Financial Transaction Assignments

Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submit

Solve  29-day billing cycle 4/17 Billing date Previous Balance                      $1,100 4/27 Payment                                                      $    700                  4/29 Charge                                                        $    300 5/7 Payment                                                       $       50 Find the Average daily balance:

1 EJ-3 On September 1, the balance of the Accounts Receivable control account in the general ledger of Stark Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and Dey $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260. Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380; from Milo $1,800; from Zeyen $1,240. General journal: An allowance is granted to Dey $185. Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary…

Customers as a Cost Object Morrisom National Bank has requested an analysis of checking account profitability by customer type. Customers are categorized according to the size of their account: low balances, medium balances, and high balances. The activities associated with the three different customer categories and their associated annual costs are as follows: Opening and closing accounts $300,000 Issuing monthly statements 450,000 Processing transactions 3,075,000 Customer inquiries 600,000 Providing automatic teller machine (ATM) services 1,680,000 Total cost $6,105,000 Additional data concerning the usage of the activities by the various customers are also provided:   Account Balance   Low Medium High Number of accounts opened/closed 22,500 4,500 3,000 Number of statements issued 675,000 150,000 75,000 Processing transactions 27,000,000 3,000,000 750,000 Number of telephone minutes 1,500,000 900,000 600,000 Number of ATM transactions 2,025,000…

Next Question 24/10 Find the amount of the credit given to the business, based on the Sales/Refunds record for 09/24/10, after the 2.25% fee is subtracted. Sales Refunds $82.84 $32.06 $69.45 ..... $434.45 $69.19 $235.87 The total amount of credit will be $ $108.53 $123.32 (Round to the nearest cent as needed.) $60.85 $86.23 $139.47 $288.49 $150.28

Current Attempt in Progress Blossom Products uses both special journals and a general journal. Blossom also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 260 Bal. 175 Truong 0 100 Gehrke Bal. 185 295 Weiser Bal. 195 220 240 290 100 185 195 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account. Amount of the end-of-month posting from the sales journal to the Accounts Receivable control account $

Question Completion Status: QUESTTONJ Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the end of the month. The entry to eglenish (reimburse) the petty cash fund will include: O A credit to Cash for $40 A debit to Cash for $40 A credit to Cash for $660 A debit to Cash for $660 QUESTION 6 Thinkvision company has the following inventory 15 units @ 7 BD each. 20 units @ 8 BD each. The weighted average cost per unit for the above inventory is: 7.50 BD 8 BD 7 BD 7.57 BD Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Hide or show questions Progress:11/15 items                       Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000   Required: a.  Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank.     Bad Debt Expense Bad Debt Expense     Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson     Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton     Accounts Receivable-C. Barton Accounts Receivable-C. Barton     Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton   b.  Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made…

430s *目: Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and w account should be credited. Transaction Debit Credit 1. Raw materials worth $12,000 were issued for use in the Cutting Department. 2. Manufacturing overhead was applied to the Shaping Department, 510,000 3. Unshaped, cut snowboards worth 560 000 were transferred from the Cutting Department to the Shaping Department. 4. Finished snowboards worth S80,000 were transferred from the Shaping Department to the finished goods warehouse. 5. Finished snowboards that cost $100,000 were sold to customers

a-1. What is the cost per unit for paychecks processed? a-2. What is the cost per unit for customer accounts maintained? a-3. What is the cost per unit for special analyses performed? b. Assuming the followiing level of cost-driver volumes for a month, what are the accounting department's estimated costs of doing busines using the account analysis approach? -1000 paycheck processed -200 customer accounts maintained -3 special analyses

Required information $3054 Knowledge Check 01 Messing Company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon deposit of customers' credit card sales receipts. The credit card company receives 3.5 percent of card sales as its fee. Messing has $4,000 in credit card sales on January 1. Prepare the January 1 journal entry for Messing Company by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet D11 O

Question 15.1 The following information relates to Leisure Zone Ltd for the year ended 31 December. The Company uses a departmental accounting system which reports monthly accounts on its three departments - cinema, restaurants and bowling Inventory as at 1 January Sales Purchases Wages and payroll Repairs and maintenance Inventory as at 31 December Depreciation Canteen costs Cinema $ ('000) Other expenses not directly associated any department Rent Light and heat Insurance Administration and accounting Personnel Head office costs General expenses 100 2,100 1,050 200 50 80 The floor area and number of employees are as follows Floor area (square meters) Number of employees It is company policy to apportion expenses that cannot be attributed to any particular department as follows: Floor area-rent, light and heat and insurance Turnover - general expenses head office costs and depreciation Number of employees - administration and accounting, canteen and personnel Cinema Restaurant $…

Week 2   Date Transaction description 8 Purchased 13 boxes of Sprearmint Gum from Gillard Wholesalers for $208 each, terms net 30. 10 Paid the full amount owing to Hershel's, Check No. 405. Payment fell outside discount period. 11 Sold 17 boxes of Hazelnut Toffee to Central Candy for $376 each, Invoice No. 870. 11 Paid sales staff wages of $2,031 for the week up to and including yesterday, Check No. 406. 12 Made cash sale of 30 boxes of Organic Chocolate for $992 each. 13 Paid the full amount owing to Restlay, Check No. 407. 13 Paid the full amount owing to Brennan Imports Group, Check No. 408. 13 Candy Man paid the full amount owing on their account. Since Candy Man has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. SALES JOURNAL Date Account InvoiceNo. PostRef. Accounts Receivable Cost of Goods Sold   Jun   (select)           Jun   (select)           Jun   (select)           Jun   (select)…

TB 03-70 Company A receives $10,000 in advance this m... Company A receives $10,000 in advance this month for work to be performed next month. This month, the company should: Multiple Choice Debit Accounts Payable $10,000 and credit Cash $10,00. Debit Inventory $10,000 and credit Sales Revenue $10,000. Debit Cash $10,000 and credit Deferred Revenue $10,000. Debit Inventory $10,000 and credit Accounts Payable $10,000.

Solve 31-day billing cycle 10/5 Billing date from previous Balance                   $ 3,300 10/11 Charge                                                             $     320 10/18 Charge                                                             $  1,240 10/25 Payment                                                           $     400 11/1  Charge                                                              $      630 Find the Average Balance:

Given the following: 31-day billing cycle                                   10/5 billing Data Previous Balance            $3,300           10/11 Charge                                             $   320 10/18 Charge                                             $1,240                                                        10/25 Payment                                           $   400                                                        11/1  Charge                                               $   630    The average daily balance is:

Problem 1 AFABLE Company provided the following data at year-end: Items counted in the bodega Items included in the count specifically segregated per sales contract Items in receiving department, returned by customer, in good condition Items ordered and in the receiving department, invoice not received Items ordered, invoice received but goods not received. Freight is shouldered by seller Items shipped out today, invoice mailed, FOB shipping point Items shipped out today, invoice mailed, FOB destination Items currently being used for window display Items on counter for sale Items in receiving department, refused by us because of damage Items included in bodega count, damaged and unsalable Items in the shipping department Required: Compute the correct amount of inventory P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 180,000 50,000 250,000

» QUESTION: 41 OF 51 Select the single best answer: A. $40,000 OB. $90,000 X Co. began operating on March 1 and its sales in March were $100,000, all purchased on account. Returns and allowances for March were $10,000. Cash collected for sales on account during March was $50,000. Which of the following options presents the ending Accounts Receivable balance for March? C. $140,000 D. $130,000 E. $50,000 Type here to search DVO Instructions W Please report any problems with this B « Previous Question Next Question >>> ? 2 32

16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.

