Apply Your SkillsSadie has left on your desk notes about items she needs recorded in QuickBooks:••Prepaid salon rent; expense September's rent and set up for remaining five months. (Paid with checknumber 10005 on 7/30/2026.)• Prepaid storage rent. Set up the three months' expense; October through December.Los Angeles City Bank will begin to automatically deduct for the loan payments on 9/25/2026; pleaserecord $209 for September and set up the next 22 months.You have the budget figures; enter them into the budget and create a report.

Here's how you could handle each item in QuickBooks:Prepaid Salon RentEntry: Record the initial…

Answered: Apply Your Skills Sadie has left on…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee House The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) ✓ Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (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 0 for the amounts) Date ne 1, 2025 Account Titles and Explanation (b) Question 5 of 12 Cash Date Notes Payable eTextbook and Medial Prepare the entry to accrue the interest on June 30, (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) Account Titles and Explanation Debit 38400 Credit Debit…
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You have maxed out your credit card and owe $5,100. Its interest rate is 21%. Each month, you make the minimum required payment of $31. (Round your answers to the nearest cent.) (a) During the September 20 through October 19 billing period, you pay the minimum required payment on October 1. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (b) During the October 20 through November 19 billing period, you pay the minimum required payment on November 11. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (c) During the November 20 through December 19 billing period, you pay the minimum required payment on November 30. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (d) Discuss the impact of making the…
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Month Month's Balance March $640.00 $ Need Help? Read It Submit Answer Finance Charge (in $) Purchases and Cash Advances Payments and Credits $126.97 $75.00 New Balance End of Month (in $)
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Please show all work for better understanding. I couldn’t figure out how to find the interest without knowing the rate. The answers in the back of the book are: $34.60 interest, $213.10 principal, $7986.99 balance $42.12 interest, $257.88 principal, $7729.11 balance. Thank you.
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