Great Falls Co.'s bank reconciliation as of February 28 is shown below. Bank balance + Deposit in transit - Outstanding checks Adjusted bank balance $ 39,243 Book balance 3,750 Note collection $ 39,623 905 2,530 Check printing 65 $ 40,463 Adjusted book balance $ 40,463 One of the journal entries that Great Falls Co. must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $3,750; credit Sales $3,750. Debit Miscellaneous Expense $65; credit Accounts Payable $65. Debit Cash $905; credit Notes Receivable $905. Debit Notes Payable $905; credit Cash $905. Multiple Choice Debit Cash $3,750; credit Sales $3,750. Debit Miscellaneous Expense $65; credit Accounts Payable $65. Debit Cash $905; credit Notes Receivable $905. Debit Notes Payable $905; credit Cash $905. Debit Cash $3,750; credit Accounts Receivable $3,750.

(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350

Total Cash (Dr.) = Total Sales Discounts (Dr.) =   Total Sales (Cr.) = Total Accounts Receivable (Cr.) = Total Notes Payable (Cr.)=

Which of the following is the correct journal entry to convert a $6,300 account payable to a note payable?  Cash $6,300  Notes Payable $6,300    Notes Receivable $6,300  Notes Payable $6,300  Notes Payable $6,300  Cash $6,300  Accounts Payable  $6,300  Notes Payable  $6,300

The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.

Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…

Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $

At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800

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Accounts Receivable has a debit balance of $2,500, and the Allowance for UncollectibleAccounts has a credit balance of $500. A $70 account receivable is written off. What is theamount of net receivables (net realizable value) after the write-off?a. $2,430b. $1,930c. $2,000d. $2,070