Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. g. Provided $12,800 of services for cash. h. Collected $26,910 of accounts receivable. i. Paid $12,760 of wages in cash. j. Issued common stock for $45,000 cash. Required: Select the correct information for each transaction. Enter the debits before the credits. Transaction a is entered as an example.

Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. g. Provided $12,800 of services for cash. h. Collected $26,910 of accounts receivable. i. Paid $12,760 of wages in cash. j. Issued common stock for $45,000 cash. Required: Select the correct information for each transaction. Enter the debits before the credits. Transaction a is entered as an example.

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Description: Debit and Credit Effect on TransactionsJefferson Framers engaged in the following transactions:a. Purchased land for $65,000 cash.b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable.c. Purchased office supplies on credit for

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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Bank Alfatih earned an annual profit amounting to USD1,500,000 through a Mudharaba Mutlaqah deposit account. The profit sharing ratio between the bank and the depositors of the Mudharaba deposit account is (40:60) respectively. The table below contains data on the deposit types that are available, average balance needed, and the weights that are used. Deposit Types Average balance Weights 1 month 300,000 0.5 3 months and less 400,000 0.8 6 months and less 600,000 1 12 months and less 800,000 1.25 Total 2,100,000 Calculate the total depositors’ share from the annual profit. Calculate the weighted average balance for each type of deposits.
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5 $101,477 Receipts from credit customers $93,457 Credit sales $57,133 Cash sales $14,086 Dishonoured cheques from credit customers $570 Contra with the trade payables ledger $9,040 Cash settlement discounts taken by customers $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730
Subject:- accounting
B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.
1
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
Record each transaction in a journal entry. Explanations are not required.
3. The April 30 bank statement of 10A Company showed a balance of $$24,635 and the following memoranda: Credits Collection of $1,250 note plus interest $50 Interest earned on checking account $65 Debits $75 NSF check: Banana Wang $635 Safety deposit box rent: 10A Company's cash account in the general ledger had a balance of $26,100 on April 30 and other information is as follows: (1) Cash receipts for April 30 recorded on the company's books were $6,695 but this amount does not appear on the bank statement. (2) The total amount of checks still outstanding at April 30 amounted to $6,575, including $2,000 certified checks. (3) Check No. 119 payable to 10B Company was recorded in the cash payments journal and cleared the bank for $248 but the payment should be $284. Instructions (a) (b) Prepare the bank reconciliation at April 30. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Hint: Record Safety deposit box rent as Miscellaneous (Misc.) Expense)