Answered: On December 10, Yummy Catering…

On December 10, Yummy Catering purchased a new oven costing $10,000. They issued a check for $2.000 and promised to pay th palance in 30 days. The journal entry to record this-transaction is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Winona's furniture received an invoice dated September 27 for five bedrooms sets at $3,000 each. The…

A: The question is based on the concept of Financial Accounting.

Q: Dangar

A: Step 1: Calculate the Cost of the MachineThe cost of the machine includes the invoice price, freight…

Q: New Sunrise Bookstore sold 600 books on credit at $20.00 each with a sales term of 2/10 n/30. The…

Q: Hitzu Company sold a copler (that costs $7,500) for $15,000 cash with a two-year parts warranty to a…

A: Warranty expense is the cost associated with a defective product repair, replacement, or refund. In…

Q: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank…

A: Interest: Interest is an amount that is paid by the borrower on the use of that borrowed money. In…

Q: The store sold 28 gift cards for $100 per card. at year-end, 23 of the gift cards are redeemed.…

A: Unearned revenue: It is the amount that a company receives in advance from clients. It is a…

Q: what was my supply exspense for the month if i wrote a check for $14,000, then I return $1500.00 in…

A: Income statement :— It is one of the financial statements that shows profitability, total revenue…

Q: (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is…

A: To solve this problem, we'll follow these steps:(a) Calculate the last day for taking the cash…

Q: Required information [The following information applies to the questions displayed below.] Hitzu…

A: Three important elements of accounting equation are Assets, Liabilities & Equity.The accounting…

Q: On June 15, Mike Wholesale Jewelry received an order for 500 pieces of Jewelry. The order was paid…

Q: On March 1, Bates Board Shop sells 267 surfboards to a local lifeguard station at a sales price of…

A: "Terms of credit" refers to the specific conditions and terms under which credit is extended to a…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Sold services for $424.00 to J. Lepowsky, who agreed to pay for them within ten days. Sales Invoice…

A: The transactions are firstly recorded in the books of Original entries known as Journal. Both debit…

Q: On March 1, Bates Board Shop sells 287 surfboards to a local lifeguard station at a sales price of…

A: Discount period is that when a customer paid within the prescribed period they will get a cash…

Q: 1. Indicate the effects of each transaction on the accounting equation.

A: How balance sheet or accounting equation works.As per accounting equation, total assets are always…

Q: Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes.…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Payable Refundabl Loan enson, Ca enson, Dn

A: In this problem the Trial Balance is given with adjustments. So from the…

Q: Webworks purchases supplies worth $120 on account. At the beginning of September, Webworks had 19…

A: As per Bartleby guidelines, in the case of multipart questions, we are only allowed to answer the…

Q: Below are four scenarios for a local Midas Muffler shop for the month of December.Scenario 1: On…

A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an…

Q: Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is…

A: Financial transactions are initially recorded in the form of journal entries by the company. Under…

Q: Spring Appliances received an invoice dated May 15 with terms 3/10 E.O.M. for the items listed…

A: The terms for the cash discount is that the 3% will be provided if the payment is made within 10days…

Q: Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note.…

A: Journal entries are recorded in chronological order where transactions of business has been recorded…

Q: Meman

A: All expenditures directly related to purchasing and putting the equipment into use must be added up…

Q: Provide the Correct answer of this question on text Format.

A: Step 1: We may apply the basic interest formula to calculate the total amount owed on the note,…

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…

A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…

Q: Please help me do a general journal for this scenario: Master Flow, LLC sold 100 Units of Plumbing…

A: Given case is: Number of units = 100 Price per unit = $200 per unit Allowance for uncollectible…

Q: On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to…

A: The unearned revenue is created when an advance is received before delivering goods or rendering…

Question

On December 10, Yummy Catering purchased a new oven costing $10,000. They issued a check for $2.000 and promised to pay the
balance in 30 days. The journal entry to record this-transaction is:

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Use the five transactions below for Hennigan Rentals to answer the questions that follow. Dec. 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days. 8 Hennigan accepts advance deposits for tool rentals of $75. 15 Hennigan receives a bill from Farmer's Electric Company for $150. Payment is due in 30 days. 20 Customers are charged $750 by Hennigan for tool rentals. Payment is due from the customers in 30 days. 31 Hennigan receives $500 in payments from the customers that were billed for rentals on December 20. Refer to the transactions for Hennigan Rentals.Based on the above transactions, how much is still owed to Hennigan on December 31 from its customers? a.$500 b.$750 c.$250 d.$0. Please answer properly
Dengar
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $670,000. The terms of the loan are 3.8% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 May 20
ded Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $86,000 worth of books. On 15 August, $8,600 were returned, and on 3 October, an additional $17,200 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a…
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is
Arevalo Machinery Company sold a custom production mill for $480,000, receiving a $60,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a: Group of answer choices Debit to note receivable. Credit to note receivable. Credit to cash. Debit to cash discount.