6Metlock, Inc. had the following transactions during the current period.Mar. 2June 121July 11Nov. 28Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)Account Titles and ExplanationDateMar 2 #Issued 4,200 shares of $5 par value common stock to attorneys in payment of a bill for $25,400 for servicesperformed in helping the company to incorporateIssued 59,200 shares of $5 par value common stock for cash of $373,700.Issued 2,125 shares of $100 par value preferred stock for cash at $130 per share.Purchased 1,930 shares of treasury stock for $79,000June 12:DebitCreditSUPPORT

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: Mar 2 June 12 July 11 Nov. 28 Issued…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 7SEA: COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Comos Music Store uses the direct write-off...

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On April 1, Carla Vista Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Issued common stock for $21,600 cash. Obtained a bank loan for $6,300 by issuing a note payable. Paid $9,900 cash to buy equipment. Paid $1,100 cash for April office rent. Paid $1,300 for supplies. Purchased $540 of advertising in the Daily Herald, on account. Performed services for $16,200: cash of $1,800 was received from customers, and the balance of $14,400 was billed to customers on account. Paid $360 cash dividend to stockholders. Paid the utility bill for the month, $1,800. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $5,760. Received $10,800 cash from customers billed in transaction (7). Paid income tax, $1,350. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and…
ACCT 102 - Please Do Both Subparts.
A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase
A ezto.mheducation.com estion-1-73A - Connect Data Sales.xlsx: fa21cob204 Computer Information Systems Saved Не Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com The following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 104 Ending Balance $ 3,805 208 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable, Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense 104 X MacBook Pro @ 2# % & 3 4 6 8…
Fill in the missing amounts in the accounts receivable subsidiary ledgers for Willis Spas and Pools. If required, round your intermediate and final answers to the nearest cent. ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 3 J60 3,816.00 3,816.00 Aug. 18 J60 4,589.80 fill in the blank 1 J60 105.00 fill in the blank 2
Nash's Trading Post, LLC uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jour entries in the order presented in the problem.) Do not give answer in image
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ Ending balance in Allowance for Doubtful Accounts $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer
A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…
Prepare the journal entry to record the receipt of the interest on July 1. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation July 1 Interest Receivable Interest Income Debit 6270 Credit 6270
Current Attempt in Progress Cheyenne Corp.purchased a put option on Sunland common shares on July 7, 2021, for $110. The put option is for 190 shares, and the strike price is $28. The option expires on January 31, 2022. The following data are available with respect to the put option: Date Market Price of Sunland Shares Time Value of Put Option September 30, 2021 $30 per share $54 December 31, 2021 $29 per share 20 January 31, 2022 $31 per share Prepare the journal entries for Cheyenne Corp. for the following dates: (a) July 7, 2021-Investment in put option on Sunland shares. (b) September 30, 2021-Cheyenne Corp. prepares financial statements. (c) December 31, 2021-Cheyenne Corp. prepares financial statements. (d) January 31, 2022-Put option expires. Mu (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order…
Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
When Sunland Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $19,426 as at October 31. Sunland's general ledger showed a cash balance of $20,400 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. 2. 3. 4. 5. 6. Bank service and credit card charges for the month were $7. A cheque, in the amount of $570, from one of Sunland's customers that had been deposited during the last week of October was returned with the bank statement as "NSF." Cheque #3421, which was a payment for utilities expenses, had been correctly written for $870 but had been incorrectly recorded in the general ledger as $780. Sunland had written and mailed out cheques with a value of $2,570 that had not yet cleared the bank account. During the month, the bank collected a $2,700 note receivable plus the outstanding interest of $243 on behalf of Sunland. The interest had already been accrued.…

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