merlan is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a fire. Tamerlan has a separate of list of the moneys owing by customers at 31 December 2021, which amounted to £39,000 in total. Generally, Tamerlan allows his customers 30 days credit. Tamerlan estimated his sales for the year ended 31 December 2021 at: a)  £14,235,000 b)  £1,170,000 c)  £474,500

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Q: Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former ow…

A:

Q: Ron Prentice bought goods from Shelly Katz. On April 16, Shelly gave Ron a time extension on his…

A: Given,Principal  (P) = $3,025Rate of interest (R) = 9%Time (T) = 160 / 360 = 0.4305I = P* R *…

Q: Give the required journal entries for the two events in December. Show how the amounts related to…

A:

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A: Calculate the accounts receivable balance at June 30, 2022:

Q: Shiing Shen​ Chern's credit card company determines his minimum monthly payment by adding all new…

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Q: Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit.…

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A: Previous balance = $178.85payments and credits = $74.00new purchases = $98.74periodic rate = 1.5%

Q: On May 12, Scott Rinse accepted an $6,000, 14%, 90-day note for a time extension of a bill for goods…

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Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill…

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Q: 16. On December 31,2021, the Denjay  Gift Shop had outstanding accounts receivable balance  of…

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Q: What would Jerrod's finance charges be for the month?

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A: Credit Card Sales are the sales when the customer pays through credit cards and the money transfer…

Q: Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with…

A: Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April2021 with…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

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A: Notes are financial instruments in which interest is paid on maturity along with principal amount.

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Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is