Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,900; Accounts Receivable, $1,400; Equipment, $34,200; Accounts Payable, $2,700; Common Stock, $20,000; and Retained Earnings, $22,800. a. Signed a long-term note and received a $83,500 loan from a local bank. b. Billed a customer $2,100 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $860 of rent for the current month. d. Received $390 cash on account from a customer for work done last month. e. The company incurred $420 planning to pay these costs next month. advertising costs for the current month and is

Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,900; Accounts Receivable, $1,400; Equipment, $34,200; Accounts Payable, $2,700; Common Stock, $20,000; and Retained Earnings, $22,800. a. Signed a long-term note and received a $83,500 loan from a local bank. b. Billed a customer $2,100 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $860 of rent for the current month. d. Received $390 cash on account from a customer for work done last month. e. The company incurred $420 planning to pay these costs next month. advertising costs for the current month and is

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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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it
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Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
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can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.
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