Rocket Ltd, purchased a building from Moon Ltd. for $ 6.500.000. The payment was made as to 25% by accepting a bill of exchange, and for the balance debentures are allotted at 25% premium. Journalise in the books of purchaser.
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Rocket Ltd, purchased a building from Moon Ltd. for $ 6.500.000. The payment was made as to 25% by accepting a bill of exchange, and for the balance debentures are allotted at 25% premium. Journalise in the books of purchaser.
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- Cash and Discount. Villora Corp. received an invoice dated on November 2nd with an amount of $4,700.00. The terms on the invoice are 5/10, n/30; and Villora Corp. paid $1,500.00 on November 10th. What is the outstanding balance owned on the invoice? O a. $3,296.00 O b. $2,965.00 Oc $3,125.00 Od. $3,121.05Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a partial payment of $16,300.00 during the discount period, calculate the balance of the invoice. $0.00 Round to the nearest cent QuestionsPearl Enterprises purchased store equipment by making a $2,960 cash down payment and signing a 1-year, $34,040, 10% note payable. The purchase was recorded as follows. Correct the entry below Equipment 40,404 Cash 2,960 Notes Payable 34,040 Interest Payable 3,404
- Scarlet Company received an invoice for $65,000.00 that had payment terms of 1/5 n/30. If it made a partial payment of $17,600.00 during the discount period, calculate the balance of the invoice. Scott received an invoice for $5,000 that had payment terms of 2/5 n/30. She made a partial payment of $2,500 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made. Round to the nearest centLeek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an open accounts receivable. What entry will Leek Company make upon receiving the note? Select one: a. Notes Receivable.............................................. 12,150 Accounts Receivable—Rey Company................ 12,150 b. Notes Receivable............................................................12,000 Interest Receivable......................................... 150 Accounts Receivable—Rey Company............... 12,000 Interest Revenue........................................... 150 c. Notes Receivable.................................................... 12,000 Accounts Receivable—Rey Company............ 12,000 d. Notes Receivable............................................... 12,150 Accounts Receivable—Rey…21. M. Bassie sold the balance in its accounts receivable account of $120,000 to a factor, giving 3% factoring fee. How will this sale be journalized in Kassie's books?
- On August 1, Year 1, Hernandez Company loaned $58,800 cash to Acosta Company. The one-year note carried a 5% rate of Interest. Which of the following shows how the December 31, Year 1, recognition of accrued Interest will affect Hernandez's financial statements? Assets A. $ 1,715 = B. $ 1,715 = C. $ 1,225 D. $ 1,225 = Multiple Choice O Balance Sheet = Liabilities + ΝΑ + ΝΑ + ΝΑ O O Option A Option B Option C Option D ΝΑ Income Statement Expenses = ΝΑ NA Equity Revenues $1,715 $ 1,715 - $1,715 $ 1,715 - $ 1,225 $1,225 - $1,225 + + $1,225 ΝΑ NA = = = = Net Income $ 1,715 $ 1,715 $ 1,225 $ 1,225 Statement of Cash Flows $ 1,715 OA ΝΑ $ 1,225 OA NAMadison Company issued an interest-bearing note payable with a face amount of $25,800 and a stated interest rate of 8s to the Metropolitan Bark on August 1, Year 1. The note carried a one year term. Based on this information alone, the amount of total liablities appearing on Madisoris Year 1 balance sheet would be Select one O A $25,800 OB $27864 OC $26,660 OD $27,004 Denver Co. issued bonds with a face value of $79,000 and a stated interest rate of 7% The bonds have a life of five years and were sold at 103.50. If Denver amortizes discounts and premiums using the straight ine method, the amount of interest expense each full year would be Select one O A S6083. OB. $5530. OC S4977. OD $5724. Victor Company issued bonds with a $400,000 face value and a 3% stated rate of interest on January 1, Year 1. The bonds carried a Syear term and sold for 93. Victor uses the straight-line method of amortization. Interest is payable on December 31 of each year. The carrying value of the bond…A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a retur of $200 is granted on July 18. What amount is receved as payment in full on uly 247
- Repaid a debt of $120 owing to R. Hill. taking advantage of a 10% discount. The debt was paid by a cheque. Record this transaction in the cash bokkABC Company bought a computer for P30,000. Paid % and issued a note for the balance. This is recorded in the A. General Journal B. General Journal and Cash Disbursements Journal C. Purchases Journal and Cash Disbursements Journal D. None of the above4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit