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% 2 interest paying note. Paid cash for three months advertising in advance, $3,000
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![1) journal entries
Transferred cash from a personal bank account in exchange for stock,
$50,000
Purchased $8,000 of merchandise inventory by issuing a 90 day, 10%
2
interest paying note.
3
Paid cash for three months advertising in advance, $3,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94bea010-7c8e-4cc7-ad72-99546d8dcbe3%2Fbdf60548-36fd-4b6b-b843-0a23b900e6b6%2F4zuwx0c_processed.jpeg&w=3840&q=75)
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- Entries 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 -Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows: 10/3 10/4 Cash sales $36,690 $40,310 Collections on account 10,875 9,813 Total receipts $47,565 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required 4. CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?June 30 Cash sales, 3110. June 30 Bought stationery paying by cash, $60. 17.5X You are to write up a three-column cash book for M. Pinero from the details that follow, Then balance off at the end of the month and post to the discount accounts in the general ledger. 2006 Balances brought forward: cash in hand, $58 bank overdraft, $1,470 May 1 May 2 M. Pinero paid further capital into the bank, $1,000. May 3 Bought office fixtures by cheque, $780. May 4 Cash sales, $220. May 5 Banked cash, $200. May 6 We paid the following by cheque, in each case deducting 22% cash discount: B. Barnes, $80; T. Horton, $240; T. Jacklin, $400. Cash sales, $500. Paid motor expenses in cash, $77. May 8 May 12 May 15 Cash withdrawn from the bank, $400. May 16 Cash drawings, $120. May 18 The following firms paid us their accounts by cheque, in each case deducting a 5% discount: L. Graham, $80; B. Crenshaw, $140; H. Green, $220. May 20 Staff paid in cash, $210. May 22 T. Weiskopf paid us his account in cash,…
- The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: QI $ 210 Sales 02 $ 270 Beginning receivables Sales Cash collections Ending receivables Q3 $ 330 a. Accounts receivable at the beginning of the year are $480. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Beginning receivables Sales Cash collections Ending receivables Q1 210 Q1 04 $480 210 Q2 Q2 270 b. Accounts receivable at the beginning of the year are $480. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. 270 Q3 Q3 330 330 Drair Q4 Q4 480 480 21.10 HThe December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill - 60 days 6,000,000 BPI time deposit - 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 and postal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000 and an employee check for P6,000 dated January 31,2021. A check for P400,000 was drawn against Security Bank account, dated January 15,2021, delivered to the payee and recorded December 31,2020. The BPI time deposit is set aside for acquisition of land to be used as a factory site. 4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?PROBLEM 2 Harris Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to B. Woods on a 1-year, 7% note. Dec. 11 Sold goods to R.P. Mayrl, Inc. receiving a $4,500, 90-day, 4% note. 16 Received a $12,000, 6-month, 9% note to settle an open account from M. Kline. 31 Accrued interest revenue on all notes receivable. Instructions: Journalize the transactions for Harris Supply Co. (Omit cost of goods sold entries.)
- 000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…
- Sheridan Company has the following items at year-end: Cash in bank $34700 Petty cash $290 Short-term paper with maturity of 2 months $5400 Postdated checks $1270 Sheridan should report cash and cash equivalents of: $40390. $34990. $41660. $34700.Notes Receivable Entries J. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $800, 30-day, 4% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,200. Sept. 5 L. Beene paid $100 and gave a $1,100, 30-day, 4% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 4% note. Nov. 9 R. Harris paid $140 plus interest on note issued October 10 and extended the note ($560) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $120 on merchandise purchased on account, and gave a $1,380, 30-day, 6% note to extend time for payment. 20-2 Jan. 14 B. Kraus's note of December 15 is dishonored. Feb. 13 Collected B. Kraus's dishonored note, plus…Write up two-column cash book from the following details, and balance off as at the end of the month 2022 JUNE 01 Balance Brought forward from last month: Cash $105, Bank $2164 2 Cash sales $605 3 took $ 500 out of the cash till and paid it into the bank 4 J Matthews paid us by cheque $ 217 5 We paid for postage stamps in cash $ 60 6 Bought office equipemtn by cheque $ 72 7 We paid J Lucas by cheque $ 50 9 Received rates refunds by cheques $ 72 11 Withdrew $ 250 from the bank for business use 12 Paid wages in cash $239 14 Paid motor expenses by cheques $ 57 16 L Levy lent us $200 in cash 20 R Norman paid us by cheque $ 112 28 We paid general expenses in cash $ 22 30 Paid insurance by cheque $74.
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