Transferred cash from a personal bank account in exchange for stock, 1 $50,000 Purchased $8,000 of merchandise inventory by issuing a 90 day, 10% interest paying note.
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- Bank reconciliation: Current book balance: $19,250 Balance per bank statement: $15,000 Outstanding checks: $2,000 Bank fees: $250 Deposits in transit: $6,000 What is the reconciled cash amount?vable Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest.Long Branch Company's Cash account shows an ending balance of $650. The bank statement shows a $12 service charge and an NSF check for $200. A $270 deposit is in transit, and outstanding checks total $450. What is Long Branch's adjusted cash balance? A. $438 B. $470 OC. $258 D. $862 OOO
- 1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable> Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Amount of the loan payableEntries for discounted note payable A business issued a 60-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit - Select - - Select - - Select - - Select -
- Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040Which account are cash receipts are recorded into as a debit entry by default? A Undeposited Funds B Bank Chequing C Funds for Deposit D Cash in Bank Which form should be used to record credit card purchases? A Enter Purchase Orders B Enter Bills C Enter Credit Card Charges D Credit Card Purchases What is the default aging interval for customer accounts? A 60 days B 180 days C 90 days D 30 daysBank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
- how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300