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…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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last question: what is the entry required on January 1, 2023, when the loan is paid back?
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 11 Debit Credit
Hh
Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)…
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month June July Need Help? Previous Month's Balance (in $) $693.96 Submit Answer $822.08 Read It tA Finance Charge (in $) $18.50 X Purchases and Cash Advances $153.38 $76.59 Payments and Credits $300.00 $120.00 New Balance End of Month (in $) $693.96 X
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?
and the last entry I need help with is "Record the repayment of the note at maturity." please
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…
Journalize the transactions. Assume 360 days for interest calculations and record two entries for transactions on January 5th, April 1st and June 20th. Record one entry on December 1. If required, round your answers to two decimal places. June 1 Received a $1,700, 120-day, 8% note from Heidi Kruczkiewicz to settle an account receivable. July 1 Heidi Kruczkiewicz’s note (see June 1) is discounted at Marshall Bank at a discount rate of 12% Sept. 29 Received notification from Marshall Bank that Heidi Kruczkiewicz’s note was dishonored. (See June 1 and July 1.) A check is issued to cover the maturity value plus a $50 bank fee that must be paid to the bank. Nov. 30 Heidi Kruczkiewicz’s dishonored note is collected; Kruczkiewicz pays ToyMania! the maturity value of the note, the $50 bank fee, and interest at 9% on the maturity value plus bank fee. (See September 29.)
On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB V

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