Received $12,000 from Katie Long, owner.(a)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.()Received $9,000 in cash for fees earned(g)Paid $300 to creditors on account(h) Paid wages of $1,650() Received $1,190 from customers on account.) Recorded owner's withdrawal of $2,350 Katie's CompanyUnadjusted Trial BalanceApril 30, 2017CreditDebitAccountBalancesBalances

A trial balance is prepared at the end of the accounting year. It is prepared to check the accuracy…

Answered: Received $12,000 from Katie Long,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn? 6. Jasper Brown deposited $743 20 in a savi pany on MayWAt the end O 7 % How much simple interest did dasper s money earn? the Suburban Trust Com- annual rate of
Diana Rene’s deposited an inheritance of 13,050 in a bank account and earned 435 in Simple bankers interest at a rate of 10.5% find the length of time the money was on deposit
post to general ledger
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
An international children’s charity collects donations, which are used to buy clothing and toysfor children in need. The charity records donations of cash and other items as Donations Revenuewhen received. Prepare journal entries for the following transactions, which occurred during arecent month, and determine the charity’s preliminary net income.a. Received $4,000 in cash and checks from a door-to-door campaign.b. Paid $2,000 cash for employee wages this month.c. Paid $1,000 cash on a short-term loan from the bank (ignore interest).d. Bought $3,000 worth of new toy supplies from a large toy manufacturer, paying $1,000 cashand signing a short-term note for $2,000.e. The manufacturer generously donated an additional $2,500 of toy supplie
R. Phometsi Ltd. Provides you with the following information.2019The imprest amount at the beginning of each is P600. However, on June 1, the pettycashier had P140 cash in hand. The main cashier re-imbursed the petty cashier to have acash float of P600.The following expenses were incurred as petty cash expenses for the month.June DIPLOMA AssignmentJanuary - June BPA612 Principles of Accounting ©BOU 2024 Page 4 of 93. Cleaning expenses P405. Taxi fare P127. Postage stamps P89. Printing expenses P2811. Pen, pencil and eraser P913. Cremora, margarine and peanut butter P42.14. Cleaning expenses P3815. Bus fare. P2417. Postage stamps P1419. Cleaning expenses P32.29. Staples P16.30. Tea, Coffee and sugar P39. Required:a) Prepare a petty cash book with analysis columns for the followings: Cleaningexpenses, General expenses, Postage, Travelling expenses and Stationery.
Record each transaction in a journal entry. Explanations are not required.
The Continental Bank made a loan of $ 24 comma 000.00 on March 10 to Dr. Hirsch to purchase equipment for her office. The loan was secured by a demand loan subject to a variable rate of interest that was 5% on March 10. The rate of interest was raised to 5.25% effective July 1 and to 5.75% effective September 1. Dr. Hirsch made partial payments on the loan as follows: $1000 on May 24; $700 on June 28; and $300 on October 22. Each payment is first applied to any accumulated interest. Any remainder is then used to reduce the outstanding principal. The terms of the note require payment on October 31 of any interest not paid off by partial payments. How much must Dr. Hirsch pay on October 31 ? Question content area bottom Part 1 Dr. Hirsch must pay $ enter your response here on October 31. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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