Here Come Tue clownsl e the name Of tiending circue owned by Red Costello. me ledger accomts Of the Jume 30, 2ood are listed here in alphabetical order business at preparing a balamce charge in Assets sheet Efects of a Accounts Payable 26,100 Nates payable 180000- Accounts Receivable t450 Notes Receivable 9500 plops f Equipment 89580 Red costello capital Calaries payable Animals 189060 cages 24630 337230 cash 9750 Costumes 31S00 Tents E Toucks 63000 wagons l05840

Here Come Tue clownsl e the name Of tiending circue owned by Red Costello. me ledger accomts Of the Jume 30, 2ood are listed here in alphabetical order business at preparing a balamce charge in Assets sheet Efects of a Accounts Payable 26,100 Nates payable 180000- Accounts Receivable t450 Notes Receivable 9500 plops f Equipment 89580 Red costello capital Calaries payable Animals 189060 cages 24630 337230 cash 9750 Costumes 31S00 Tents E Toucks 63000 wagons l05840

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Description: Herename OfCome Tue clownsl ie thetiending circue owned by Red Costello.me ledges accomts Of theJume 30, 20of are listed here in alphabeticalorderbusiness atpreparing a balamcecharge in Assetssheet Efects of aAccounts Payable 26,100Nates payable1800

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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Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal. Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648
6. 131 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. a. What is the entry for this transaction on the horizontal equation? b. What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Cash %3D Flow a. b. 4) Here are the inventory purchases and sales for Fraser Company: Inventory Layers Available for Sale: October 1 Beginning Inventory 14 @ $16 $224 9. Study guide - Chapter 5 (with solutions).docx 19 f12 Oly prt sc 114
US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usec
On November 1, 2022, the account balances of Blue Spruce Corp. were as follows. No. Debits No. Credits 101 Cash $2,880 154 Accumulated Depreciation-Equipment $2,400 112 Accounts Receivable 5,100 201 Accounts Payable 3,120 126 Supplies 2,160 209 Unearned Service Revenue 1,440 153 Equipment 14,400 212 Salaries and Wages Payable 840 311 Common Stock 12,000 320 Retained Earnings 4,740 $24,540 $24,540 During November, the following summary transactions were completed. Nov. 8 Paid $2,040 for salaries due employees, of which $840 is for October salarles. 10 Received $4.096 cash from customers on account. 12 Received $3,720 cash for services performed in November. 15 Purchased equipment on account $2,400. 17 Purchased supplies on account $840. 20 Paid creditors on account $3,240. 22 Paid November rent $480. 25 Paid salaries $2,040. 27 Performed services on account and billed customers $2,280 for these services. 29 Recelved $720 from customers for future service.
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
EJ-5 Gonzalez Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2017. The subsidiary ledger contains three accounts: Rye Company, balance $3,000; Keyes Company, balance $1,875; and Colaw Company. During January, the follow- ing receivable-related transactions occurred. Rye Company Keyes Company Colaw Company Purchases $6,750 5,250 6,375 Payments $6,000 1,900 6,750 Returns $-0- 2,300 -0- Instructions (a) What is the January 1 balance in the Colaw Company subsidiary account? (b) What is the January 31 balance in the control account? (c) Compute the balances in the subsidiary accounts at the end of the month. (d) Which January transaction would not be recorded in a special journal?
EJ-2 Presented below is the subsidiary Accounts Receivable account of Martha Nott. Date 2017 Sept. 2 9 27 Instructions Ref. S31 G4 CR8 Debit 61,000 Credit 14,000 47,000 Balance 61,000 47,000 Write a memo to Erica Grier, chief financial officer, that explains each transaction.
us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS
2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478
Two transactions were posted to the following creditor's account: NAME Windsurf, Inc.ADDRESS 343 Coastline Road Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance 1,210 8 Invoice No. 333 CP38 1,210 - 15 Invoice No. 567 P11 735 735 Describe each transaction and the source of each posting. Aug. 8 Payment of $?? to Windsurf, Inc. on account. Aug. 15 Purchased $?? of supplies on account from Windsurf, Inc.
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600