KSuppose your business has secured a line of credit and receives the accompanyingof March. The limit on your line of credit is $1000.00. You receive daily interest of 1.7COLdill belones QuenimbengetMarch StatementDateMarch 281319222831TransactionDescriptionBalareCheque 263Cheque 264DepositCheque 265Cheque 266PrintDeposit2114.00WithdrawalDone463.00212.00188.00264.00Balance- 790.51- 1253.51- 1465.51648.49460.49196.49?-x KSuppose your business has secured a line of credit and receives the accompanying statement of account for themonth of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.7% p.a. on positivebalances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% p.a. on thedaily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing anoverdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below.Click the icon to view the statement for the month of March.(a) Calculate the amount of interest earned.Total interest earned=$(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed.)WinOра

Limit on your line of credit - $1,000.00Interest rate on positive balances - 1.7% p.a.Interest rate…

Answered: Date March 2 8 13 19 22 28 31…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $557,000 zero-interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value.
8-17: Find the total deposit for problems 8-17. Currency Fives 8 ol. SEEI63 HODEC 9 10 11 Tens 12 12 32 10 1 67 11 9 12 16 3 13 133 19 Ones 9 15 6 7 4 27 Coins Half Quarters Dimes Dollars 11 9 0 3 13 34 18 32 7 12 11 62 0 0 8 17 3 319 Nickels 0 0 2 13 7 99 Pennies 0 0 0 5 31 154 Checks 96.23 6.51 43.44 168.14 777.50 123.19 Total $290.23
Saved Eercise 6-14 Bank reconciliation LO P3 Nright Company's cash account shows a $31,300 debit balance and its bank statement shows $29,600 on deposit at the close of business on May 31. a. The May 31 bank statement lists $290 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,500. c. May 31 cash receipts of $8,100 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $590 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $220 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance
Chapter 8 The December cash records of Dickson Insurance Cash Receipts Cash Payments Date Cash Debit Check no. Cash Credit Dec, 4 Dec, 9 Dec, 14 Dec, 17 Dec, 31 $4,180 500 510 2,130 1,850 Beg. Balance + Deposits - Checks Dickson's Cash account shows a balance of $17,030 at Dec, 31. On Dec, 31 Dickson Insurance received the following bank statement: Dec, 1 Dec, 5 Dec, 10 Dec, 15 Dec, 18 Dec, 22 1416 1417 1418 1419 1420 1421 1422 End. Balance Dec, 8 Dec, 11(Check no. 1416) Dec, 19 Dec, 22 (Check no. 1417) Dec, 29 (Check no. 1418) Dec, 31 (Check no. 1419) Dec, 31 Bank Statement for December $850 130 630 1,190 1,490 1,100 650 Bank End. Balance Bank Reconciliation EFT BC Book End. Balance NSF EFT SC $600 4,180 500 510 2,130 1,400 $1,000 850 $400 130 630 1,910 $40 $13,900 Total 9,320 BC - Bank Collections, EFT – Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge Total (4,960) - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The…
A5
12.10 Doubtful debts – ageing method * LO3 On 1 June, McLean, Roberts and Associates had Accounts Receivable and Allowance for Doubtful Debts accounts as set out below. Ignore GST. Accounts Receivable 1/6 Balance 847 000 Allowance for Doubtful Debts 1/6 Balance 12 250 During June, the following transactions occurred: 1. fees earned on credit, $1 200 000 2. fees refunded, $25 000 3. accounts receivable collected, $1450 000 4. accounts written off as uncollectable, $14 740. Based on an ageing of accounts receivable on 30 June, the firm decided that the Allowance for Doubtful Debts account should have a credit balance of $13 000 on the balance sheet as at 30 June. Required (a) Prepare general journal entries to record the four transactions above and to adjust the Allowance for Doubtful Debts account. (b) Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June. (c) On 29 July, Blundell Ltd, whose $1870 account had been written off as…
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0.69 8:34 KB/S 2:44 5G Vo 1 LTE 2 +91 98156 34462 Yesterday, 9:12 pmek 2.docx ACC1310 Lab 1-Week 2 Accounts Receivable Bad Debts • Recording Bad Debt - Percentage of sales Aging of receivables • Write off Bad Debt • Recovery of Bad Debt QS 8-1 Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system): a. On March 1, Kimmel Company sold $40,000 of merchandise costing $32,000 on credit terms of n/30 to JP Holdings. b. On March 27, JP Holdings paid its account in full. QS 8-5Adjusting entry to estimate bad debts- percentage of sales LO2,3 Lexton Company uses the allowance method to account uncollectible accounts receivable. At year-end, October 31, it was estimated that 0.6% of net credit sales were uncollectible based on past experience. Net sales were $690,000, of which 2/3 were on credit. Record the entry at year-end to estimate uncollectible receivables. QS 8-6Adjusting entry to estimate bad…

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Date March 2 8 13 19 22 28 31 Transaction Description Balarke Cheque 263 Cheque 264 Deposit Cheque 265 Cheque 266 Deposit Withdrawal 2114.00 463.00 212.00 188.00 264.00 Balance - 790.51 - 1253.51 - 1465.51 648.49 460.49 196.49 ?