Find the credit-card sales less refunds for the Sales/Refund record for 09/24/10.09/24/10SalesRefunds.....$62.06$469.89$48.74The credit-card sales less refunds for 09/24/10 is $$82.95$92.42$134.04$145.39$98.23$35.38$134.04$207.01$207.27$132.94 Find the current balance for the account.Balance from Bank Statement Outstanding Checks Deposits not yet Recorded$7916.05$98.88$781.52$485.91$71.66$64.47$73.27....The current balance is $

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Answered: Find the credit-card sales less refunds…

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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50% 40% 30% 20% 10% Total Sales Bad Debts Knowledge Check 01 The allowance method of accounting for bad debts has the following advantages over the direct write-off method including: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Records estimated bad debts expense in the period when the related sales are recorded. Records estimated bad debts expense when the account receivable is determined to be uncollectible. Reports accounts receivable on the balance sheet at the estimated amount of cash to be collected. Reports sales on the income statement at the estimated amount of cash to be collected.
1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
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WalCo TarMart CostGet Beginning Accounts Receivable $ 1,745 5,816 559 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales? Required 1 Required 2 WalCo TarMart CostGet Complete this question by entering your answers in the tabs below. WalCo TarMart Ending Accounts Receivable $ 2,692 6,344 - 595 Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. Note: Rounded to one decimal place. Enter your dollar answers in millions. Net Sales $ 315,427- 60,878 61,963 Choose Numerator Choose Numerator Receivables Turnover Ratio Choose Denominator Average Collection Period Choose Denominator < Prev 8 of 8 = Receivables turnover ratio times times times + = Average collection period Next days days
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how to record this transaction, I tried to credit Credit Card Expense 12400, but it was wrong
complete part 2

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Find the credit-card sales less refunds for the Sales/Refund record for 09/24/10. 09/24/10 Sales Refunds ..... $62.06 $469.89 $48.74 The credit-card sales less refunds for 09/24/10 is $ $82.95 $92.42 $134.04 $145.39 $98.23 $35.38 $134.04 $207.01 $207.27 $132.94