Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).
Q: Cheyenne Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation…
A: Journal entries are prepared in a proper order which is as per the principle of double-entry…
Q: For questions 24-25, use the following information; Posner Co. is a retail store operating in a…
A: Hi! Thank you for the question, As per the honor code, we'll answer the first question since the…
Q: Please answer asap. answer both 1 and 2 . The Appomatix Company sells fertilizer and pesticides to…
A: It will be recorded in the following way.
Q: Carla Vista Garage Co. accepts the following forms of payment: Visa, MasterCard, the Carla Vista…
A: Journal entries recording is the initial step of accounting cycle process, under which atleast one…
Q: A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: On May 1, the balance on your credit card is $573.26. On May 6, you make a pur you make a payment of…
A: In credit cards the average daily balance is important and is weighted average balance for the whole…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: The effects of each transaction which is recorded on the income statement have an impact on the net…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Sure, let's break down the transactions and accounting entries step by step. 1. **February 28:**…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: A Journal entry is a primary entry that records the financial transaction initially. The…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Metro Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is…
A: Since you have posted multiple questions , we will do the first one for you . Please post the other…
Q: XYZ corp borrowed $3,500 from a bank on May 16. The loan was discounted at 10% and was to be repaid…
A: a) Computation:
Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…
A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all the…
Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…
A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…
Q: Calculate the interest charged on June 10. July 10 Calculate the interest charged on July 10. August…
A: The first 3 parts have been answered since this is a multipart question
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Journal entries are used to record all the financial transactions. It helps to know the financial…
Q: On December 1, Cheyenne Furniture Corporation borrowed $8,800 on a 90-day, 15% note. Prepare the…
A: Notes payable are the liabilities noted in the business records when borrowing is made from outside…
Q: Prepare the entry to record Ayayai's cash sales. (If no entry is required, select "No Entry" for the…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Luna Company accepted credit cards in payment for $7,100 of services performed during July Year 1.…
A: A journal entry is a record of a business transaction in double- entry secretary. It's the first…
Q: 1.Because of the loan, you have to provide the bank with your financial statements at the end of the…
A: Financial statement: Statements prepared at the end of the accounting year to report the summary of…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Allowance for Doubtful Accounts - Allowance of doubtful accounts is the account used to make…
Q: Our company operating in the food sector rented the van belonging to the business on 01.12.2021 for…
A: Journal Entry Business transactions are recorded through journal entry in the accounting system for…
Q: Kimber Sales offers warranties on all their electronic goods. Warranty expense is estimated at 3.5%…
A: Journal entries are the entries to be recorded in the general journal of the company's books for all…
Q: August 10 Calculate the interest accrued to July 20. Calculate the new principal on July 20.…
A: Here asked multi sub part question we will solve for first three sub part question for you. If you…
Q: During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: No Plagiarism Please! 21. Complete the following transactions and explain how they would appear in…
A: Since you have posted multiple questions, we will solve the first one for you. if you want any…
Q: Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions…
A: Journal entry is a primary entry that records the financial transactions initially. The transactions…
Q: Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a…
A: Formula : Interest = (Amount of Note x rate) x number of days / 360 days
Q: Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Selkirk Company obtained a $16,000 note receivable from a customer on January 1, 2024. The note,…
A: The objective of the question is to prepare the journal entries required on February 28, 2024, to…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Bad debt expense is a ledger used to record write offs made by the organization due to uncollectible…
Q: Wygant Corporation borrowed $320,000 on October 1 last year. The note carried a 11% interest rate…
A: Note payable: Note payable is also called a promissory note. It is a legal instrument in which one…
Q: TJ made a loan of $16,000 to one of the company's employees on April 1, year 1. The one year note…
A: The answer is option (A.) [i.e, $720] Refer Step 2 for Explanation.
Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: If a company accepts credit cards, they must record the expense on their books. Please prepare the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash.…
A: Factoring means the sale of Accounts receivable to third party for cash.Companies sell their…
Q: Below are transactions for Hurricane Company during 2021. On October 1, 2021, Hurricane lends…
A: Adjusting entries are made at the end of each year to reflect the true position and performance of…
Q: Anne Taylor Company borrowed cash on August 1 of Year 1, by signing a $19,980 (face amount),…
A: Notes Payable : Notes payable are type of agreement which is in written form whereby one party…
Q: The balance of Accounts Receivable at April 10th is:
A: Accounts receivable balance on a particular date is the balance of accounts receivable which is…
Q: A sale of merchandise on account for $12,000 is subject to an 8% sales tax. (a) Should the sales…
A: Sales tax is a tax which is collected from the customer on purchase of goods. This is collected by…
Q: Danali Corporation borrowed $400,000 on October 1. The note carried a 13 percent interest rate with…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of…
A: Introduction:- If the customer made payment within discount period, he is eligible for sales…
Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…
A: Recording of journal entry for interest accrued and note discounted are as follows. When a company…
Q: A credit card company determines a card holder's minimum monthly payment by adding all new interest…
A: The total outstanding balance as of November 10th is $1,376 (van repairs ($654) + equipment…
Q: ergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Date Account's title and explanation Debit ($) Credit ($) Feb. 28 Notes Receivable 20,000…
Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Rosewood Company made a loan of $11,600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively? Multiple Choice $696 in Year 1 and $0 in Year 2 $0 in Year 1 and $696 in Year 2 О $174 in Year 1 and $522 in Year 2(Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit Credit10. Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds include sale tax of 8%, show the journal to record the sale.
- A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,474.38. If the company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill, what is the minimum monthly payment for May? (Round your answer to the nearest cent.) $?On February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2021.Erindale Automotive borrowed $8,800 from the Bank of Montreal on a demand note on May 10. Interest on the loan, calculated on the daily balance, is charged to Erindale's current account (the separate interest method) on the 10th of each month. Erindale made a payment of $2,000 on July 20, a payment of $3,000 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 10 was 8% per annum. The rate was changed to 9.5% on August 1 and to 8.5% on October 1. What was the total interest cost for the loan? June 10 Calculate the interest charged on June 10. July 10 Calculate the interest charged on July 10. August 10 Calculate the interest accrued to July 20. Calculate the new principal on July 20. Calculate the interest accrued to August 1. Calculate the interest accrued to August 10. Calculate the interest charged on August 10. September 10 Calculate the interest charged on September 10.
- A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,462.41. The company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill. (a) What is 4.5% of the credit card bill? (Round your answer to the nearest cent.) (b) What is the minimum monthly payment for May? (Round your answer to the nearest cent.)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 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 $7,520, 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 $5,500 with terms 3/10, 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 $3,700. Evergreen reduced the customer’s receivable balance by $5,500, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $55,000 to a factor without recourse. The…Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CR
- Selkirk Company obtained a $24,000 note receivable from a customer on January 1, 2021. The note, along with interest at 8%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 10%. Required: Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. (do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Tab 1) Record the accrued interest earned. Tab 2) Record the discounting of note receivable. Date General Journal Debit Credit February 28, 2021 ____________________________ ___________ ____________ _____________________________ ____________ ____________…The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to deferred rent revenue. Depreciation on office equipment is $4,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing…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…
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)