Learning Activity 2_ Attempt review

(Learning Objective 3: Record note payable transactions) Dean Sales Companycompleted the following note payable transactions:2018Jul Purchased delivery truck costing $58,000 by issuing aone-year, 4% note payable.Dec 31 Accrued interest on the note payable.2019Jul 1 Paid the note payable at maturity.1Requirements1. How much interest expense must be accrued at December 31, 2018? (Round your answerto the nearest whole dollar.)2. Determine the amount of Dean Sales’ final payment on July 1, 2019.3. How much interest expense will Dean Sales report for 2018 and for 2019? (If needed,round your answer to the nearest whole dollar.)

E5-18A. (Learning Objective 5: Apply GAAP for uncollectible receivables) At December 31,2018, Waco Travel Agency has an Accounts Receivable balance of $93,000. Allowance forUncollectible Accounts has a credit balance of $870 before the year-end adjustment. Servicerevenue (all on account) for 2018 was $800,000. Waco estimates that its uncollectible-accountexpense for the year is 1% of service revenue. Make the year-end entry to record uncollectibleaccount expense. Show how Accounts Receivable and Allowance for Uncollectible Accountsare reported on the balance sheet at December 31, 2018.

Auditing || fall20 Dashboard My courses  ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER  Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11:   The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.       YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.       The charity’s income is derived wholly from voluntary donations. Sources of donations include:   (i) Cash collected by volunteers asking the public for donations in shopping areas,   (ii) Cheques sent to the charity’s head office,   (iii) Donations…

(Learning Objective 3: Account for a short-term note payable) On June 1, 2019,Franklin Company purchased inventory costing $90,000 by signing an 8%, nine-month,short-term note payable. Franklin will pay the entire note (principal and interest) on the note’smaturity date. Journalize the company’s (a) purchase of inventory and (b) accrual of interest onthe note payable on December 31, 2019.

(Learning Objective 6: Apply GAAP for notes receivable) Record the followingnote receivable transactions in the journal of Windham Golf. How much interest revenue didWindham earn this year? Use a 365-day year for interest computations, and round interestamounts to the nearest dollar. Windham Golf has a December 31 fiscal year-end.1 Loaned $17,000 cash to Jill Wateman on a one-year, 8% note.6 Performed service for Fairway Pro, receiving a 90-day, 10% note for$14,000.16Company.31 Accrued interest revenue for the year.Received a $5,000, six-month, 5% note on account from Paulson

(Learning Objective 4: Account for warranty expense and accrued warranty payable)North Boulder USA, a tire manufacturer, guarantees its tires against defects for five years or60,000 miles, whichever comes first. Suppose North Boulder USA can expect warranty costsduring the five-year period to add up to 3% of sales. Assume that a North Boulder USA dealerin Denver, Colorado, made sales of $641,000 during 2018. North Boulder USA received cashfor 15% of the sales and took notes receivable for the remainder. Payments to satisfy customerwarranty claims totaled $18,500 during 2018.1. Record the sales, warranty expense, and warranty payments for North Boulder USA.Ignore cost of goods sold.2. Post to the Accrued Warranty Payable T-account. The beginning balance was $14,000. Atthe end of 2018, how much in accrued warranty payable does North Boulder USA owe toits customers?

Learning Objective 6: Apply GAAP for notes receivable) Markley Foodscompleted the following selected transactions.2018Oct 31 Sold goods to Basic Foods, receiving a $30,000, three-month, 5.25% note. (Youdo not need to make the cost of goods sold journal entry for this transaction.)Dec 31 Made an adjusting entry to accrue interest on the Basic Foods note.2019Jan 31 Collected the Basic Foods note.Nov 11 Loaned $15,800 cash to Stra†ord Shops, receiving a 90-day, 10.0% note.Dec 31 Accrued the interest on the Stra†ord Shops note.Requirements1. Record the transactions in Markley Foods’ journal. Assume that no sales returns areexpected. Round all amounts to the nearest dollar. Explanations are not required.2. Show what Markley Foods will report on its comparative classified balance sheet atDecember 31, 2019, and December 31, 2018, for Notes Receivable and Interest Receivable.