Parts wriiten Subparts to be solve are the ones to be solved    Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…

Prepare a schedule of 15 The owner of a small mining supply company has requested a cash budget é After examining the records or the company, you find the following: ch Budget ust. a. Cash balance on June 1 is $345. b. Actual sales for April and May are requires develope Overh prod April Мay Cash sales Credit sales Mai $ 10,000 25,000 $35,000 Pov $15,000 25,000 Inc Re Total sales $40,000 c. Credit sales are collected over a three-month period: 50 percent in the month of sale, 30 percent in the second month, and 15 percent in the third month. The sales collected in the third month are subject to a 1.5 percent late fee, but only half of the affected customers pay the late fee, and the owner does not think it ie worth his while to try to collect from the other half. The remaining sales are Requ 1. L 2. uncollectible. d. Inventory purchases average 60 percent of a month's total sales. Of those pur- chases, 40 percent are paid for in the month of purchase. The remaining 60 per- cent are…

Question 5As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Accounts Receivable - Dr 146,000 and Allow for uncollectible Accounts - Dr 6,200 Perry Materials uses the aging method and has completed the following analysis of the accountsreceivable:Customer 1-30 Days 31-60 Days 61-90 DaysOver 90DaysTotalBalanceJohnson $4,600 $3,200 $7,800Hot Pots, Inc. 800 1,000 1,800Potter 40,000 550 40,550Harrison 3,600 900 4,500Marx 2,000 50 2,050Younger 65,000 65,000Merry Maids 5,900 5,900Acher 12,000 6,400 18,400Totals $127,500 $13,750 $3,700 $1,050 $146,000Uncollectible percentage 2% 10% 20% 40%Estimated uncollectibleamount $2,550 $1,375 $740 $420 $5,085Required:1. How much will the Uncollectible account expense for the year be?2. What will the final balance in the Allowance account be, after adjusting for uncollectibleaccount expense?

Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 133 a-b CALCULATOR PRINTER VERSION BACK NEXT On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts Payable control account had a credit balance of $109,000. The October transactions recorded in the special journals are presented below. Special Journals October Transactions Sales journal Total sales $183,000 Purchases journal Total purchases 75,000 Cash receipts journal Accounts receivable column total 128,000 Cash payments journal Accounts payable column total 49,000 Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31. Accounts Receivable Compute the balances of the accounts payable control accounts after the monthly postings on October 31. Accounts Payable SUBMIT…

es C raw ill On January 1, Wei Company begins the accounting period with a $36,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $8,000 in customer accounts was uncollectible; specifically, $1,500 for Oakley Company and $6,500 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet { + [ > prt sc } ] delete backspace ^4 40 home num lock 7 end 1 4

Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relatingto both receivables and payables are included in a single controlling account called“Receivables control” that has a debit balance of P4,850,000. An analysis of the make-upof this account revealed the following:Debit Accounts receivable – customers 7,800,000Accounts receivable – officers 500,000Debit balances – creditors 300,000Postdated checks from customers 400,000Subscriptions receivable 800,000CreditAccounts payable for merchandise 4,500,000Credit balances in customer’s accounts 200,000Cash received in advance from customers 100,000Expected bad debts 150,000After further analysis of the aged accounts receivable, it is determined that the allowancefor doubtful accounts be P200,000. What is the correct total of current net receivables?__________.

Word Problem 14-15 (Algo) [LU 14-2 (1)] From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer's concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 3/24 Billing date $ 664 Previous balance Payment $ 60 Credit 3/29 Charge: Sears 250 4/5 Payment 19 Credit 4/9 Charge: Macy's 160 Average daily balance

Journal Entires for transaction June 20 Repaired a damaged steering mechanism for customer Darren O'Malley and also installed a new Hickster Pipe. Mr. O'Malley was billed for 3.25 hours of labor, accessories totaling $430.00, plus sales tax. He paid with a bank credit card. Merchandise listed on the sales invoice: Stock Number....................Item.................Quantity.............Net Cost Per Unit BM102 .......................HICKSTER PIPE............1...........................$215.00 Sales Tax 8%  Labor cost $65/hour