Daisy runs her own flower shop called "Daisy's Floral Arrangements". Daisy has the following transactions that have taken place during the month: Date Transaction Daisy's Floral Arrangements sells $5,000 in floral arrangements for the Hill wedding. The customers paid cash at pick up. 3-Apr Daisy's Floral Arrangements pays $400 cash for new supplies. 5-Apr The company takes a loan from the bank to purchase a new delivery vehicle for $12,000 8-Apr Daisy paid employee salaries of $1,400 Match the correct Account Title with the Account Balance as of April 10th. 2-Apr Assets Liabilities Revenue Expense [Choose ] [Choose] [Choose ] [Choose]

Daisy runs her own flower shop called "Daisy's Floral Arrangements". Daisy has the following transactions that have taken place during the month: Date Transaction Daisy's Floral Arrangements sells $5,000 in floral arrangements for the Hill wedding. The customers paid cash at pick up. 3-Apr Daisy's Floral Arrangements pays $400 cash for new supplies. 5-Apr The company takes a loan from the bank to purchase a new delivery vehicle for $12,000 8-Apr Daisy paid employee salaries of $1,400 Match the correct Account Title with the Account Balance as of April 10th. 2-Apr Assets Liabilities Revenue Expense [Choose ] [Choose] [Choose ] [Choose]

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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Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 50 percent of their fees in the month the service is provided. In the month following service, Paul collects 40 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: ⚫ June 1 cash balance $16,000. ⚫ June 1 supplies on hand $4,400. ⚫ June 1 accounts receivable $9,100. • June 1 accounts payable $4,300. • Estimated sales for June, July, and August are $27,300, $41,000, and $43,900,…
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Please read the questions carefully the First question is asking for journal entry.
Paul’s Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 50 percent of their fees in the month the service is provided. In the month following service, Paul collects 40 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul’s busiest months: June 1 cash balance $16,000. June 1 supplies on hand $4,400. June 1 accounts receivable $9,100. June 1 accounts payable $4,300. Estimated sales for June, July, and August are $27,300, $41,000, and $43,900, respectively.…
Selecting a Bank. Julie wants to open a bank account with $43. Julie estimates that she will write 23 checks per month and use her ATM card at the home bank. She will maintain a monthly balance of $500. Which bank should Julie choose? Hillsboro Bank First National South Trust Bank Sun Coast Bank ATM charges: Home bank Free Free Free Free Other bank 5 free, then $1.15 per use $1.40 per use $1.40 per use $1.40 per use Checking: Minimum deposit $100 $28 $1 $1 Minimum balance required to avoid fees* N/A N/A $500 N/A Monthly fees $8.66 $10.11 $15.88 $3.61 Check-writing charges 15 free, then $0.85 per check 10 free, then $0.85 per check Unlimited Each check $0.43 * N/A means monthly fees apply irrespective of account balances. Based on the information given in the chart, which bank should Julie…
Could you please help me with the journal and ledger of these transactions, I want to make sure I am on the right path. Thank you so much!
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