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- Interest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.860Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.9. Which accounts would be debited and credited in the entry to record accrued interest on a note payable? Debit Credit A. Interest Expense Interest Receivable B. Interest Receivable Interest Revenue C. Interest Expense Interest Payable D. Interest Receivable Interest Payable
- Calculate: a. Average Receivable days/ Debtors collection periodb. Average Payable days/ Creditors collection periodAt what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13
- Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITE. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 202127. The average payment period of an organization is calculated by __________. a. Average payables / Daily credit purchases b. Average payables / Net purchases c. Accounts payables / Total purchases d. Opening account payable + Closing account payable /2
- The entry to record accrued interest on a note receivable would include a: debit to Cash credit to Interest Revenue credit to Interest Payable both a. and c both a. and b. 0 1 ptsWildhorse Equipment Company, organized in 2025, has these transactions related to intangible assets in that year: Jan. 2 Purchased a patent (5-year life) $316,800. Apr. 1 Trademark purchased (indefinite life) $351,000. July 1 Acquired a 9-year franchise; expiration date July 1, 2034, $702,000. Sept. 1 Research and development costs $180,400. (a) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automaticall Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditSaved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3
