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CAN SOMEONE HELP ME PREPARE AN ENTRY TABLE?
On May 2, Blossom Company lends $8,400 to Chang, Inc., issuing a 6-month, 12% note. At the maturity date, November 2, Chang indicates that it cannot pay.
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- Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for early payment. 2. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…In the Invoice Lookup, when viewing recorded invoices, The Sage 50 Accounting program will display a: a Invoices not fully paid symbol. b Paid stamp for invoices paid in full. Discount symbol for invoices not paid that have a discount. d Credit terms.
- Prepare journal entries to record the November transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (To record cash deposits on personal bank account) (To open bank account)Gary Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form below. Cullumber Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $124,000 Accounts payable $50,900 Land 71,900 Notes payable (long-term) 301,900 Buildings (net) 201,900 Total liabilities 352,800 Equipment (net) 176,900 Common stock Copyrights (net) 31,900 Retained earnings 253,800 Total assets $606,600 Total liabilities and stockholders' equity $606,600 Moss and Cullumber agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Cullumber agrees to sell the gallery to Moss for $350,000. $232,900 20,900Nash's Trading Post, LLC uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jour entries in the order presented in the problem.) Do not give answer in image
- A customer issued a note for an overdue account. Which of the following procedures is correct? A. The note is credited in the general journal by a debit to accounts receivable B. The amount will be posted to the credit side of the customer's card C. The amount will be posted to the debit side of the customer's card D. This will be posted to the accounts receivable general ledger on the debit side.Prepare the general journal entry to correct the Cash account. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
- Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Sept. Nov. 1 1 1On April 1, Carla Vista Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Issued common stock for $21,600 cash. Obtained a bank loan for $6,300 by issuing a note payable. Paid $9,900 cash to buy equipment. Paid $1,100 cash for April office rent. Paid $1,300 for supplies. Purchased $540 of advertising in the Daily Herald, on account. Performed services for $16,200: cash of $1,800 was received from customers, and the balance of $14,400 was billed to customers on account. Paid $360 cash dividend to stockholders. Paid the utility bill for the month, $1,800. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $5,760. Received $10,800 cash from customers billed in transaction (7). Paid income tax, $1,350. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and…7) When recording a customer credit card payment on account using QuickBooks, select:A) Create Invoice > Customer Payment > Customer & Job NameB) Create Sales Receipt > Record DepositsC) Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card informationD) Make Deposit > Select Customer & Job Name > Select Payment Method and enter credit card information Group of answer choices A B C D