Ch. 9 Practice Exercises (i Saved Help Sav 1 K 1 2 3 4 Sold $6,200 of merchandise on an assortment of bank dredit cards. These cards charge a 4% fee. eBook Hint Note: Enter debits before credits. Print Transaction General Journal Debit Credit ferences 2-a Cash Credit card expense Sales
Q: 2) Edie Bertelli received her statement from a department store. (See below.) Find the (a) average…
A: Average daily financing is a method which is used by credit providing companies in order to…
Q: eBook Print Item Bank Reconciliation Firebird Corp. prepares monthly bank reconciliations of its…
A: The question is based on the concept of Bank reconciliation statetement.
Q: 1. Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit…
A: The procedure of entering business transactions for the first time in the books of accounts is known…
Q: Jeff Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1.…
A: Journal entry is a part of book-keeping, which provides recording of every transactions or events…
Q: Customer for $7,600 with credit terms 3/10, n/30. Flores od of accounting for sales discounts. is…
A: Journal entries are defined as reporting of the transactions into the books of the entity and it is…
Q: Can you teach me how to complete a journal entry
A: The sales to customer using MasterCard and VISA are considered as cash sales, as the business gets…
Q: Return to Blackboard G petir cash - Google Search eygandt, Accounting Principles, 13th Edition,…
A: Journal Entry - It is record of each and every business transaction whether it is economic or non…
Q: Exercise 8-8 Your answer is partially correct. Try again. On May 10, Whispering Winds Corp. sold…
A: Solution Bank a/c Dr. 23049 Service charge exp. Dr 960…
Q: Question 4 Record the following transactions in the cash disbursements journal: Mar. 1 Paid…
A: Cash disbursement journal is prepared as follows:
Q: Calculator A $150 petty cash fund has cash of $54 and receipts of $83. The journal entry to…
A: Option b is the answer
Q: The College Store accepts MasterCard for payments of purchases made by students. The credit card…
A: Service charge expense = Amount deposited x MasterCard charges = $10,000 x 1.55% = $155
Q: Bank renconciliation
A: The Reconciliation Statement of Bank is represented as below:
Q: Question 1 Kumi Ltd permits its customers to pay with a credit card or to receive a percentage…
A: Solution- Cost price…
Q: 111 fx =(D8+D12)-D11 A B 1 Formula: Add, Subtract; Cell Referencing 3 Using Excel to Determine the…
A: Bank reconciliation: It implies to a reconciliation process whereby, the bank balance per company's…
Q: Question 5 a). Write up a two-column cash book for a second hand bookshop from the following during…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: For the following transactions, prepare journal entries needed to adjust the company's books. (If no…
A: Outstanding checks does not represent any transaction.
Q: Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments…
A: Cash payment journal: All cash payment transactions are recorded in cash payment journals. The cash…
Q: Levine
A:
Q: IAns. Cash Hook Dr. Balance r 3,880 Bank Dr. Balancet3010, Dr. side Disceunt Tutal 75, Cr. side…
A: The bank account with three columns is prepared to record the cash, discount and bank transactions…
Q: O EH earch a
A: When sales are made against credit cards, the sales proceeds net of bank charges is recoverable from…
Q: For questions 4-7, refer to Daphne's check register shown below. Check No. Date Transaction…
A: Solution: Introduction: A general ledger is a nominal ledger, which is a bookkeeping ledger that…
Q: Problem 7.6A (Static) Recording sales made for cash, on open account, and with credit cards. LO 7-1,…
A: The items or transactions of an entity are to be recorded in the journal book first and posted to…
Q: Brief Exercise 8-07 Consider these transactions: (Credit account titles are automatically indented…
A: (a)Prepare journal entry in the books of Blossom Company:
Q: On March 4, Micro Sales makes $4,850 in sales on bank credit cards that charge a 2.5% service…
A: The financial transactions are recorded in the journal entry then it is posted to the ledgers.
