Remington Communications has been providing cellular phone service for several years. During November and December 2009, the following transactions occurred:
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- DCM Clocks received the following two invoices from its supplier: $26,500 on November 24, 2014 and $22,500 on December 9, 2014. If the payment terms on both the invoices were 3/15, 1.5/30, n/60, calculate the amount that must be paid by DCM Clocks to settle both of these invoices on December 24, 2014. Round to the nearest cent -> SAVE PROGRESS SUBMITASSIGN acerMar. 9) The company completed a $10,400 project for a client, who must pay within 30 days. Note: Enter debits before credits. Date Account Title Debit Credit Mar 09On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two-year operating lease agreement from Computer World Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $12,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $95, 000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Prepare appropriate journal entries recorded by Nath - Langstrom Services for the first year of the lease. Prepare appropriate journal entries recorded by Computer World Leasing for the first year of the lease.
- On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two- year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. . The contract calls for four rent payments of $18,500 each, payable semiannually on June 30 and December 31 each year. • The computers were acquired by ComputerWorld at a cost of $107,000 and were expected to have a useful life of five years with no residual value. . Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.On January 15, 2023, Caramel Company enters into a contract to build custom equipment for Candy Company. The contract specified a delivery date of of March 1. The equipment was not delivered until March 31. the contract required full payment of $75,000 30 days after delivery. the revenue for this contract should beTriple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
- Gravity Services Ltd (GS) is a company set up in Hong Kong providing the region with cloud computingservices like servers, storage, networking and software, to help customers to meet their business challenges. During the year ended 30 September 2020, it enters into two contracts.(i) Data Tab Ltd (DT) enters into a contract with GS for the use of an identified server for three years.GS delivers and installs the server at DT’s premises in accordance with DT’s instructions, and provides repair and maintenance services for the server, as needed, throughout the period of use. GSsubstitutes the server only in the case of malfunction. DT can decide which data to be stored and howto integrate the server to its operation. DT can change its decisions on how to operate the serversthroughout the period of use (a) advise GS whether the contract (i) falls within HKFRS 16 as a lease.Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750
- 3....new. //// Metlock Inc. was incorporated in 2019 to operate as a computer software service firm, with an accounting fiscal year ending August 31. Metlock’s primary product is a sophisticated online inventory-control system; its customers pay a fixed fee plus a usage charge for using the system.Metlock has leased a large, Alpha-3 computer system from the manufacturer. The lease calls for a monthly rental of $44,000 for the 144 months (12 years) of the lease term. The estimated useful life of the computer is 15 years.All rentals are payable on the first day of the month beginning with August 1, 2020, the date the computer was installed and the lease agreement was signed. The lease is non-cancelable for its 12-year term, and it is secured only by the manufacturer’s chattel lien on the Alpha-3 system.This lease is to be accounted for as a finance lease by Metlock, and it will be amortized by the straight-line method. Borrowed funds for this type of transaction would cost…Wiam water supply services orders a water pump and expects the delivery in 30 days. The order was placed in 1st January, 2019 with an estimated cost of RO 8000. The water pump was delivered on time by the supplier on 30th January, 2019 with a voucher of RO 8,100. The voucher was approved on 6th February 2019 and the payment was settled on 7th February, 2019. Based on the above case, answer the following six questions (Questions 45-50) Question 45 Question text In the above case the disbursement is recorded on: a. 1st July, 2019 b. 30th January, 2019 c. 7th February, 2019 d. 6th February, 2019 Question 46 Question text Suppose the order made on 1st January is cancelled later on 10th January, which among the following will be the correct accounting treatment? a. A fresh encumbrance is made again on 10th January b. There will be no effect on the encumbrance control account c. The encumbrance made earlier is reversed. d. The available fund balance…You have a Visa credit card account lemi with a 24.99% annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month. Your credit card balance on June 1 was $252. On June 8th you made a $109 purchase. You made another purchase, a $75 gift card, on June 18th. You made a $100 payment on June 28th. Show your work for all parts of the problem. (a) What is the average daily balance for July? (b) What is your finance charge on the account as of July 1st? (c) What is your new credit card balance?