Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not inden manually.) (a) (b) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make? (a) Martin Company sold its accounts receivable of $65.000. What entry should Martin make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit 194 Credit
Q: Worldwide Enterprises purchased a bond on June 30 of the current year for $100,000 and classified…
A: The correct answer is: (B) reported as a $2,500 unrealised holding gain in the Other Income and…
Q: Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the…
A: Accounting procedures such as FIFO and LIFO are utilized to figure out the worth of unsold stock,…
Q: Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2021, that pay interest…
A: Journal entries provide as the essential building blocks that provide answers to those and other…
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…
A: Answer to Question:- Cost assigned to cost of goods sold using FIFO=$2,724 Workings:- Total units…
Q: International Business Machines (IBM) is a leading provider of computer products and services. The…
A: Answer to Question 1:- Figures in millions of U.S dollars 2018 2017 Warranty…
Q: IndustryCo, resident in Member State A has developed a patent and is thinking of transferring this…
A: A permanent establishment means establishing a business at a fixed place where the company earns…
Q: On January 1, 2025, Cowell Services issued $200,000 of 4% bonds that mature in ten years. The bonds…
A: Bonds Payable:Bonds Payable is an long term debt issued by the government and company's to raised…
Q: How is the income determined for each shareholder under
A: If any shareholder terminates the shareholder interest in the corporation during taxable year
Q: A sales invoice included the following information: merchandise price, $12,400; terms 1/10, n/eom,…
A: Concept of terms 1/10, n/eom: 1/10 means 1% discount is valid of the payment has been made within…
Q: Kross Company purchases an equity investment in Penno Company at a purchase price of $2.5 million,…
A: When the percentage of investment lies between 20% to 50%, equity method is used by the investor…
Q: While reviewing the March 31, 2022, balance sheet of Business Solutions, Santana Rey notes that the…
A: A journal entry is a record of a business's financial transactions kept in its accounting books. An…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: ice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is…
A: Calculation of Self Employment tax liability : The Net earnings form self employment must be first…
Q: The level of inventory of a manufactured product has increased by 7,780 units during a period. The…
A: Cost accounting is one of the special branch of accounting, under which various costs are being…
Q: The following labor standards have been established for a particular product: Standard labor- 8.4…
A: A variance that is not in a positive direction suggests that the cost of labor was higher than…
Q: Whitney recurved $77,099 of taxable income in 2022. - she files as head of household. What is the…
A: Taxable income is the income chargeable to income tax as per income tax act. Tax liability is…
Q: The LaGrange Corporation had the following budgeted sales for the first half of the current year…
A: Collection Budget: Cash collection budget includes the estimated amount of cash received from the…
Q: Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2021, that pay interest…
A: Bonds are issued by governments and corporations when they want to raise money. By buying a bond,…
Q: [The following information applies to the two next questions. Suppose that you buy an office…
A: As per federal tax laws a commercial property can be depreciated for a period of 39 years on a…
Q: Walker Company prepares monthly budgets. Company policy is to end each month with merchandise…
A: The budget is prepared to estimate the requirements for the future period. The purchase Budget is…
Q: hould a firm's cash budget relate back to its accounting profits? Do the two need to remain in sync?
A: Accounting profit is also known as financial profit or the book keeping profit of a company. It…
Q: Ashley, who owns the wildly successful Tattoo Temple, also runs Hula Hoop Heaven, a store devoted to…
A: The Hula Hoop Heaven's Inventory turnover ratio is 4.
Q: Johnson Enterprises uses a computer to handle its sales invoices. Lately, business has been so good…
A: Incremental Analysis: It is a technique of decision making used by the business to know to the…
Q: When applying the rules of the equity method,
A: Investment shows the amount provided in a project or securities with the expectation of something in…
Q: Which of the following describes preferred stock? a. Stock that sells for a very high price b.…
A: Since you have posted two questions, we will do the first one for you. Please post the other…
Q: Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: The gain on discharge of debt is Select one: a. $1,110,000 b. $710,000 c. $780,000 d $130.000
A: The correct solution is: c. $780,000
Q: Dynamic Software, Inc. invests excess cash of $100,000 in corporate bonds on March 30, 2025. The…
A: In accounting, as per dual aspect every transaction has dual effect on the books of accounts. The…
Q: Waylander Coatings Company purchased waterproofing equipment on January 6 for $722.000. The…
A: Depreciation is a non-cash expense. It is shown in the income statement of the entity. It is charged…
Q: G3. Read Section 1361 1. What are the requirements? 2. What Form is used to elect S Corporation?
A: S Corporation refers to the special category of organization for the objective of gaining federal…
Q: The contribution format income statement for Huerra Company for last year is given below:…
A: The given question is asked to compute the different financial ratios. Financial ratios: The…
Q: In order to confirm the previous clerk's payroll calculations, you have been asked to supply the…
A: Payroll subject to federal and state unemployment taxes=Federal Unemployment Tax PayableFederal…
Q: For each of the following independent cases, fill in the missing amounts in the table: Note:…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: Many businesses borrow money during periods of increased business activity to finance inventory and…
A: Notes payable are a kind of long-term liability that show the money that a firm owes its financiers,…
Q: Which of the following is NOT a true statement about the statement of cash flows? a. It shows how…
A: Cash flow statement A cash flow statement is an important tool for managing…
Q: M acquired a home in 2015 for $300,000 and a cottage in 2019 for $200,000. In 2022 M sold the home…
A: If anybody sold land or building after possessing the land or building for more than 24 months then…
Q: Calculate Dexter's capitalized interest on the student condominium complex for Year 1.
