e. S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 - 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400
Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the credit period. a. $20,700 b. 10,500 7,800 2,500 1,800 C. d. Merchandise e. a. b. $ d. $ 19,700 e. $ Freight Paid by Seller c. $ 3,762 X X X X $400 100 Terms FOB shipping point, n/30 FOB shipping point, n/30 FOB destination, n/30 FOB shipping point, n/eom FOB destination, n/30 Returns and Allowances $1,000 1,300 700 400
Multiple choice:
Can I get some help on this table, thank you!
Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.
Multiple choice
Vishnu
Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
As a company accounts payable manager, which of the following credit terms are most likely to entice you to take the cash discount? A. 2/10 net 90 B. 1/10 net 45 C. 2/10 net 60 D. 1/10 net 30
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800
Please answer fast
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit. Why not put both types of credits in the same column and save journal space?