Q: 21. Open account credit is a credit facility offered by retailers or financial institutions vhich…
A: Open account credit is a credit facility provided by the retailers, banks or financial institutions…
Q: Newland Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July…
A: Solution: The accounting entry will be as follows: Date Particulars Debit ($) Credit ($) Cash…
Q: Journalizing Cash Payments Sandcastles Northwest uses a cash payments journal. Prepare a cash…
A: Accounts payable are described as those individuals or firms to whom the business owes the payment.…
Q: 4 3 2 1 Sold $5,300 of merchandise on an assortment of bank credit cards. These cards charge a 4%…
A: The cost of goods sold implies that part of inventory which has been sold off. Hence, when sales is…
Q: NOWV2 | Online teachin X + rn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession…
A: The ratio analysis helps to analyse the financial statements of the business. Accounts receivables…
Q: Carfox Auto Parts allows customers to pay for merchandise with cash, debit cards, bank credit cards,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Brief Exercise 9-07 a-b Presented below are two independent transactions. (Credit account titles are…
A: Working Note: Bank Charges = Payment amount×Bank Charge=$175×4%=$7
Q: 1 2 3 4 Sold $32,000 of merchandise on MasterCard credit cards. MasterCard charges a 5% fee. eBook…
A: A journal entry is the record of transaction in the books of account. Journal entry for merchandise…
Q: InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of…
A: Allowance for doubtful debt is the estimate of how much of trade receivable balance as on date will…
Q: Julle JU June 30 Bought stationery paying by Cas 17.5X You are to write up a three-column cash book…
A: Cashbook is regarded as the record prepared by a business to estimate the cash flow incurred in an…
Q: 10.4X You are required to enter off the accounts and prepare a trial balance. 2017 Nov 1 Started…
A: Journal entries recording is the initial step of accounting cycle, under which atleast one account…
Q: Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash…
A:
Q: 13. Jessica's credit card's finance charge is computed at 1.5% of the average daily balance. What is…
A: Calculating Finance Charge Based on Average Daily Balance Credit Card Companies determine finance…
Q: Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments…
A: In the above entry, payment made for merchandising inventory is recorded. Here, the corporation…
Q: Problem 4-13 (IAA) + Wonder Company provided the following transactions affecting accounts…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…
Q: Using the following information, prepare the journal entries to reconcile the bank statement. Bank…
A: Bank reconciliation statement is prepared by the management at a particular time period. It helps to…
Q: 7 On Oct. 7, 2019 received cash from customers On Oct. 10 2019 bough additional 1 unit computer on…
A: Recording of the transaction in the books of accounting in a chronological order is termed as…
Q: Question 5 Tiny Church Warehouse made the journal entry shown in Figure 3.03 O in their Cash…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- History Bookmarks Window AOL Mail (... eBook Q U Help Mail - Fait... Portal hos.. b. What is the amount recorded for the day's sales? How should the difference be recorded? of v2.cengagenow.com Chapter 5... Check My Work 10 more Check My Work uses remaining. should be recorded as Recording Cash Sales; Cash Over/Short The actual cash received from the day's cash sales was $14,346, and the amount indicated by the cash register total was $14,300. a. What is the amount deposited in the bank for the day's sales? d. If a cashier is consistently over or short, what action should be taken? C Cengage... MacBook Pro 8 JC 4+1 W Activity I... My Drive.. <₁ Save and Exit SubO EH earch aSmiling Sam's Warehouse made the journal entry shown in Figure 3.03 P in its Cash Payments Journal. What is the correct posting of this entry to the general ledger? CASH PAYMENTS JOURNAL Page 22 GENERAL POST ACCOUNTS PAYABLE DEBIT PURCHASES ACCOUNT TITLE CK, NO. DATE REF CASH DISCOUNT CREDIT DEBIT CREDIT CREDIT Apr. 4 Purchases 438 4001 978.00 978.00 Figure 3.03 P O Debit Cash, $978; credit Accounts Payable, $978 O Debit Purchases, $978; credit Accounts Payable $978 O Debit Purchases, $978; credit Cash, $978 O Debit Cash, $978; credit Purchases, $978 No answer text provided.
- engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoceEM6.11 Pay Credit Card Mookie the Beagle Concierge makes a payment on the VISA credit card on 01/31/2023 in the amount of $800. Required: To record the payment on the VISA credit card: From the Navigation Bar, select Expenses > select Expenses tab From the New transaction drop-down menu, select Pay down credit card For Which credit card did you pay?, select 2100 VISA Credit Card For How much did you pay?, enter 800.00 For Date of payment, enter 01/31/2023 For What did you use to make this payment?, select 1001 Checking Select Save and close What is the balance of the VISA Credit Card account after the credit card payment is recorded? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.Next Question Find the total amount of the credit-card sales on the record for the date 09/24/10. 24/10 Sales Refunds $72.29 $488.57 The total of the credit-card sales for 09/24/10 is $ $72.37 $91.62 $180.47 $184.67 $52.32 $91.41 $75.09 $291.95 $135.36 $126.67 $258.07
- geNOWv21 Online teachir X keAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress-false eBook 4 Show Me How Calculator Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise for cash, $25,000. The cost of the gods sold was $17,500, (Record the sale first.) Cash 5. 50ld merchandise on account, S99,000. The cost of the goods sold was $58,800, (Record the sale first.) c. Sold m erchandise.to customers. who used MasterCard and VISA, S475,000. The cost of the goods sold was $280,000. (Record the sale first.) 9:33Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?Calculate the monthly service charge to a business that had an average balance of $729 and wrote 40 checks. EIT Average Balance Maintenance Charge Per Check Charge $5000 $0.00 $0.00 ..... The monthly service charge is $
- lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11History Bookmarks Window Help A 65% A ezto.mheducation.com Connect leed-to-Know Videos Saved Help Save & Exit Check Nolan Company's cash account shows a $22,352 debit balance and its bank statement shows $21,332 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $3,713. b. The June 30 bank statement lists $41 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books as $99. d. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $23 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. ok Prepare a bank reconciliation using the above information. nces NOLAN COMPANY Bank Reconciliation June 30 Bank statement balance Book…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 CREDIT