Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 On November 1, Alan Company signed a 120-day, 10% note payable, with a foce value of $2.7000. What is the adjusting entry for the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
3 On November 1, Alan Company signed a 120-day, 10% note payable, with a foce value of $2.7000. What is the adjusting entry for the accrued interest at December 3t on the nore" (Use 360 days a year) OM Mumple Choice Debit interest Pays $300 credit Expense, $300 Duotonerest Expense. 5600, crede cost Payable $600 Der erect5450 crede merent Payable, $450 O No aquino artyst recunoa Dobrt interest Paysa $900 credit spent $900 Eaton Co. deposits all cash recobs on the day they are received and make all cash payments by check. At the close of business on June 30, s Cash account shows a debt balance of 566 209 Extom ne berkatement show $6249 on depot in the bank. Determine the adjusted cash balance using the following information Deposit in transit outstanding checks check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company $5,00 $2,525 $ 27 42 The susted cash bace should be O O 1.2 Gideon Compeye the lowanice method of accounting for uncollectible account. On May 3, the Gideon Company wrote of the 53.800 uncollectito account of its customt A Hopline. The entry or otros Gideon malos to cord the witte off of the account on Maya Me Choce Ceca - RENE A 3.000 1. sit o ca 2. Gorgio Essan Market bought $9.000 worth of merchandise from Food Supplers and signed a 90.8% procery not to the $9000 Food Suppler's journal army to record the collection on many dates e 360 dry ma De Cance DOC.C.000 Deuts Det Duncan Wara A company borrowed $15,000 by digning a 120 day promissory note o 10%. The total to be paid at matuny of the roto is (the 360 days a year) Murple Choice $19,550.00 519.750.00 O $15.500.00 520 250.00 O $2.000.00 Multis Company sold merchandise on account to a customer for $205, terms 30. The Journal entry to record the sale transaction would be Multipre Choice Debit Cash of SAS is crea SOS Debit Cash of 08 and credit Accounts Receivable Debit Accounts Pece 5805 and credit sales 5800 O Det Accounts Pavabland cream CARS De 5wes S009 ARCO 5000 an Exam Fall 2020 A compary factored $19.000 of Its accounts receivable and was charged a 2x factoring tee. The journal entry to record this transaction would include a Multiple Choice Debetto Cash of $49,980 and a credit to Accounts Receivable of $49.900 Debit to Cath of $49.000 credit to Factoring Fee Expense of 5980 and acto Accounts Receivable or 5.40.020 O Detit 19 Caun or 540.000 uno a credit to accounts Recentes Of 549.000, Debt C of $40.000 acredito Notes Paytre $49.000 Detto Cash of 549.020 Factoring type of 5900, 10 etto count Recevoor 40.000 Wem toy told me thate to a customer orded. 20. for SOOO Time the cutest of the merchand When recording the returnator, Wed toys would record recho 1. Cewek Obec O WA BAB 600 in regenerujeme 0.00 CM DO 1.200 cena OD 3.06 8.800 o 100.00 Jasper makes a $12.000, 90 day, 70% cash loan to Claytom Co. The amount of interest that Jasper will collect on the banks (Use 360 days a year) Mumple Choice $2.240 $106.67 3560.00 $24.00 51.120.00 & Multis Company sold merchandise on account to a customer for $205, terms 30. The Journal entry to record the sale transaction would be Multipre Choice Debit Cash of SAS is crea SOS Debit Cash of 08 and credit Accounts Receivable Debit Accounts Pece 5805 and credit sales 5800 O Det Accounts Pavabland cream CARS De 5wes S009 ARCO 5000 Faiton Codeposlash roce on the day they are received and makes a cash payment by chod. A the dose of business on June 30, Cich account shows a debt be of 6.200 tonn barkstomer whow $6315 on deposit in the bank. Determine the cuted cash balance using the following informator Deposit in transit outstanding checks Check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company $5.000 $3,525 $ 22 The adjusted cash balance should be O 3 5621 O 300,024 Qon Company is the lowance method of courong for collocable accounts On May 2, the Gideon Company wrote of the $3,800 uncolectible account of ICAOC A Hepkere. The entry or otres Gideon makso record the wie off of the account on May 3 Busca Rolins ALL for Doual Acci All Dot A Haldes 3, activable . Rece 3. o Eaton Co. deposits all cash recobs on the day they are received and make all cash payments by check. At the close of business on June 30, s Cash account shows a debt balance of 566 209 Extom ne berkatement show $6249 on depot in the bank. Determine the adjusted cash balance using the following information Deposit in transit outstanding checks check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company $5,00 $2,525 $ 27 42 The susted cash bace should be O O 1.2 Wem toy told me thate to a customer orded. 20. for SOOO Time the cutest of the merchand When recording the returnator, Wed toys would record recho 1. Cewek Obec O WA BAB 600 in regenerujeme 0.00 CM DO 1.200 cena OD 3.06 8.800 o 100.00 Gorgolian Maret bought 1.000 worth of merchandise from Food Suppliers and signed a day, es prostory note for the 2000 Food Supplier's sumany to record the collection on the many date sise 360 days Ya Croce DO o B quai $ 1000 O ran 2.000 de secret 99.80 De 12: 00.0 34.000 A company factored $49.000 of its accounts receivable and was charged a 2% factoring fee. The Journal entry to record this transaction would include a Multiple Choice Debit to Cash of $49.900 and a credit to Accounts Receivable of $49.980. Debit Cash of $49.000, a creant to Factoring Fee Expense of $900, and a credit to Accounts Receivable of 548020 Debito cash or 349.000 and a credit to Accounts Receivable of $40.000 O Detto Cash of 549.000 and a certo Notes Payable of 549.000 Debit to Con of 540.020. detto Factoring Fee Expense of 50, and credit to Account Ref 549.000 Warm Toys cold merchandise to a customer on credit, torms 20, 30 for $10:00 Three days Inter, the customer returned to of the merchandise. When recording the return transaction, Wine Toys would record $1,500 Accounts Payabet and the wory Econfpich Dostume Alowance S500 An creat Decati 300 gr $1500 the Catho con $1.500 in the merry Crone Casonal ODOC.800 entory00 g journal So in the accounts Payabet comand the Cana The total amount of the note and interest due on the maturity date of a $11,200, 90-day 7%, note recevable is: (Use 360 days a year) Mile Choice $10.416: S1984 510396 511004 $11206

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Libby, Patricia Libby, Frank Hodge

11th Edition

1264229739, 9781264229734

More Books

Students also viewed these Accounting questions

Question

what is Amazon's regards to social responsibility on their behalf

Answered: 1 week ago