E sure to put lhe tudiisaclIOI nUmwer m pdieintiiesIS TIEXT lU Liie diiount m LiIme i accoulitMichael Powers operates GolfGuys, a golf training facility. Analyze and record the follaJuly 1st: Michael Powers invested $8,500 cash into her businessWhich accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?July 7th: Purchased new golf clubs on account for $550 from Golf Unlimited.Which accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?July 14th: Billed, but did not collect, $75 for an hour lesson provided to Mark Jones.Which accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?

Accounting equation of the business says that all assets of the business should be equal to total…

Answered: Michael Powers operates GolfGuys, a…

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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For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
Please show all the work.
On August 1, 20x1, your company provided lawn service to Duke's Basketball Camp for $35.99. Mr. Duke paid you with a check immediately upon the completion of the service. When you looked at the Accounts Receivable Aging report at the end of the month, you noticed that Duke's Basketball Camp still had an open balance. Per review of the activity in Duke's account, what was wrong with the transaction on August 1? Teacher Feedback: The issue - did the accountant use the proper form? Review the differences between a sales receipt and a sales invoice.
Archie makes plumbing fittings. He is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a flood. He has a separate list of the moneys owing by customers at 31 December 2021, which amounted to £41,000 in total. Generally, Archie allows his customers 30 days credit. Archie estimated his sales for the year ended 31 December 2021 at:a) £14,235,000b) £1,170,000c) £488,500d) None of the above
Want the Answer please without any fail
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
On August 1, 20x1, your company provided lawn service to Duke's Basketball Camp for $35.99. Mr. Duke paid you with a check immediately upon the completion of the service. When you looked at the Accounts Receivable Aging report at the end of the month, you noticed that Duke's Basketball Camp still had an open balance. Per review of the activity in Duke's account, what was wrong with the transaction on August 1?
Hanna works as a teller a bank. One of Hanna's clients, an out of province student, started to consistently deposit large amounts of cash in the form of $5, $10, and $20 Bills. Hanna asked her client the source of these funds. The client said, it is from her parents. Should Hanna report this transaction? If you select A, What are the penalties for not reporting this transaction?
K Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $156.45. This month, she deposited $548.61 in her account and withdrew a total of $230.67. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $133 55 The three remaining checks total $100.44. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? CETTS The balance show this month on Mary's bank statement is 5 (Round to the nearest cent)
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