Accounts Payable had a balance of $18,200 at the beginning of the month. During the month, three debits in the amounts of $4,700, $11,300, and $14,800 were posted to Accounts Payable, and three credits in the amounts of $3,600, $9,500, and $12,700 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account?
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Accounts Payable had a balance of $18,200 at the beginning of the month. During the month, three debits in the amounts of $4,700, $11,300, and $14,800 were posted to Accounts Payable, and three credits in the amounts of $3,600, $9,500, and $12,700 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account?
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- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $29.59 October 16 Credit $10.00 October 25 Purchase $123.60 average daily balance =Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60
- On July 9, Mifflin Company receives an $8,500, 90-day, 8% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $8,670; credit Sales $8,670. Debit Notes Receivable $8,725; credit Interest Revenue $225; credit Accounts Receivable $8,500. Debit Accounts Receivable $8,500; credit Sales $8,500. Debit Notes Receivable $8,500; credit Accounts Receivable $8,500. Debit Notes Receivable $8,500; credit Sales $8,500.On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13.000. What was the amount of credit sales during May? O $52,000. O $32,000. O $47,000. $57,000. O 55,000.The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit and totaled $647,000. Collections on account were $631,000. Write-offs during the year totaled $28,000. What is the ending balance in accounts receivable? A. $10,000 Dr balance B. $18,000 Cr balance C. $6,000 Dr balance D. $34,000 Dr balance
- Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,9003. Calculate the average billing daily balance for each of the monthly statements for the following revolving credit accounte assume a 30-day billing cycle: Billing date Payment amount Charge date(s) Charge amount(s) Average daily balance Previous Payment date 332.03 balance 4/29 $56 $35 a. 4/10 b. 6/15 $329 4/25 $25 6/26 6/30 $573 6/25 $60 $72 $12.50 $108 c. 9/15 $335.50 9/20 $33.55 9/25 9/26 find the finance charge for each monthly statement (problem 3) if the annual percentage rate is 15%Record the following transactions for Pro Line Communications Inc. in the general journal. May 30 Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an account receivable. July 29 Received interest due on Photo Master note. The note is renewed for 45 days at 13% interest. Aug. 28 Received full payment of the Photo Master note. GENERAL JOURNALPage 1 Date Description Post Ref. Debit Credit…
- On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal entry made by Jarrett Company to record the transaction? Multiple Choice Debit Cash $8,800; credit Accounts Payable $8,800. Debit Accounts Payable $8,800; credit Notes Payable $8,800. Debit Cash $8,976; credit Notes Payable $8,976. Debit Cash $8,800; credit Notes Payable $8,800. Debit Notes Receivable $8,800; credit Cash $8,800.Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal. Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648A business issued a 60-day note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings…