Doc PostDateAccount TitleNo.RefDebitCreditmonth of May:1 You invest $45,000.00 into yourfood truck/kiosk/cart. R12 Pay cash for your foodtruck/kiosk/cart (use the purchaseprice of the food truck/kiosk/cart thatyou "purchased"). C17 Paid cash for equipment that youwill need that is not included in yourfood truck (use your amount fromequipment page). C29 Paid cash for supplies for yourfood truck/kiosk/cart (use the youramount on your supply page). C312 Paid $650.00 cash for insurance.C415 Made $780.00 cash sales onyour first day! T1516 Made $660.00 cash sales onyour second day. T1619 Bought $285.00 worth of supplieson account from one of your vendors(choose a vendor f

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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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Mookie the Beagle Concierge makes a payment on the VISA credit card on 01/31/2023 in the amount of $800. Required: To record the payment on the VISA credit card: 1. From the Navigation Bar, select Expenses > select Expenses tab 2. From the New transaction drop-down menu, select Pay down credit card 3. For Which credit card did you pay?, select 2100 VISA Credit Card 4. For How much did you pay?, enter 800.00 5. For Date of payment, enter 01/31/2023 6. For What did you use to make this payment?, select 1001 Checking 7. Select Save and close 8. What is the balance of the VISA Credit Card account after the credit card payment is recorded? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. X Answer is complete but not entirely correct. $ 800.00 x 8. Balance of the VISA credit card account
Cash Discount and Remittance calculations For each of the following May Paz Abad Retailers purchases, assume that credit terms are 2/10, n/30 and that any credit memorandum was issued and known before Mary Paz Abad Retailers made the payments. Prepaid Purchases Shipping Terms Freight Credit a P 12,000 FOB shipping point (by seller) Memo b. 24,000 FOB destination P 1,000 P 3,000 c. 28,000 FOB shipping point 2,400 2,000 d. 40,000 FOB shipping point 4,000 Required: 1. Determine the cash discount available. 2. Determine the cash remitted if the payment is made within the discount period.
Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 30 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $5 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 22 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $3.50 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Aug. 3 Shipping charges Merchandise Inventory Merchandise Inventory Cash Cash Aug. 7 Purchase with cash Merchandise Inventory Merchandise Inventory Cash Cash Aug. 12…
In problems 3 through 8, complete the table one entry at a time by filling in the amount that goes where the red star is. Use the unpaid balance method to calculate interest. Assume an 18% annual interest rate. Unpaid Balance at Beginning of Month Unpaid Balance Purchases Purchases Payments at End of Month Finance Month Charge June $350.10 $ 25.00 $36.75 $ 75.00 July $150.40 $ 0 $200.00 August $208.75 $55.40 $150.00
1 2 3 4 Sold $32,000 of merchandise on MasterCard credit cards. MasterCard charges a 5% fee. eBook Hint Note: Enter debits before credits. Print Transaction General Journal Debit Credit References 1-a Cash Credit card expense Sales Mc Graw Hill Education Prev 1 of 17 Score answer Type here to search a
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Overview Plans Resources Follow-up and reports 360° reports PFR Final Exam 01-10 11 Question 43 Paying the minimum amount every month on a credit card will Your answer: pay a large percentage of the total amount owed every month make the final amount paid substantlally higher than the amount initlally charged O Help the cardholder create a plan for paying off a credit card in a decent amount of time. Allow the card holder to avoid paying any interest charges. Clear answer Back Next Play Sto
Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
Purchase various shop supplies from CAPA Auto Parts; the cost was $1400, due in 30 days. In accrual accounting basis, it should be: Shop Supplies 1400 A/P 1400 How about in cash basis? Should I record the transaction after 30 days as below? Is it correct? Shop Supplies 1400 cash 1400

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