Here is a bill from a credit card company that a credit card user received: May 1: Unpaid Balance = P42,500.75; May 10: Payment Received = P2,125.00; May 15: Purchases = P1,450. Compute the total amount due at the end the billing period which is May 25.
Q: A business has the following balances at the beginning of the year: Accounts receivable: 265000…
A: Working 1. Balance in Allowance for Doubtful debts after write off = 39,750 - 31,800 = 7,950 2.…
Q: Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with…
A: Record the given transactions in general journal.
Q: Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells…
A: Factoring indicates to a transaction in which the corporation sold its receivable dues to the third…
Q: Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3,…
A: Under the direct write-off method, the bad debt is charged to expense when accounts receivable are…
Q: A credit card account had a $233 balance on March 5. A purchase of $107 was made on March 12, and a…
A: The computation of average daily balance: Hence, total billing period is 30 days, and the total…
Q: On July 31, the accountant for Team Shirts was reviewing items related to accounts receivable. The…
A: Bad debts expense for July = Credit Sales x estimated uncollectible % Ending balance in the…
Q: Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was…
A: Accounts receivable Accounts receivable refers to the amounts to be received within a short period…
Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…
A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…
Q: The table below shows a summary of Milan's credit card statement for the month of February.…
A: Interest is an amount paid on money borrowed from the company or an individual over a period of…
Q: On March 4, Micro Sales makes $3,900 in sales on bank credit cards that charge a 2% service charge…
A: Gross sales are for $3,900 but 2% less cash will be received after levying the service charge on…
Q: Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit…
A: When a business makes credit sales to its customers, then amount due from customer is known as…
Q: For the credit card account, assume one month between billing dates (with the appropriate number…
A: Computation of the average daily balance:Hence, the average daily balance is $352.80.
Q: Journalize the following transactions,
A: Transaction is: March 17-received $275 from Shawn McNeeley and wrote off the remainder owed of…
Q: a credit card bill due on april 5 showed balance of $263. The card holder forgot to pay the bill…
A: The question is based on the concept of calculation for average daily balance in credit card account…
Q: A company has a 30-day credit terms to its customers. It has a total of P120,000 in their accounts…
A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise.…
Q: On March 4, Micro Sales makes $6,500 in sales on bank credit cards that charge a 2% service charge…
A: Date Account title and explanation Debit$ Credit$ 04-Mar Cash 6370 Credit…
Q: . A journal entry with a debit to cash of $980, a debit to Sales Discounts of $20, and a credit to…
A: INTRODUCTION In the question two terms have been used which are "sales" and "net sales". Sales is…
Q: Sunset Tours has a $3,500 account receivable from the Del Mar Rotary. On January 20, the Rotary…
A: Journal: Recording of a business transactions in a chronological order.
Q: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…
A: Entry for recording payment: Accounts payable A/c To Cash A/c ( Being record of accounts payable )
Q: Malachi Department Store starts its business on May 1, 2022 and completes the following transactions…
A: Credit Card Sales are the sales when the customer pays through credit cards and the money transfer…
Q: On April 10, Salt Company received a cheque trom Pepper Company for payment of an invoice dated…
A: Introduction:- The term is 2/10 , n 30 means 2% discount is allowed if payment made in less than 10…
Q: Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which…
A: Credit card expense = $4,900 x 5% = $245 Credit card expense is borne by the seller and the seller…
Q: Sheridan Company has the following accounts in its general ledger at July 31: Accounts Receivable…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…
Q: The entries in a receivables' ledger control account for the first accounting period were: Sales…
A: We have the following information: Sales: $250,000 Bank: $225,000 Returns: $2,500 Irrecoverable…
Q: Catherine's cookies has a beginning balance in the account payable control total account of $8,200.…
A: Ending balance in accounts payable account = Beginning balance + purchase - payment made
Q: The following information is from the records of Mountainview Camera Shop: Accounts receivable,…
A: Bad debt expense is the expense which is recorded when a receivable becomes uncollectible.
Q: P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made…
A: Accounts receivable refers to the balance amount to the firm for goods and services delivered but…
Q: On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 3% service charge…
A: Journal: It is the systematic record of a financial transaction recorded in a chronological order.
Q: Gate City Cycles had trouble collecting its account receivable from Sue Ann Noel. On June 19, 2018,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: For each transaction, indicate whether the receivables should be reported as accounts receivable,…
A: Note Reeivable: Note receivable is an instrument gives the holder right to receive the amount…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts…
A: Journal entry is a record of financial transaction in the books of accounts maintained by an…
Q: a. From the following list of balances, prepare the Accounts Receivable Control Account for the…
A: Control accounts shorten the time it takes to produce management account data since the control…
Q: A credit card bill due on April 5 showed a balance of $263. The cardholder forgot to pay the bill…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Kingbird & Co.reported the following information in its general ledger for the year ended November…
A: Accounts receivables are those accounts or customers to whom business has made credit sales on…
Q: Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Cullumber Inc. mistakenly recorded a cheque as $477 that was written for $553 in payment of a…
A: Definition: Bank statement: This is a periodic or monthly statement issued by the bank reporting the…
Q: Using the table, what is the average daily balance of the credit card for the July 1 - July 31…
A: Please see below calculation of average daily balance= From Day 1 to Day 8:- Closing Balance=8000…
Q: check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What…
A: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…
Q: The following account balances come from the records of Ourso Company. Beginning Balance $ 3,141 116…
A: Collection of accounts receivable = Beginning accounts receivable + Credit sales - Ending accounts…
Q: A credit card bill due on April 5 showed a balance of $263. The cardholder forgot to pay the bill…
A: The question is multiple choice question Required Choose the Correct Option
Q: A credit card account had a $243 balance on March 5. A purchase of $179 was made on March 12, and a…
A: From March 5 to March 12, the balance of account is $243 for 7 days.From March 12 to March 28, the…
Q: Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A…
A:
Q: The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits…
A: Financial Position is the balance of recorded assets, Liabilities and Equity of the Entity.
