On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December and January. Which account is credited Supplies O Prepaid Rent Cash O Equipment
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- On January 1, Wet Company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts a. On February 1, the company determined that $7.800 in customer accounts was uncollectible specifically $1,400 for Oakley Company and $6,400 for Brookes Company Prepare the journal entry to write off those two accounts b. On June 5, the company unexpectedly received a $1.400 payment on a customer account. Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received View transaction list Journal entry worksheet < 1 2 3 On February 1, the company determined that $7,800 in customer accounts was uncollectible; specifically, $1,400 for Oakley Company and $0.400 for Brookes Company. Prepare the journal entry to write off these two accounts. Note: Enter debits before credits. Date February 01 General Journal Debit Credil Record entry Clear entry View general journalB.) The activity on Charlie Wilson's Visa account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is November 11 through December 10, the previous balance was $645.33, and the annual interest rate is 20%. November 15 payment $125.00 November 28 office supplies $24.97 December 1 toy store $317.52 average daily balance $ finance charge $On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?
- Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this?Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…
- Provide the answer is correct optionAinsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card)Would you help me