1) journal entries 1 Transferred cash from a personal bank account in exchange for stock, $50,000 2 Purchased $8,000 of merchandise inventory by issuing a 90 day, 10% interest paying note. 3 Paid cash for three months advertising in advance, $3,000
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- QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax PayableRecord all of these transactions in a cash disbursement journal table, such as this one: Date Explanation A/R Sub Account # Cash (debit) Sales Revenue (credit) Account Receivable (credit) Other (credit) Other Account Name Dec 1: Purchased 12,000 shares of treasury stock for $120,000 (Check #500 payable to Tennett Corp). The company expects to reissue these shares at a later date. Dec 1: Lent $50,000 in cash to one of its suppliers (Check #501 payable to Woodson Corp). The supplier signed a 1-year, 12% promissory note with a face value of $50,000. The note’s face value plus interest is due on 12/1/X6 Dec 4: Paid the Nelson Industries invoice for the balance owed. Dec 5: Paid the November utilities bill of $5,500 (this was already recognized as an expense in November). (Check #503 payable to Progress Energy) Dec 11: Paid Centennial, Inc. for the balance…The records of Kapiz Co. show the following balances on December 31, 20x1: Cash on hand P 400,000 Cash in Bank - current account Cash in Bank - peso savings deposit Cash in Bank - dollar deposit (unrestricted) Cash in Bank - dollar deposit (restricted) Cash in 3-month money-market account 3-month unrestricted time deposit Treasury bill, purchased 11/1/20x1, maturing 2/14/20x2 Treasury bond, purchased 3/1/20x1, maturing 2/28/20x2 Treasury note, purchased 12/1/20x1, maturing 2/28/20x2 Unused Credit Line 1,200,000 5,000,000 $ 100,000 250,000 P 500,000 $ 20,000 4,000,000 Redeemable preference shares, purchased 12/1/20x1, due on 740,000 3/1/20x2 Treasury shares, purchased 12/1/20x1, to be reissued on 1/5/20x2 Sinking fund $1,600,000 1,000,000 400,000 Additional information: Cash on hand includes a $40,000 check payable to Kapiz Co. dated December 29, 20x1. During December 20x0, check amounting to $30,000 was drawn against the Cash in bank - current account in payment of accounts payable.…
- Tranvia Company revealed the following information on December 31, 20X1: Cash in checking account 350,000 Cash in money market account (debt instruments) 750,000 Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 3,500,000 Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 20X1?Write up a three column cash book from the following details: March 1 Balances brought forward: Cash in hand GHS 4,500 Cash at Bank GHS 40,000 3 Paid each of the following accounts by cheque, deducting 5% discount in each case; M. Adama GHS 800; B. Bonsu GHS 3,000; A Adu GHS 560 5 Received cheque from k. Mensah in settlement of his debt GHS 1,900 6 Cash sales paid direct into the bank GHS 2,500 8 Paid Rent by cash GHS 1,500 10 Paid Motor expenses by cash GHS 800 12 The following persons paid us their account by cheque, in each case deducting a discount of 3%. A. Arhin GHS 1,800; K. Ananse GHS 7,400; K. Ntiamoah GHS 6,600. 17 Cash sales GHS 2,000 18 Paid for stationery by cheque GHS 450 25…credit interest in the multiple-step statement will Add to the gross profit on sales Add to operating income Add to income after tax. Deduct from net sales. On October 1,2020 the company purchase a 12- month insurance policy for $1800 the transaction was record with an $1800 debit to prepaid insurance expense , the adjusting entry at 31, Dec, 2020 will be debit insurance expense for $600 and credit prepaid insurance expense for $600. debit prepaid insurance expense for $600,and credit cash for $600. debit insurance expense for $450, and credit prepaid insurance expense for $450. O debit prepaid insurance expense for $450, and credit cash for $450. the close entry for purchase discount is debit income summary, credit purchase discount. debit retained earning ,credit purchase discount, debit purchase discount, credit income summary. O no one of above.
- Exam 3 (Chapters 5-6) 28 Book The following information is available for Birch Company at December 31 Cash in registers Investment naturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fundi Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of Multiple Choice O $40.606 $43.091 $38,061 $39,066 $54,261 $ 2,910 $ 16,200 $ 1,775 $ 23,631 $ 770 $ 320 $ 30 $ 11,2009.4A Enter the following in the three-column cash book of an office supply shop. Balance-off the cash book at the end of the month and show the discount accounts in the general ledger. June 1 Balances brought forward: Cash £420; Bank £4,940. 2 The following paid us by cheque, in each case deducting a 5 per cent cash discount: S. Braga £820; L. Pine £320; G. Hodd £440; M. Rae £1,040. 3 Cash sales paid direct into the bank £740. 5 Paid rent by cash £340. 6 We paid the following accounts by cheque, in each case deducting 2'2 per cent cash discount: M. Peters £360; G. Graham £960; F. Bell £400. 8 Withdrew cash from the bank for business use £400. 10 Cash sales £1,260. 12 B. Age paid us their account of £280 less £4 cash discount, by cheque. 14 Paid wages by cash £540. 16 We paid the following accounts by cheque: R. Todd £310 less cash dis- count £15; F. Dury £412 less cash discount £12. 20 Bought fixtures by cheque £4,320.Customer check for 45,000 sent to the bank was recorded by the company as 54,000 .a Add in the books $9,000 .b Add in the bank $9,000 .C Deduct from the bank $9,000 .d Deduct from the book $9,000
- Q6: Braden Corporation's bank requires monthly financial statement. On its February 28, 20X1 financial statements, Braden reported total assets $325,000 and total equity of $65,000. On March 1, 20X1 Braden Corporation borrows $80,000 cash from the local bank and immediately upon receiving the funds: (a) Braden paid $28,000 to their vendor, Express Company, representing the amount owed for a purchase of supplies made on account in December 20X0. (b) Braden paid $20,000 for employee work performed in January and February 20X1. (c) Braden purchased $10,000 of new supplies from Express Company (Braden paid cash since Express is no longer allowing Braden to purchase supplies on account). Consider the company's accounting equation as of March 31st 20X1 and select the answer below that correctly describes the company's total liabilities as of this date (ignoring loan interest): A. $340,000 B. $312,000 C. $292,000 D. $282,000 E. None of the answers provided are correct.16. Ludwig Company showed the following current assets as year-end: Cash 3,200,000 Accounts Receivable 2,500,000 Inventory 2,000.000 Total Current Assets Z000.000 Cash on hand, including customer postdated check P100,000 and 10U P50,000 500,000 Cash in bank per bank statement (outstanding Check at year-end P200,000) 2.000.000 3,200,000 Total cash What total amount should be reported as current assets? a. 7,700,000 b. 7,450,000 c. 7,400,000 d. 7,500,000The following information is available for Montrose Company at December 31: $ 8,540 $ 250 $ 10,400 $ 1,350 Cash in bank account Petty cash Short-term investment (maturing in two months) Checks from customers Equipment $805 Treasury bill maturing in 60 days Money orders A three-year certificate of deposit maturing in three years $ 10,000 $ 290 $ 6,000 Based on this information, the determine the amount reported as Cash and Cash Equivalents on December 31.