Q: Crane Company has the following accounts in its general ledger at July 31: Accounts Receivable…
A: General journal: It is the initial step to record all the transactions in a general journal before…
Q: The unpaid balance at the start of a 30-day billing cycle was $660.63. No purchases were made during…
A: Initial Unpaid balance is $660.63 Annual interest rate is 19.67% Amount deposited on day 21 is…
Q: On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a…
A: Journal book: Journal book is an accounting book of an entity which creates a way for beginning of…
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: Sales discount = Sales x discount rate = $1,715 x 2% = $34.30 Cash received = Sales - Sales…
Q: On December 31, 20X1, the company reported a debit balance of $100,000 in accounts receivable and a…
A: Ending Accounts receivable = $100,000 + $400,000 - $14,000 Ending Accounts receivable = $486,000…
Q: Journalize the following transactions, using the direct write-off method of accounting for…
A: Direct writeoff method is a method used to writeoff the uncollectible accounts, from which amount…
PLEASE TYPE IT AND NOT HANDWRITTEN
Here is a bill from a credit card company that a credit card user received:
May 1: Unpaid Balance = P42,500.75; May 10: Payment Received = P2,125.00; May 15: Purchases = P1,450. Compute the total amount due at the end the billing period which is May 25.
Step by step
Solved in 2 steps
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalUsing the table, what is the average daily balance of the credit card for the August 1 through August 31 billing period? Round your answer to the nearest dollar. Provide your answer below: Day Activity Adjustment Closing Balance 1 950 8 Payment -400 550 16 Purchase +250 800 24 Purchase +100 900
- The credit card with the transactions described in the pop-up below, uses the average daily balance method to calculate interest. The monthly interest rate is 1.7% of the average daily balance calculate parts a-d using a statement in the pop-up. a. Find the average daily balance, for the billing record round to the nearest cent the average daily balance for the billing period is $__? b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. The interest to be paid on July 1 is $__? c. Find the balance due on July 1. The balance due on July 1 is $__? d. This credit card requires a $30 minimum monthly payment if the balance due at the end of the billing period is less than $400. Otherwise, the minimum monthly payment is 1/25 of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by July 9? The minimum monthly payment is $__?Using the table, what is the average daily balance of the credit card for the August 1 - August 31 billing period? Round your answer to the nearest cent. Provide your answer below: Day Activity Adjustment Closing Balance 1 850 8 Payment -400 450 16 Purchase +350 800 24 Purchase +600 1,400A credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 19 Debit Credit
- A credit card has a monthly rate of 1.6% and uses the average daily balance method for calculating interest. Here are some of the details in the June 1-June 30 itemized billing: June 1 Unpaid Balance: $450.98 Payment Received June 9: $130 Purchases Charged to the Account: $259.1 Average Daily Balance: $355.65 Last Day of the Billing Period: June 30 Payment Due Date: July 9. Click the icon to view the table. O A. a. $5.51 b. $326.49 c. $20.00 O c. a. $5.69 b. $585.77 c. $58.58 a. Find the interest due on the payment. due date. b. Find the total balance owed on the last day of the billing period. c. Minimum payment terms are shown in the accompanying table. What is the minimum payment due by July 9? C OB. a. $5.76 b. $320.98 c. $20.00 OD. a. $5.76 b. $676.63 3. $58.58The credit card with the transaction described in the popup below uses the average daily balance method to calculate interest.The monthly interest rate is 1.5% of the average daily balance. A.The average daily balance for the billing period. B.Find the interest to be paid on july 1,the next billing date. C.Find the balance due on july 1.The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Transaction Amount Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 $250.00 credit $30.00 $80.00 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $. (Round to the nearest cent as needed.) b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $. (Use…
- The table below shows a summary of Carmen's credit card statement for the month of November. Transaction types Unpaid balance from October (Beginning balance on November 1) Purchases made during the month of November Payments made during the month of November Complete the parts below. Write your answer to the nearest cent. Amount $2677.32 $443.70 $386.60 (a) Suppose the credit card company charges 1.82% monthly interest on the unpaid balance from October. How much interest will this be? $0 (b) What will Carmen's unpaid balance be on her December 1 statement? (Assume that this balance will include the interest from part (a), but will not include any interest on her November balance yet.) $0The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent.The average daily balance for the billing period is $_ B.Find the interest to be paid on April 1, the next billing date.Round to the nearest cent. C.Find the balance due on April 1.Peter's credit card statement for October showed these items: 10/1, previous balance, P1,080.15; 10/5, purchase, P756.89; 10/10, purchase, P1,061.88; 10/14, purchase, credit card company uses a 5.0% monthly periodic rate and the average daily balance method. How much is Peter's current balance? P890.23; 10/25, payment, P850. Peter's A. P3080.05 B. P4,320.6 C. P87,356.18 D. P2817.94