(Learning Objective 4: Account for accrued payroll) Fitzgerald Company pays itsemployees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018,Fitzgerald paid wages of $112,000, which covered the 14-day period from December 20, 2017,through January 2, 2018. Wages were earned evenly across all days, including Saturdays andSundays. Employee income taxes withheld for this payroll period totaled $15,610, while theFICA tax withheld was $12,600. (Ignore the employer payroll taxes in this exercise.) Preparethe entry to accrue the company’s wages and payroll taxes at December 31, 2017.

(Learning Objective 5: Apply GAAP for uncollectible receivables) The September 30,2019, records of West Point Communications include these accounts:Accounts Receivable.................................... $249,000Allowance for Doubtful Accounts............... (8,000)During the year, West Point Communications estimates Uncollectible-account expense at 1%of credit sales. At year-end (December 31), the company ages its receivables and adjusts thebalance in Allowance for Uncollectible Accounts to correspond to the following aging schedule:LO 5Age of Accounts1–30 Days 31–60 Days 61–90 Days Over 90 Days$132,000 $52,000 $15,000 $36,000Accounts Receivable$235,000Estimated percent uncollectible 0.5% 2% 15% 35%During the last quarter of 2019, the company completed the following selected transactions:Nov 30 Wrote o as uncollectible the $1,200 account receivable fromLooper Carpets and the $800 account receivable from Williams Antiques.Dec 31 Adjusted the Allowance for Uncollectible Accounts and…

(Learning Objective 6: Account for notes receivable)1. Compute the amount of interest during 2018, 2019, and 2020 for the following notereceivable: On May 31, 2018, Wyoming State Bank loaned $240,000 to Lindsey Weston ona two-year, 8% note.2. Which party has a/ana. note receivable?b. note payable?c. interest revenue?d. interest expense?3. How much in total would Wyoming State Bank collect if Lindsey Weston paid off the noteearly on November 30, 2018?

Problem 1 – Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22  to 8/31/22. The following are selected transactions of Smith College;  6/1/22 Smith College collects $300,000 tuition for the 2022 summer session  6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester  6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session  7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session   Required: Prepare the journal entries for the above transactions assuming Smith College is a private sector  not for profit college Prepare the journal entries for the above transactions assuming Smith College is a State college

Every entry should have narration please   Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG Ltd. has a year end of December 31.   Prepare all of the entries required for the note in 2020 and 2021.

Trial Balance 30 June 2020 Account Name Debit ($) Credit ($) Cash at Bank 6 820   Accounts Receivable 20 000    Prepaid Insurance 6 000   Property, Plant and Equipment (PP&E)  270 000   Accumulated Depreciation – PP&E   50 000 Office Computers  64 000   Accumulated depreciation – Office Computers   10 000 Accounts Payable   11 528 Unearned Sales Revenue   16 000 Bank Loan   48 000 P. Clayton, Capital (1 July 2019)   188 142 P. Clayton, Drawings 10 900   Sales Revenue   319736 Other Revenue     Inventory (1 July 2019) 50 786   Purchases 150 800   Purchases Returns and Discount   26 890 Rent Expense 34 050   Gas and Electricity Expense 10 870   Office Cleaning Expense 6 530   Wages and Salaries Expense 25 900   Telephone Expense 2 700   Insurance Expense 8 440   Advertising Expense 2…

Course: Financial MathematicsA capitalist places a sum of $12,500 at 4% per annum and 3.5 months later, another sum of $28,500 at 4.75%. After how much time will two (2) sums placed have yielded equal interest, and how much would first sum have yielded at twice the time, and how much would first sum placed at twice the time and with a discount of 0.5% in rate have yielded? Answers: 5.6 months of time and $408.33 yields the first sum. Please procedures are needed to get answer by professor THANKS :D

transcribed image text: Luna's savings account had the following balances. Date 04/01/2019 04/17/2019 05/28/2019 06/22/2019 Balance 726,000 782,000 800,000 How much is Luna's ADB for the 2nd quarter of 2019? 535,000 O P752,670.33 O P752,380.43 O P760,648.35 O P761,033.33

Looking for answers asap. Thanks! Analyze and review the following items and determine the appropriate journal entry.  Notes Payable This is a short-term note.  The company borrowed money from JRT Investments on October 31, 2020 for 3 months.  The principal, along with interest is to be repaid on January 31, 2021.  The interest rate is 1.8%. Notes Payable = $250,000

37-On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under current liabilities in the balance sheet on 31 Dec 2020? a. RO 7,000 b. RO 6,000 c. RO 5,000 d. RO 3,000

ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…

ASAP!! PLEASE Gulistan textile mills, INC.                                                                 TRIAL BALANCE DECEMBER 31,2020 TITLE OF ACCOUNT DEBIT CREDIT Cash 110,350   Account receivable 54600   Note receivable 83,000   Land 100,000   Inventory-opening 40,500   Supplies 650   Prepaid insurance 1200   Furniture and Fixture 83,200   Accumulated depreciation-furniture   2400 Account payable   47,000 Note payable    (long-term)   12,600 Capital-Frank   175,000 Sales revenue   338,000 Sales discount 1400   Sales return and allowance 2000   Interest revenue   600 Purchases 89,300   Purchases discount   3000 Purchases return and allowances   1200 Freight in 5200   Rent expense 8400                         TOTAL 579,800 579,800 ADJUSTMENT DATA: Interest revenue earned but not yet collected Rs.…

Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on May 31, 2021.  Prepare the entry for this note on September 30, 2020. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11. Fill in the blank, read surrounding text.  Blank 12. Fill in the blank, read surrounding text.  Blank 13. Fill in the blank, read surrounding text.  Blank 14. Fill in the blank, read…

QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHSAccumulated fund (1/06/2019)23364000Massage Palour inventory at beginning (1/06/2019)4455000Massage Palour Purchases8382000Building (Cost)21153000Equipment (Cost)2640000Furniture and fittings (Cost)1650000Subscriptions1980000Affiliation Fees247500Savings Account5610000Venue of the "Weekend in Paradise Trip" 115500Executive Mens Club Entrance fees198000Massuer's Wages and Salaries825000Accumulated Depreciation Building 8461200Equipment 660000Furniture and Fittings 165000Salaries792000Rent 316800"Weekend in Paradise Trip" expenses198000Administrative expenses574200Interest on Savings account313500Sale of "Weekend in Paradise Trip" tickets2508000Bank account (Current)4125000Donation for "Weekend in Paradise Trip"610500Revenue from Massage Palour12540000Life membership fees610500Utilities326700102821400Additional Information1. Massage Palour inventory (31st May 2020)8910002. Subscription paid…

Payroll Accounting Class (2301-900) Cengage - eBook Bieg/Toland's Payroll Accounting (2021, 31th Edition) Chapter 2 - Computing Wages and Salaries Chapter 2 - Continuing Problem 2B (Onley Company, Excel)   I need help finishing the Total Amount (last fourcells) for Regular Earnings and I need all four columns for OT Earnings I will need the formula for the Amount and Total Earnings columns (example: =40*19.5) below I have attached the homework assignment and the information given

There are two research cases in this assignment.  This assignment must be completed by 9:00 a.m. Monday, November 8, 2021.  You will submit your answer directly on D2L.  You may submit your response in either of the following ways:  1) following the link for the extra credit assignment under Submissions in this week’s content or 2) alternatively, you may follow the link at the top of D2L to Research and Exams.  Select Research Assignment #5.  (Don’t worry that D2L calls this submission a quiz).  You will enter the Topic, Subtopic, Section, Paragraph  in a fill in the blank question and your overall conclusion to this case.  Example:  ASC 100-10-45-4 (you do not need to enter what the guidance content)   Research Case #1:  Peronto’s Inc. is an asphalt contractor located in Kansas City, Mo.  Peronto’s Inc. is planning on expanding into the Chicago market is budgeting that the start-up expenditures for the new Chicago facilities will be $25,000.  These expenditures will be for the…

PLEASE SOLVE THIS ANSWER IN WORD DOCUMENT. I FOUND ALOT OF SAME ANSWERS ON CHEG ,BUT ALL ANSWERS ARE DIFFERENT, PLEASE SOLVE IT CORRECTLY. THANKS..... . Oaktree Industries Inc. has the following selected accounts at December 31, 2020:   Notes payable, long-term                   100,000 Interest payable (due Mar 1/21)        10,000 Accounts payable                                56,000 Salary Payable                                     16,000 Bonds payable                                   300,000 Equipment                                          120,000 Current portion of bonds payable      20,000 Discount on bonds payable (LT)         10,000 Accounts receivable                            34,000   Required: Prepare the liabilities section of Oaktree’s balance sheet at December 31, 2020, to show how Oaktree would report these items. Report total current liabilities and total liabilities. You may use Exhibit 1-10 as reference.