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- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the mer-chandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchan-dise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the…Assignment Questions: The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the business with a capital of 300,000. 12th Jan: Purchase Goods costed 10,000. 13th Jan Sold goods for 7,000 on account. 17th Jan Purchase printer costed 20,000 on account 18th Jan Bought Land for 50,000. 19th Jan Received 3,000 from the client for goods sold on 13th Jan. 19th Jan Bought Land for 30,000 19th Jan Withdraw a cash for personal use 2,000. 19th Jan Paid 2,000 for printer purchased. 19th Jan Paid additional 10,000 for printer purchased. Write (1)Journal Entries, (2)ledgers and (3)Trial balance for the transactions.
- Sea Co. has the following transactions in the month of April 2021: 10th April : Commenced business with a capital of 100,000. 14th April : Purchased Goods for cash 15,000. 16th April : Bought Goods on credit 12,000. 21st April : Sold goods on credit 17,000. 22th April : Bought Land for 50,000. 24th April : Purchased machinery for cash 45,000. 25th April : Paid 2,000 for goods purchased. 26th April : Use a cash for personal use 2,000. 27th April : Received 3,000 from the customer. 28th April : Purchased Goods for cash 5,000. Write (1) Journal Entries, (2) ledgers and (3) Trial balance for the transactions.The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. Feb. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Mar. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11Received from Bradford & Co. the amount due on the note of March 12. May 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co.…
- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems.Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note.Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400.13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000.Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account.14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account.Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.)May 11. Received from Bradford & Co. the amount due on the note of March 12.13. Dry Creek Co. dishonored its note dated March 14.July 12. Received from Dry Creek Co. the amount owed on…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount…
- Smith had the following transactions during March, 2022. 2 4. 5. Smith sold and delivered $13.000 of merchandise to LJ Enterprises. terms 2/10,n30. LJEnterprises also ordered an additional $4,000 worth of goods on the last day of the month. Smith lent $900 to its company president who promised to repay the loan on the 15th day of the next month. Smith sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2.000 promissory note to Smith agreeing to pay for the sheds in 3 months. Other current assets totaled $45,000. Smith received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month end. (Round answer to 0 decimal places, e.g. 25%.) Accounts ReceivableThe following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.