Journalize all required entries. Make sure to determine the missing maturity date.Debts at December 31, 2018.crs. The company ends its accounting year on September 30.The following selected transactions occurred during 2018 and 2019 for Baltic Import-on the basis of the aging- note receivable transactionsReceivables 523E9-24 Journalizingreceivable on itsLearning Objective 4Jul. 1, 2019 Cash DR $17,280method versus the2018Loaned $16,000 cash to Bud Shyne on a one-year, 8% note.Jul. 1Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000.Sep. 6Ignore Cost of Goods Sold.pre Cost of Goods SoldMade a single entry to accrue interest revenue on both notes.30Collected the maturity value of the Lawn Pro note.2019Collected the maturity value of the Shyne note.Jul. 1ima uses the directRound to the nearest dollar.r9-25 Journalizing note receivable transactionsProfessional Steam Cleaning performs services on account. When a customer accountLocomes four months old, Professional converts the account to a note receivable.ma uses theLearning Objective 4Oct. 31 Cash DR $18,355d accruingDuring 2018, the company completed the following transactions:Apr. 28 Performed service on account for Parkview Club, $18,000.Sep. 1 Received an $18,000, 60-day, 12% note from Parkview Club insatisfaction of its past-due account receivable.Oct. 31 Collected the Parkview Club note at maturity.a one-year,Duoord the transactions in Professional's journal. Round to the nearest dollar.CHAPTER 9 AutoSaveAcct12_Ch09_WP_templates - Compatibility ModeSearchinvoker robinsonFileHomeDesignReferencesMailingsReviewViewHelpA ShareP CommentsInsertLayoutE9-24Journalize all required entries. Make sure to determine the missing maturity date.Solution:DateAccounts and ExplanationDebitCreditD FocusPage 16 of 1712 of 876 words100%8:10 PMO Type here to searchaW10/22/2020O

Notes receivable is a note which is received at the time of providing loan to supplier and creditor,…

E9-24 Jour The following selected transactions occurred during 2018 and 2019 for Baltic Import- ers. The company ends its accounting year on September 30. transactions Learning Objective 4 Jul. 1, 2019 Cash DR $17.280 2018 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note. Jul. 1 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold, Sep. 6 Made a single entry to accrue interest revenue on both notes. 30 Collected the maturity value of the Lawn Pro note. 2019 Collected the maturity value of the Shyne note. Jul. 1 urnalize all required entries. Make sure to determine the missing maturity date. Round to the nearest dollar. urnalizing note receivable transactions Learning Objective 4 CHAPTER 9

E9-24 Jour The following selected transactions occurred during 2018 and 2019 for Baltic Import- ers. The company ends its accounting year on September 30. transactions Learning Objective 4 Jul. 1, 2019 Cash DR $17.280 2018 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note. Jul. 1 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold, Sep. 6 Made a single entry to accrue interest revenue on both notes. 30 Collected the maturity value of the Lawn Pro note. 2019 Collected the maturity value of the Shyne note. Jul. 1 urnalize all required entries. Make sure to determine the missing maturity date. Round to the nearest dollar. urnalizing note receivable transactions Learning Objective 4 CHAPTER 9

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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1. LALA Department store grants loyalty awards to its customers wherein for every P 100 purchase made, the customer receives 5 points equivalent to P 5. The points accumulated by the customer may be used as part or full payment for merchandise purchases in the future. During 2018, total sales amounted to P 10,000,000. Fair values of the merchandise sold and reward points are P 9,500,000 and P 500,000, respectively. At the end 2018, 60% out of 90% have been redeemed by the customers. At the end 2019, an additional 20% have been redeemed and the revised estimate of total points expected to be redeemed was now at 95%. In accordance with IFRS 15, how much is the balance of the liability for customer loyalty awards as of December 31,2018? 2. On January 1,2019, EROS Company introduced a new line of product that carries a 3 year warranty against factory defects. The product warranties provide assurance that the new line of product will function as intended based on agreed-upon…
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S11-4 Accounting for a note payable On December 31, 2017, Franklin purchased $13,000 of merchandise inventory on a one-year, 9% note payable. Franklin uses a perpetual inventory system. Learning Objective 1 Requirements 1. Journalize the company's purchase of merchandise inventory on December 31, 2017. 2. Journalize the company's accrual of interest expense on June 30, 2018, its fiscal year-end. suit? 3. Journalize the company's payment of the note plus interest on December 31, 2018. ****.
Business registered as 15% vat. They use perpetual inventory systems and all goods mark up at 20% above cost, before taking into account any trade discount. Prepare a cashbook payment and cashbook receipts Owner contributed R5 000 cash Cash sales R13 800 including vat Cash purchases R8 000 excluding vat Paid telkom for telephone account R345 Paid R2 000 towards a loan settlement with mzansi bank Cash sales R5 750 including vat Cash purchases R4 600 including vat Paid wages R800
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Bags Galore buy and sell a limited range of imitation leather bags. The following informationwas extracted from their financial records for the year ended 28 February 2021 Transactions attached Additional information:1. Inventory on hand at 28 February 2020 was as follows:1 109 bags at R175 = R194 0752. 97 bags at R115 were returned to suppliers and the necessary credit notes werereceived. However, this has not yet been recorded.3. Additional transport costs on purchases of R4 200 were incurred. This was paid by EFTbut not yet recorded.4. Additional import duties of R3 400 must still be recorded and paid. 5. Total sales for the year is as follows;• 1 March 2020 to 28 February 2021; (Total number of bags sold = 5 300):-Sold 2 100 bags at R165 each; and-Sold 3 200 bags at R175 each. 6. Bags Wholesalers use the periodic inventory system to record their trading stock.Required: 4.1 Prepare the trading section of the statement of profit or loss and other and other comprehensive income for…
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