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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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
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- The bank statement would function as the primary source document for which two of the following transactions? Select more than one: a. Monthly bank fees b. Sale made to a customer, using his debit card c. Interest received on current account balance d. Purchase from a supplier, by chequeOn March 31 of the current year, Fresh Flowers received a bank statement dated March 30. Prepare a bank statement reconciliation. Use Mar. 31 of the current year as the date. The following information is obtained from the March 30 bank statement and from the records of the business.Forest Beach Company experienced an event that had the following effects on its financial statements.
- Falcon Incorporated has the following transactions with Wildcat Corporation. Transactions Falcon’s Related Account 1. Falcon purchases common stock of Wildcat. 2. Falcon borrows from Wildcat by signing a note. 3. Falcon provides services to Wildcat. 4. Falcon pays interest to Wildcat on borrowing. Investment Notes payable Service revenue Interest expense Required:1. For each transaction, indicate whether Falcon would report the related account in the balance sheet or income statement.2. For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders’ equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense.3. Indicate whether each transaction is classified as operating, investing, or financing activity.Can you please solve this financial accounting question?I need help with question
- Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing the principal ($14,000) and interest ($1,120) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date.You obtained the following information on the current account of Par Company during your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P 306,000 . Among the bank credits in November was customer’s noted for P 100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were costs of checkbooks amounting to P 1,200 and a P 40,000 check which was charged by the bank in error against Par Company account. Also in November, you ascertained that there were deposits in transit amounting to P 80,000 and outstanding checks totaling P 170,000. The bank statement for the month of December showed total credits of P 416,000 and total charges of P 204,000. The company’s books for December showed total debits of P 735,600 , total credits of P 407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service…Show how each of the following would initially affect a bank’s assets liabilities. Someone makes $1000 deposit into a checking account. A bank makes a loan of $1000 by establishing a checking account for $1000 The loan described in part (B) is spent. A bank must write off a loan because the borrower defaults.
- Could anyone explain this question? indicate the financial statement on which the account’s balance should be found. Also, if the account is shown on a company’s balance sheet, indicate if it should appear in the asset section, liability section, retained earnings section, income section, or stockholders’ equity section. Accounts Receivable Note Receivable Discount on Note Receivable Bank Service Charge Expense Bad Debts Expense Sales Return Liability Interest Revenue Allowance for Doubtful Accounts Cash Over/ Short Interest Receivable Sales Returns and AllowancesThe accountant for Tom's Tax Preparation, Inc. recorded a transaction by debiting Accounts Payable and crediting Cash. Which of the following transactions did the account record? Group of answer choices A. The purchase of supplies on account. B. Payment to suppliers for goods originally purchased on account. C. Receiving cash from suppliers. D. Receipt of payment for services originally provided to customers on account.In the books of Billings Computers Ltd., a journal entry is recorded to debit the bank loan account for $10,000 and to credit the cash account for $10,000. What is the most likely transaction underlying this journal entry? * O The bank paid Billings $10,000 for computer equipment. O Billings paid the bank $10,000 interest on its bank loan. Billings borrowed $10,000 from the bank. Billings repaid a $10,000 bank loan. Billings paid the owners of the business $10,000
