Prepare ram account from the following transaction presented for payDOOR SHOWS a credit of 330 as interest and a debit of 60 as bankQ25. Prepare Ram Account from the following transactions:DateTransactionsMarch 1March 2Sold goods to Ram for cash 40,000Sold goods to Ram ₹30,000March 5March 610,000 from RamReceivedRam was declared insolvent and 40 paise inrupee was could be recovered from the OfficialReceiver.06 Describe the rules of Debit and Credit for the following:

Step 1: Introduction to AccountingAccounting refers to the process of recording business…

Answered: presented for pay DOOR SHOWS a credit…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS: 7) Customer transferred 85 .000 TL to the Bank, to close the openaccount 8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer issued 95.000 advance check for the order . 9) Land is Purchased for 2.850.000 TL + %10 VAT from X Company andBank transfer is made to X company. Real Estate Service Invoice is 80.000 + %10VAT.Half check is issued and balance is on account. Property tax is 70.000 TL ,paid cash.
Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
The Bramble Company received $820 on account frana cto The transaction was eneously recorded as a detto Cashf $280 and a cradit to Accounts Payable of 5280 The correcting entry is O Accounts Payable Cav Accounts Receivable Accounts Payable Cash Acourts Receivable Accounts Payable Cah Accounts Payable Accounts Receivable 820 140 200 540 290 200 1300 820 240
King Burger Company provides the following information: account payable is OMR 100,000; bank overdraft is OMR 30,000; cash is OMR 16,000 and accrued expense is OMR 20,000. Calculate total current liability. O a. OMR 110,000 O b. OMR 150,000 O c. OMR 140,000 O d. OMR 130,000
The following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 3,141 Ending Balance $ 3,982 202 116 During the accounting period, Ourso recorded $12,300 of sales revenue on account. The company also wrote off a $123 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
The owner, Billy Bong, increased his capital by depositing R30 000, 00 directly into the Received cash from R Roxy's in settlement of his debt as on 1 March; issued receipt no 002. rium ad or service is sold for? set the prices deellers) Transactions for March 2020 02 business's current bank account: receipt no. 001 was isued. 06 Cash sales of goods according to cash register roll, R3 200.00. 13 Received cash from L Lizzy for R3 530 00 in part settlement of the amount owed on 1 March 2020; issued receipt no. 003. 18 Sold goods on credit to R Roxy, R16 830.00: issued invoice no. 654. 23 Received cash from R Roxy in settiement of all his debt to date, receipt no. 004. 29 Credit sales of goods to L Lizzy, R7 450,00: issued invoice no. 655. Debtors journal of Billabong Traders - March 2020 DJ3 Doc Detals Fol Sales Cost of sales No
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MCQS 1 AS Inc. made a €40,000 sale on account with the following terms: 2/15, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as sales revenue?a. € 38,400b. € 40,800c. €40,000d. €39,200MCQ 2Which of the following is not considered cash for financial reporting purposes?a. Petty cash funds and change fundsb. Dividends receivablec. Coin, currency, and available fundsd. Money orders, certified checks, and personal checksMCQ 3Travel advances should be reported asa. supplies.b. cash because they represent the equivalent of money.c. investments.d. None of these answer choices are correct. no need of explanation
Help Save & Exit Submit TB MC Qu. O7-145 (Algo) Winkler Company borrows... Winkler Company borrows $87,000 and pledges its receivables as security. The journal entry to record this transaction would be: Multiple Choice ok Debit Cash of $87,000 and credit Accounts Receivable $87,000. nces Debit Cash of $87,000 and credit Accounts Payable $87,000. Debit Notes Receivable $87,000 and credit Accounts Receivable $87,000. Debit Cash $87,000 and credit Notes Payable $87,00. < Prev 12 of 20 Next A tv MacBook Air 80 DII F3 F4 F5 F6 F8 F7 23 24 2 7 W E の * 00 < co

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