DENNIS, A SOLE TRADER, REPAID A BANK LOAN OF $10,000 WITH A PERSONAL CHEQUE OF $4,000 AND THE BALANCE WITH A BUSINESS CHEQUE. WHAT IS THE EFFECT OF THE TRANSACTION ON THE ACCOUNTING EQUATION?
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- How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.From a company’s point of view, which of the following statements best describes an “outstanding cheque”? a cheque written by the company but not yet presented to the bank for payment a cheque written by a customer to the company that has been presented to the bank for payment a cheque written by the company and presented to the bank for payment a cheque written by a customer to the company but not yet been presented to the bank for payment1. In the _____, a balance is calculated at the end of each each, incorporating any purchases, credits, or payments that were made that day. 2. If you deposit a sum of money P in a savings account or if you borrow a sum of money P from a lender, then P is reffered to as the ______?.______ a debt means that the debr is retired in a given length of time by equal periodic payments that include compound interest. 3. An _____ is a sequence of equal period payments, If payments are made at the end of each time interval, the annuity is called an _____.? Fill in the blank for each questions thanks.
- Which of the following is true of an endorsement? a.It is made only when the receipts are more than $500. b.It is used only when payment is made to an individual. c.It transfers title to the money. d.It authorizes receipt of the check.Which one of the following would not appear on a bank statement for a chequing account? a.Deposits b.Interest earned c.Service charges d.Outstanding chequesA man borrowed $3700 from a bank for 6 months A friend was cosigner of the man's personal note. The bank collected 3 simple interest on the date of maturity a) How much did the man pay for the use of the money? b) Determine the amount he repaid to the bank on the due date of the note a) The man paid S for the use of the money
- Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. a. Sold merchandise on account for $64,000 to a customer. Accounts receivable b. Received a promissory note of $57,000 for services performed. Notes receivable Other receivables C. Advanced $10,000 to an employee.5. Suppose Mr. Chen lends P500,000 cash to the entity. At the same, the entity uses part of the money to repay the amount owed to a creditor and holds the remaining amount of P400,000 in the bank account. Which of the following effects on the accounting equation is correct?Select one: a.Assets increase by P500,000 and liabilities increase by P500,000 b.Assets decrease by P100,000 and liabilities increase by P500,000 c.Assets increase by P400,000 and liabilities increase by P400,000 d.Assets increase by P400,000 and liabilities decrease by P500,000Identify what reconciling item of the book or bank the following independent transaction. TRANSACTION RECONCILING ITEM ABC company deposited a check paid by the 1. customer but was returned by the bank due to the issuer's lack of funds. ABC Company received P2, 000 from Romel. The bookkeeper recorded 2. BOOK. P1,800 will be added to the books. the amount as P200. 3. The deposits of ABC Company earned an interest of P200 for the month. 4. The bank charges a fee for its services of P45. 5. ABC Company received cash of P1, 450 on March 31 and was recorded on the company's books. Due to an unforeseen event, the liaison officer was able to deposit the P1, 450 in the bank on April 1. ABC Company issued a check of P30, 000 to a 6. supplier. Supplier not yet deposited to the bank for payment. 7. ABC Company bank statement for the month of March shows that bank charges of P45 have been incorrectly recorded twice by the bank The bank collected P40, 000 from the 8. BANK customer. 9. P10,000…
- Questions 1. Interest on Craig's Notes Payable has been incurred, but not recorded or paid. The interest that has been incurred is calculated as principal multiplied by the interest rate multiplied by the time period ($4,000 x 10% x 1/12=$33.33). Interest Expense of $33.33 must be recorded as an accrued expense and Accounts Payable, a liability, recorded for the amount that Craig is obligated to pay later. So an adjusting entry is needed to bring accounts up to date at December 31. Question 2. Interest on Craig's Loan Payable has been incurred, but not recorded or paid. The interest that has been incurred is calculated as principal multiplied by the interest rate multiplied by the time period ($25,000 x 12% x 1/12=$250.00 must be recorded as accrued expense and Accounts Payable, a liability, recorded for the amount that Craig is obligated to pay later. So an adjusting entry is needed to bring accounts up to date at December 31. Question 3. Craig's Design and Landscaping has earned…19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. Di debit to Accounts Payable and credit to Cash.2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.
