6. Which two accounts are affected by each of the following transactions? Account 1Account 2Received cash from issuance of common stock Purshased land by issuing a note payable Paid balance on account for last month's inventory purchases Received cash from customers for this month's sales Sold Merchandise to customers on account

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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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Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. July 29. July 29.
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No.5 Learning Example Whilst preparing a bank reconciliation statement at 31 December. The following items caused a difference between the bank statement balance and the cash book balance. 1.Bank interest charged to the account in error 2.Direct debit for $500 for insurance 3.Bank charges of $70 4.Cheque paid to a supplier on 29 December 5.Receipt from a trade receivable by electronic transfer Required Which of these items will result in an adjustment to the balance per the bank statement? A.2, 3, and 5 B. 1 and 4 C. 1,4, and 5 D1,3, and 5
Problem 3-7 (IAA) PAPAR Bedlam Company provided the following data for the month of December: November 30 December 31 3,160,000 2,900,000 1,080,000 Cash in bank account balance Bank statement balance Bank debits Bank credits Book debits Book credits Outstanding checks Deposit in transit Check erroneously charged by bank against entity's account and corrected in subsequent month Bank service charge Note recorded as cash receipt by entity when placed with bank n0for collection and note is actually collected by bank in subsequent month and credited by bank to entity's account in same month 2,032,000 1,890,000 1,440,000 180,000 80,000 e592,000 498,000 40,000 50,000 2,000 4,000 200,000 300,000 Required: a. Prepare a four-column reconciliation showing adjusted balances. b. Prepare one adjusting entry only on December 31.
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Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
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A bank statement Select one: A. is a bill from the bank for services rendered B. shows a company the financial position of the bank as of a certain date C. shows the activity that increased or decreased the company's account balance D. is a credit reference letter written by the company's bank
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B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.
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	Account 1	Account 2
Received cash from issuance of common stock
Purshased land by issuing a note payable
Paid balance on account for last month's inventory purchases
Received cash from customers for this month's sales
Sold Merchandise to customers on account

Which two accounts are affected by each of the following transactions? Account 1 Account 2 Received cash from issuance of common stock Purshased land by issuing a note payable Paid balance on account for last month's inventory purchases