[The following information applies to the questions displayed below.]On January 1, Year 1, the general ledger of a company includes the following account balances:DebitCreditAccountsCashAccounts ReceivableAllowance for Uncollectible Accounts$ 25,60047,200$ 4,700InventoryLand20,50051,00017,500EquipmentAccumulated DepreciationAccounts PayableNotes Payable (6%, due April 1, Year 2)Common Stock2,00029,00055,00040,00031,100$161,800Retained EarningsTotals$161,800During January Year 1, the following transactions occur:2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of thepurchase date.6 Purchase additional inventory on account, $152,000.JanuaryJanuaryJanuary 15 The comapany sales for the first halftheonth total $140,000. All of these sales are onaccount. The cost of the units sold is $76,300.January 23 Receive $125,900 from customers on accounts receivable.January 25 Pay $95,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,300.January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cashand $138,000 on account. The cost of the units sold is $82,000.January 31 Pay cash for monthly salaries, $52,500. Journal entry worksheet12347910>Record the company sales for the second half of the month totaling $148,000.Sales include $10,000 for cash and $138,000 on account.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 3000LO

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: Journal entry worksheet 2 3 7 10 > 4 6…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

uppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $389.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.) Statement of Account Billing cycle: July 1–31 DATE DESCRIPTION OF TRANSACTIONS CHARGES July 04 Kit and Capoodle Pets $109.08 July 08 Payment 61.00 July 16 Cash advance 98.82 July 22 Mountain Vineyards 31.37 July 29 Vu Video (credit) 95.97 $
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Month Month's Balance March $680.00 $ Finance Charge (in $) Purchases and Cash Advances $126.97 Payments and Credits $75.00 New Balance End of Month (in $) $
For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the billing cycle bogins on the same date each month and that the interest rate is 16% per month. Previous Balance plus Interest: $1030 April 1 First Day of the Billing Cycle $1030 April 12 Puchase Clothes 569 April 15 Online Purchase $123 April 17 Returns $41 April 27 Purchase Flowers $29 April 28 Payment 5132 Average Daily Balance: Monthly Finance Charge: Account Balance for the start of the Next Billing:
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 12%. Complete the following account activity table for Kathy. Round your answers to the nearest cent. Previous Purchases New Balance Month's Finance and Cash Payments End of Month Balance Charge Advances and Credits Month May $540.00 $177.53 $585.00
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Previous Finance Purchases New Balance End of Month Month's and Cash Advances Payments and Credits Month Charge (in $) Balance (in $) (in $) April $642.17 $14.45 $39.45 $85.00 $611.07 May $ $ $289.33 $145.00 $
Provide the answer is correct option
Current Attempt in Progress Crane Company has the following accounts in its general ledger at July 31: Accounts Receivable $32,800 and Allowance for Doubtful Accounts $2,050. During October, the following transactions occurred. Oct. 15 Sold $13,100 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $800 on VISA credit cards. The credit card service charge is 3%. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
K Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts receivable balance of $300,000. The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the validity of your conclusion in part a? Explain. a. The average collection period is days. (Round to two decimal places.)
You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.
Entries for discounted note payable Instructions Chart of Accounts Instructions Journal A business issued a 45-day note for $84,000 to a creditor on account. The note was discounted at 9% Required: Journalize the entries to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Assume a 360-day year. Round your answers to nearest whole dollar.
Baghiben
Determination of credit sales Mervyn’s Fine Fashions has an average collection period of 30 days. The accounts receivable balance is $78,000. What is the value of its credit sales?

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Journal entry worksheet 2 3 7 10 > 4 6 8 Record the company sales for the second half of the month totaling $148,000. Sales include $10,000 for cash and $138,000 on account. Note: Enter debits before credits. Date General Journal Debit Credit January 30