A: As per the relevant IFRS, Interest cost incurred on production or acquisition of the Qualifying…
Q: Dec. 31 Jan. 1 Inventory of materials $ 24,000 $ 20,000 Inventory of work in process…
A: Cost of goods manufactured includes direct materials used, direct labor and applied overhead and…
Q: what are some Recommendations on how government accounting may be improved in Guyana? be indeph and…
A: There are a number of ways in which government accounting in Guyana could be improved. Firstly, the…
Q: Swifty Co. purchased land as a factory site for $378,000. The process of tearing down two old…
A: A cost that a business bears as a result of using an asset or otherwise benefiting from its use is…
Q: Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2021, that pay interest…
A: The total interest paid on a company's payable bonds over the course of a reporting period is known…
Q: ales: 80,000 units @ $60 per unit 145,000 units @ $115 per unit Expenses: Variable: 80,000 units 144…
A: Transfer pricing is a technique of transferring goods between one division to another within a…
Q: 1- The following information relates to Panorama Corporation and its 70 percent-owned subsidiary,…
A: Income statement is the one of the financial statement that shows their profit and loss over a…
Q: Thompson Travel purchased available-for-sale debt investments for $510,000 on December 31, 2024.…
A: The correct answer is: (D) Unrealised holding loss- Available for sale $ 10,000 fair value…
Q: Statement of financial position of Motivated as at 28 February 2022 2022 2021 Non-current assets:…
A: Statement of cash Flow - Statement of Cash flow includes inflow and outflow of cash for the…
Q: When bonds are retired at maturity, the entry to retire the bonds may include a gain or loss on…
A: Option 2 is the appropriate choice.
Q: Olga is married and filed a joint tax return with her husband. -her AMTI is $1,605,000. What is the…
A: Olga is married and filed a joint tax return with her husband. Her AMTI is $1605000.
Q: On December 31, 2023, Bridgeport Co. performed environmental consulting services for Indigo Co.…
A: All business transactions are recorded using journal entries. Transactions are defined broadly as…
Q: Calculate Ltd was incorporated on 31 January 2020 with authorised capital as: 950 000 ordinary…
A: Share capital is subdivided into two broad categories, equity share capital, and preference share…
dont give answer in the image format
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Cullumber Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 2% fee. What entry should Cullumber make? Marin Company sold its accounts receivable of $64,300. What entry should Marin make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit CreditConsider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sunland Restaurant accepted a Visa card in payment of a $300 lunch bill. The bank charges a 2% fee. What entry should Sunland make? (b) Splish Brothers Company sold its accounts receivable of $60,400. What entry should Splish Brothers make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Textbook and Media Debit Credit
- Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Blossom Company accepted a Visa card in payment of a $300 lunch bill. The bank charges a 3% fee. What entry should Blossom make? (b) Kingbird, Inc. sold its accounts receivable of $67,100. What entry should Kingbird make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount (b) enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a…Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Carla Vista Restaurant accepted a Visa card in payment of a $250 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make? Tamarisk Company sold its accounts receivable of $67,100. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit CreditConsider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) Sandhill Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Sandhill make? (b) Teal Mountain Company sold its accounts receivable of $68,000. What entry should Teal Mountain make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation (a) Debit 0000 Credit SURRO
- 22.) Credit memos from the bank Select one: a. decrease a bank customer's account b. are used to show a bank service charge c. show that a company has deposited a customer's NSF check d. show that the bank has collected a note receivable for the customer 23.) If merchandise sells for $3,500 on account, with terms of 3/15, n/45, and the cost of the inventory sold is $2,100, the journal entry for the receipt of the customer’s payment on account within the discount period under the gross method would include Select one: a. a credit to Cash for $3,395 b. a credit to Accounts Receivable for $3,395 c. a debit to Sales of $105 d. a credit to Sales Discounts for $105 26.) The direct write-off method of accounting for uncollectible accounts Select one: a. emphasizes balance sheet relationships b. is often used by small companies and companies with few receivables c. emphasizes cash realizable value d. emphasizes the matching of expenses with revenuesCurrent Attempt in Progress Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?Rush Co has a credit balance of RM54 in Jack Co’s receivables ledger. Which of these would explain this balance? A. Rush Co received a credit note for RM54 from Jack but Jack posted in the account of Twice Co. B. Rush Co sent a cheque to Jack for RM46 in respect of an invoice of RM100. C. Rush Co paid an invoice RM54, even though this invoice was subsequently cancelled. D. Rush Co bought but returned goods to Jack, totaling RM54. A credit note is yet to be issued.
- A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was charged for processing the returned cheque. Upon notification of the NSF, the company who initially received the customer’s cheque will most likely 1. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit the accounts receivable for the bank service fee of $15. 2. reverse the customer’s payment on their books to re-establish the accounts receivable for $455. 3. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit bank charges expense for the bank service fee of $15. 4. make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding.Flynn Company determines that it cannot collect $8,300 of its accounts receivable from its customer, MDC. Record the journal entry required of Flynn under (a) the direct write-off method and (b) the allowance method. View transaction list Journal entry worksheet 1 Record the write off under the direct write-off method. 2 Note: Enter debits before credits. Transaction a. General Journal Debit CreditAccompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.