For each of the above transactions, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE; R - E = NI; and NI affects SE through Retained Earnings.) The first transaction is provided as an example. (Reductions in account balances and loss amounts should be indicated with a minus sign.) a. b. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here. Do not consider cost of goods sold for this question.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season. C. d. Assets 15,000 2,500 * ›› X Balance Sheet Liabilities 2,500 + Stockholders' Equity 15,000 X Revenues 15,000 800✔ Income Statement Expenses B Net Income 15,000 800✔

For each of the above transactions, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE; R - E = NI; and NI affects SE through Retained Earnings.) The first transaction is provided as an example. (Reductions in account balances and loss amounts should be indicated with a minus sign.) a. b. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here. Do not consider cost of goods sold for this question.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season. C. d. Assets 15,000 2,500 * ›› X Balance Sheet Liabilities 2,500 + Stockholders' Equity 15,000 X Revenues 15,000 800✔ Income Statement Expenses B Net Income 15,000 800✔

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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On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?
The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
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The following information is available from the annual reports of Pharoah Company and Novak Corp. Companies. Sales Beginning receivables, net Ending receivables, net 1. 2. 1. (In millions) 2. Pharoah Company $128,000 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 23,300 Accounts receivable turnover 16,300 Average collection period Novak Corp. $43,000 4,000 Accounts receivable turnover. (Assume all sales were credit sales.) Average collection period. 4,800 Pharoah Company times. days Novak Corp. times days.
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During February, $189,000 was paid to creditors on account, and purchases on account were $ 209,400. Assuming the February 28 balance of Accounts Payable was $ 65,400, determine the account balance on February 1. Round your answer to the nearest dollar.