On Sept. 1, the entity signed acontract, effective immediately, withLei Hospital to dry clean, for a fixedmonthly charge of P4,000, theuniforms used by doctors in surgery.The hospital paid for four months'service in advance. (LiabilityMethod) Credit:The baane tr Are Cenfed Ceaners aceas as fowgAr Cerifed CleanersTrial BalanceSept. 30, 2015DebitCredtCaAccounts ReceabePrepad insurance24 4034 000Cearng SupplesLandBdingAccumulated DepreciatonBudngAccounts PayeUneamed Ceaing RevenesMortgage Payae73740100 0001 000NS.000204 0001600000 000Are CaptaArel d545 600100 000san OSalaries EpereClearing Eoement Rental EpenseDelvery Truck Epense10133006000043.740eret tperse70340PA1740Oher EperseTotalO Delivery Truck ExpenseO Interest ExpenseO Cleaning Equipment Rental ExpenseO Interest PayableO Mortgage PayableO Salaries ExpenseO Insurance ExpenseAccumulated Depreciation - BuildingO Accounts PayableO Cleaning Supplies ExpenseO Ariel, CapitalO Accounts ReceivableO LandO CashO Cleaning SuppliesO BuildingO Ariel, WithdrawalsO Depreciation Expense-BuildingO Salaries PayableO Unearned Cleaning RevenuesO Prepaid InsuranceOCleaning RevenuesO O O O O O O O On Sept. 1, the entity signed acontract, effective immediately, withLei Hospital to dry clean, for a fixedmonthly charge of P4,000, theuniforms used by doctors in surgery.The hospital paid for four months'service in advance. (LiabilityMethod) Debit:The ta beance for Are Cetfed Ceerers pearsfolowsArel Certifed CleanersTrial BalanceSept. 3,20DebCredCashAccounts Receate2440Prepad insuranceCeanng SuctesLand34.00073740100 0001.50 000ingAccumulated Deprecation-BudingAccounts PayatieINSS 00204.000Uneamed Ceaning Revenes16000Mortgage PayateAe Capital1 100 000Arel Whdas100 000Cleanng RevenuesSaanes EpeCleaning tovpment Rent tpenseDelvery Truck Expenseinteret Eper000043740110.00070340PA10 P3,17,140Oter EpenseO Cleaning RevenuesO Accounts PayableO Cleaning SuppliesO Prepaid InsuranceO Mortgage PayableCleaning Equipment Rental ExpenseO Ariel, WithdrawalsO Accumulated Depreciation - BuildingO LandO Salaries ExpenseO CashInterest PayableO Cleaning Supplies ExpenseO Insurance ExpenseO Interest ExpenseO Accounts ReceivableO Depreciation Expense-BuildingBuildingO Delivery Truck ExpenseO Salaries PayableO Ariel, CapitalUneared Cleapina DeuenueO O O O O O O O O OO O O CO O O O O O O

On Sept. 1, the entity signed a contract, effective immediately, with Lei Hospital to dry clean, for a fixed monthly charge of P4,000, the uniforms used by doctors in surgery. The hospital paid for four months' service in advance. (Liability Method) Credit: Cete C n as tolo A Cered Ce De C Ca Acc ce Peped Cny ppen 340 Ceang 2040 000 M Cat 100 000

On Sept. 1, the entity signed a contract, effective immediately, with Lei Hospital to dry clean, for a fixed monthly charge of P4,000, the uniforms used by doctors in surgery. The hospital paid for four months' service in advance. (Liability Method) Credit: Cete C n as tolo A Cered Ce De C Ca Acc ce Peped Cny ppen 340 Ceang 2040 000 M Cat 100 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

M Corp. receives advance payments with special orders for containers constructed to customer specifications. Related information for 2022 is as follows ($ in millions): Customer advances balance, Dec. 31, 2021 $ 100 Advances received with 2022 orders 204 Advances applicable to orders shipped in 2022 189 Advances from orders canceled in 2022 53 What amount should M Corp. report as a current liability for advances from customers in its December 31, 2022, balance sheet? Multiple Choice $62 million. $0. $304 million. $115 million.
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $20,000 and accepted a 6%, 7-month note. 6% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $15,040, and accepted a noninterest-bearing note for which $16,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $14,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $4,800. Evergreen reduced the customer’s receivable balance by $6,600, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $66,000 to a factor without recourse. The…
On January 5, The business purchases inventory of 22.000 TL including 10% VAT. The business endorses a check for 12.000 TL and signs a 9-month note with an annual interest rate of 4% for 10.000 TL. Which of the following journal entries would be made on January 5? a.20.000 TL debit to 153-Inventory; 2.000 TL debit to 191-D. VAT and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P b.19.800 TL debit to 153-Inventory; 2.200 TL debit to 191-D. VAT and 12.000 TL credit to 103-OC&PO; 10.000 TL credit to 321-N/P c.19.800 TL debit to 153-Inventory; 2.200 TL debit to 191-D. VAT and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P d.22.000 TL debit to 153-Inventory and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P
Prepare journal entry required on january 15,2021 for Wilkinson SA and Huskie Financing
An insurance company had the following gross receipts (excluding vat, if applicable) during the month: Cash collections from life premiums - P3,600,000; Notes receivable for life premiums - P400,000; Cash collections from non-life premiums - P2,200,000; Notes receivable from non-life premiums - P600,000. How much is output VAT? (answer must all be numbers, no peso sign, no commas, no decimals and no extra spaces in between numbers)
1. What amount of receivable would be shown by Cabana Company relating to the factoring transaction on January 31, 2021? Please include solutions. Thank you.
am. 134.
Show solutions Hope World Company factored Php600,000 of accounts receivable to Hangsang Company on July 1, 2021. Control was surrendered by Hope World. Hangsang accepted the receivables subject to recourse for nonpayment. Hagsang assessed a fee of 2% and retains a holdback equal to 5% of the accounts receivable. the fair value of the recourse obligation is Php12,000. 17. Hope World will receive and record cash of a.Php546,000 b. Php558,000 c. Php570,000 d. Php576,000 What amount of loss on factoring should Hope World company recognize? a. None b. 12,000 c. 24,000 d. 42,000
Bondi Bank agrees to lend Tawonga Construction Company Ltd $200 000 on 1 January. Tawonga Construction Company Ltd signs a $200 000, 4%, 9-month note. The entry made by Tawonga Construction Company Ltd on 1 January to record the proceeds and issue of the note is: O Dr Interest Expense 6 000 Dr Cash 194 000 Cr Notes Payable 200 000 O Dr Cash 200 000 Cr Notes Payable 200 000 O Dr Cash 200 000 Dr Interest Expense 6 000 Cr Notes Payable 206 000 O Dr Cash 200 000 Dr Interest Expense 6 000 Cr Notes Payable 200 000 Cr Interest Payable 6 000
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,200, and accepted a noninterest-bearing note for which $8,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $50,000 to a factor without recourse. The factor…
On 26 February 2021, Africa Traders paid its telephone expenses to the amount of R3 500 (VAT inclusive) with an electronic funds transfer. Africa Traders is a registered VAT vendor. The VAT rate is 15%. What is the VAT amount that will be recorded in the applicable journal of Africa Traders? O a. R446,25 O b. R456,52 O c. RO,00 O d. R525,00