Record the entries for each of the following showing accounts to be Debited or Credited1 You have decided to open your own business5-Jul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank6-Jul3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense10-Jul4 You buy the following for your business paying by Heritage Bank checkinventory of goods $ 15,000.00$ 8,000.0012-Julmotor vehicle600.00cash registerceiling fans 4Refridgerator900.00$ 1,800.00$ 26,300.005 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense14-Jul6 Sales for the fiist month - Cash sales $ $ 11,200 and cost of goods sold from inventory is $ 8,00031-lul

The journal entries are prepared to keep the record of day to day transactions of the business.

Record the entries for each of the following showinh 1 You have decided to open your own business lul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense -Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 -Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $11,200 and cost of goods sold from inventory is $ 8,000 31-Jul

Record the entries for each of the following showinh 1 You have decided to open your own business lul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense -Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 -Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $11,200 and cost of goods sold from inventory is $ 8,000 31-Jul

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

Let's assume you finance your house through Wells-Fargo Bank. Below, please find the Truth-in-Lending Disclosure (TILD). Calculate how much you pay to Wells-Fargo monthly (i.e. Total Monthly Payment). Amount Financed $332,153 Annual Percentage Rate 5.0% Term 30 Years Taxes and Insurance per month (Escrow account set up by Wells-Fargo.) $442 Group of answer choices $2,398.72 $2,383.83 $2,225.07 $1,783.07
Santana Rey has consulted with her local banker and is considering financing an expansion of her business by obtaining a long-term bank loan. Selected account balances at March 31, 2022, for Business Solutions follow. Total assets $121,568 Total liabilities $862 Total equity $120,706 Required:1. The bank has offered a long-term secured note to Business Solutions. The bank’s loan procedures require that a client’s debt-to-equity ratio not exceed 0.77. As of March 31, 2022, what is the maximum amount that Business Solutions could borrow from this bank? (Round your intermediate calculations to the nearest dollar amount.)2. Assume Business Solutions borrows the maximum amount allowed from the bank. (Round your intermediate dollar values to the nearest whole number and final answers to 1 decimal place.)(a) What percentage of assets would be financed by debt?(b) What percentage of assets would be financed by equity?
A man took out a $43,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back? The man pays back $ Help Me Solve This Calculator Get More Help - Clear All Check Answer Convright 2021 Peareon Education Inc All riahte recerved Terms of Use Privary Poli Permicsions Contact Ile Type here to search 10:0 60°F 9/10 DOLL DII home end Insert delete %23 %24 & 7. 4. 8 R T Y 15 D H J. K L B
#1 Shae likes to work on cars and signs a simple interest note with a maturity value of $ 62000 at 7.7% for 275 days to open an auto repair shop. Find the principal and the interest. (Assume a 360-day year.) ANSWER #2 A company borrows $4000 at 15.6% for 60 days. Find the amount of interest due and the maturity value after 60 days. ANSWER #3 In order to start a small business, a student takes out a simple interest loan for $7000.00 for 6 months at a rate of 12.25 %. Find the future value of the loan. The future value is $ ? ANSWER
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle $ 1,173 $ 70 cr. 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers $ 157 $ 400 cr. $ 330 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $ 70
Selecting a Bank. Julie wants to open a bank account with $43. Julie estimates that she will write 23 checks per month and use her ATM card at the home bank. She will maintain a monthly balance of $500. Which bank should Julie choose? Hillsboro Bank First National South Trust Bank Sun Coast Bank ATM charges: Home bank Free Free Free Free Other bank 5 free, then $1.15 per use $1.40 per use $1.40 per use $1.40 per use Checking: Minimum deposit $100 $28 $1 $1 Minimum balance required to avoid fees* N/A N/A $500 N/A Monthly fees $8.66 $10.11 $15.88 $3.61 Check-writing charges 15 free, then $0.85 per check 10 free, then $0.85 per check Unlimited Each check $0.43 * N/A means monthly fees apply irrespective of account balances. Based on the information given in the chart, which bank should Julie…
Business /Finance / Q&A Library / elena's son enter college 16 year from now. At the time she would like to have $20,0 elena's son enter college 16 year from now. At the time sh Question elena's son enter college 16 year from now. At the time she would like to have $20,000 available for college expenses. For that pur,her bank will set up an account that pay 7% compounded. If she makes payment into the account at the end of each quarter, what must Elena's payments to be achieve her goal Expert Answer Step 1
Excel Skills 7. Solve the follow sections: a. Complete the following spreadsheet, showing how much will be in your bank account if you deposit an initial deposit (cell B2) today and it draws annual interest given in cell B1. Interest 2 Initial deposit 3 4 5 6 7 A 8 9 10 Year " 0 1 23 4 5 B b. Graph the results of the bank account. 8% $155 In bank account.
Someone needs to borrow $13,000 to buy a car and the person has determined that monthly payments of $250 are affordable. The bank offers a 4-year loan at 8% APR, a 5-year loan at 8.5%, or a 6-year loan at 9% APR. Which loan best meets the person's needs? Explain. Question content area bottom Part 1 Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The third loan best meets the person's needs because the monthly payment of $ enter your response here is less than the maximum budgeted amount of $ per month. B. The first loan best meets the person's needs because the monthly payment of $ enter your response
Lesson 14: Business and Consumer Loans A. Answer the following problem; use the answer sheet to show your solution. 1. Mark, an Engineering student needed a computer for his Auto Cad lessons. He purchased a laptop which costs P39,000.00. His credit card charges 1.75% compound interest per month to be paid in 18 months. How much is his monthly payment? How much total interest will he pay?
Scenario D: Six months later your credit card is carrying a balance of $500. You decide that you want a new TV from Target for $350 and also charge that to your credit card. Since you continuously carried a balance, your credit card company upped your APR from 19.5% to 21%. Assume you do not charge anything extra to your card. 16. What is your starting balance? 17. What is the minimunm payment you must make?
X the column involved in the journal entry. Debit Cash Account 1 business You put $10,000 cash in your 2 next month. You sell a $5000 painting to Joey. The money's due You buy $300 supplies on account 3 from the paint store You pay $100 cash bonus to your helper so they can buy 4 turkey dinner. 8 5 delivered. 9 You owe Staples for $75 of copy paper you had 6 Joey paid his bill You pay off what you owe at the 7 paint store Amy puts $300 on your desk for a painting you'll do over New Years You pay Staples You buy a scanner 10 for $4000 cash Debit Accts Receivable Debit Accts Payable Credit Cash Credit Credit Accts Accts Receivable Payable h