FINANCIAL ACCOUNTING (LL)-W/CONNECT
10th Edition
ISBN: 9781260696295
Author: Libby
Publisher: MCG
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Question
Chapter 9, Problem 7Q
To determine
Identify the total amount of interest expense will be reported by company.
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Students have asked these similar questions
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common
Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.
Journalize the following selected transactions for October 2012 in a two-column journal. Journal entry explanations may be omitted. If an amount box does
not require an entry, leave it blank.
Oct. 1. Paid rent for the month, $2,500.
4. Paid advertising expense, $1,000.
5. Paid cash for supplies, $1,800.
6. Purchased office equipment on account, $11,500.
12. Received cash from customers on account, $7,500.
20. Paid creditor on account, $2,700.
27. Paid cash for miscellaneous expenses, $700.
30. Paid telephone bill for the month, $475.
31. Fees earned and billed to customers for the month, $42,400.
31. Paid electricity bill for the month, $900.
31. Paid dividends, $1,500.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Notes Payable
Accounts Payable
Debit Balances Credit Balances
20,350
37,000
1,100
200
171,175
36,000
26,000
Common Stock
50,000
Retained Earnings
94,150
Dividends
15,000
Fees Earned
429,850
Wages Expense
270,000
Rent Expense
63,000
Advertising Expense
25,200
Miscellaneous Expense
5,100
608,125
636,000
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month:
Oct.
1
Jay Crowley transferred cash from a personal bank account to an account to be used for the business
in exchange for common stock, $40,000.
2
Paid rent on office and equipment for the month, $4,800.
3 Purchased supplies on account, $2,150.
4
Paid creditor on account, $1,100.
10
5
Earned sales commissions, receiving cash, $18,750.
6
Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses,
$800.
7
Paid office salaries, $3,500.
8
Determined that the cost of supplies used was $1,300.
9
Paid dividends, $1,500.
Chapter 9 Solutions
FINANCIAL ACCOUNTING (LL)-W/CONNECT
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - 3. In their balance sheets, what do companies call...Ch. 9 - 4. What does the accounts payable turnover ratio...Ch. 9 - Prob. 5QCh. 9 - 6. Define note payable. When must a company...Ch. 9 - Prob. 7QCh. 9 - 8. Define deferred revenue. Why is it a...Ch. 9 - Prob. 9QCh. 9 - 10. Define working capital. How is working capital...
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - 14. Define annuity.
Ch. 9 - Prob. 15QCh. 9 - 16. You purchased a new car and promised to pay...Ch. 9 - Prob. 1MCQCh. 9 - Prob. 2MCQCh. 9 - 3. Which of the following best describes accrued...Ch. 9 - Prob. 4MCQCh. 9 - 5. A company is facing a lawsuit from a customer....Ch. 9 - 6. Which of the following transactions would...Ch. 9 - 7. How is working capital calculated?
Current...Ch. 9 - 8. The present value of an annuity of $10,000 per...Ch. 9 - Prob. 9MCQCh. 9 - Prob. 10MCQCh. 9 - Prob. 1MECh. 9 - M9-2 Computing and Interpreting Accounts Payable...Ch. 9 - Prob. 3MECh. 9 - Prob. 4MECh. 9 - Prob. 5MECh. 9 - M9-6 Computing Working Capital
The balance sheet...Ch. 9 - M9-7 Analyzing the Impact of Transactions on...Ch. 9 - M9-8 Accounting for Long-Term Liabilities:...Ch. 9 - Prob. 9MECh. 9 - M9-10 Computing the Present Value of an...Ch. 9 - Computing the Present Value of a Complex...Ch. 9 - Computing Present Values and Recording Long-Term...Ch. 9 - Identifying Current Liabilities, Computing Working...Ch. 9 -
Paul Company completed the salary and wage...Ch. 9 - Computing Payroll Costs; Discussion of Labor...Ch. 9 - Recording a Note Payable through Its Time to...Ch. 9 - E9-5 Determining Financial Statement Effects of...Ch. 9 - Prob. 6ECh. 9 - Calculating and Explaining the Accounts Payable...Ch. 9 - Reporting Notes Payable and Calculating Interest...Ch. 9 - Prob. 9ECh. 9 - Using Working Capital
Saks Fifth Avenue’s balance...Ch. 9 - E9-11 Reporting a Long-Term Liability
McDonald’s...Ch. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Computing a Present Value
An investment will pay...Ch. 9 - Computing a Present Value
An investment will pay...Ch. 9 - Computing a Present Value Involving an Annuity and...Ch. 9 - Prob. 17ECh. 9 - Prob. 18ECh. 9 - Calculating a Retirement Fund
You are a financial...Ch. 9 - Determining an Educational Fund
Judge Drago has...Ch. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 23ECh. 9 - Prob. 24ECh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 -
During its first year of operations, Walnut...Ch. 9 -
Use the data from Problem P9-4 to complete this...Ch. 9 - Prob. 6PCh. 9 - Prob. 7PCh. 9 - Prob. 8PCh. 9 - Prob. 9PCh. 9 -
For each of the following transactions, determine...Ch. 9 - Prob. 11PCh. 9 - Prob. 12PCh. 9 - P9-13 (Chapter Supplement B) Recording and...Ch. 9 - Prob. 14PCh. 9 - Prob. 1APCh. 9 - Determining Financial Effects of Transactions...Ch. 9 - Prob. 3APCh. 9 - Calculating and Explaining the Accounts Payable...Ch. 9 - For each of the following transactions, determine...Ch. 9 - Prob. 6APCh. 9 - Prob. 7APCh. 9 - Prob. 8APCh. 9 - Prob. 1CONCh. 9 - Prob. 1CPCh. 9 - Prob. 2CPCh. 9 - Prob. 3CPCh. 9 - Prob. 4CPCh. 9 - Prob. 5CP
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