The appropriate journal entry for each of these transactions,
Date Journal entry Debit credit
Nov 20 Cash a/c 441
credit card discount 9
To sales revenue 450
Nov 25 Accounts receivable 2800
To sales receivable 2800
Nov 28 Accounts receivable 7200
To sales receivable 7200
Nov 30 Sales return 600
To account for receivable 600
Dec 06 Cash 6468
sales discount 132
To accounts receivable 6600
Dec 30 Cash 2800
To accounts receivable 2800
Net sales:450+2800+7200-600-132
= 9718
Examples of transactions are as follows: Paying a provider for offerings rendered or goods introduced. Paying a vendor with cash and a note so one can obtain ownership of assets formerly owned by the seller. Paying an employee for hours worked.
A transaction is a finished settlement between a client and a seller to exchange items, offerings, or monetary property in going back for cash. The term is also commonly utilized in company accounting. In business bookkeeping, this simple definition can get complex.
A cash transaction is the immediate charge of coins for the acquisition of an asset. some market stock transactions are considered cash transactions although the exchange might not settle for some days. A futures agreement isn't always considered a cash transaction.
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Answer:
$2,969.22
Explanation:
Equal principal repayment=$2,500/5
Equal principal repayment=$500
The fact that Jeremy's son repaid $517.50 at the end of the 5th year, means that the interest paid in year 5 is the difference between the amount repaid($517.50) and the equal principal repayment($500)
interest paid in year 5=$517.50-$500=$17.50
That also means that the balance outstanding at the beginning of year 5( at the end of year 4) is $500, which effectively means that the interest rate on the loan is the determined thus:
interest paid in year 5=balance at the end of year 4*interest rate
$17.50=$500*interest rate
interest rate=$17.50/$500
interest rate=3.50%
The schedule of repayment is attached
The first repayment would be invested for 4 years, since it is occurring at the end of year 1( in years 2-5), the year 2 repayment would be invested for only 3 years and so on.
FV value of reinvestment of repayment=$587.50*(1+3.50%)^4+$570.00*(1+3.5%)^3+$552.50*(1+3.5%)^2+$535.00*(1+3.5%)^1+$517.50
FV value of reinvestment of repayment=$2,969.22
Answer:
events
Explanation:
it is an emergency situations that needs to be answered quickly
Answer:
Accordingly, the change should be disclosed in notes to the financial statement of the current year.
Explanation:
A change in accounting principle occurs when there is change in a method adopted for measuring an accounting item. For example, change in depreciation method used. This change is usually apply prospectively i.e that is in effect of the future period. When this happen, it breaches the principle of consistency that accounting methods should remain same from period to period and distort comparison across period.
In order to curtail this, it is important to disclose to users of the financial statement that there is a change in accounting principle.And this disclosure should be made in the current period even if the change in accounting principle does not materially affect the current year figure.
Making this disclosure will enable the users to understand how the comparison will be made and reason for the change in accounting principle.
Answer:
Closing/ New Level of Retained Earnings = $170,000
Explanation:
As for the provided information,
Retained earnings opening balance = $140,000
Net Profits after taxes = $65,000
This balance of net profit which is after taxes includes the dividend earned, which shall be the part of income, as the dividend earned is part of our income in case not reduced from carrying value of investment, as in case of investment in any company's stock for less than 20% share.
Also the preference dividend paid tends to reduce the net income to be added to retained earnings.
Therefore, closing balance of retained earnings:
= $140,000 + $65,000 - $35,000 = $170,000