Paid for a newspaper advertisement, $200. No interest. Offer only valid to new credit customers who apply and are accepted for a credit account by 7th January 2021. 2 - Concrete Consulting Co. has the following accounts... Ch. 26 Purchased supplies on account, at a cost of $350. 4. 29. 10/16 She paid automobile expenses of $250 and miscellaneous expenses of $100. 2 - Outdoor Leadership School is a newly organized... Ch. 69 Comments. Determine the effect of the following errors on a companys total revenue, total expenses, and net income. 2 - Identify the errors in the following trial... Ch. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. Factory overhead rate, entry for applying factory overhead, and factory overhead account balance The com accoun... On the basis of the following data, determine the value of the inventory at the lower of cost or market. Paid $700 to a local audio electronics store for rental of digital recording equipment. Withdrew $1,250 cash from PS Music for personal use. Annual lifestyle credit of $50 that can be used anyway you like. Representative 39.9% APR variable thereafter. 2 - Prepare a journal entry for the purchase of office... Ch. Paid rent for July, $1,750. 8. 4. 10/25 She received a cash payment of $5,000 from customers previously billed (on account). 208-Debit A/P $950 (liability) 201-Credit-Cash $950. 21 Received $250 for services rendered on a cash basis (i.e., not on account). Accounts payable is overstated as well. The account has not been paid on in almost two years and I want to correct this matter. It’s against the law. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Paid wages of $1,200 to receptionist and part-time assistant. Safe Credit Union is offering a bonus of $250 or $400 when you open a new checking account using promo code YOUFIRST.Both bonuses require opening a Perfect Cents Checking® or Prestige Checking and completing 30 visa debit card transactions (this earns a $150 bonus). 2 - The following errors took place in journalizing... Ch. EFFECTIVE INTEREST RATE You borrow 230,000; the annual loan payments are 20,430.31 for 30 years. Introduction to Creditors. Discuss what happens during each of the four steps of the managerial decision-making process. Paid for a newspaper advertisement, $200. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists’ music during July. 2 - As of January 1, Terrace Waters, Capital had a... Ch. 2 - Assume that when a purchase of supplies of 2,650... Ch. Which of the following do you think would lead to an increase in the current demand for beef? 2 - Do the terms debit and credit signify increase or... Ch. 22. Improving energy efficiency in Victoria. You can use your credit card to register, you don’t need to have a current account with us. When you pay money to an a creditor (account payable), the entry should be - Accounts Payable (dr) Cash (cr) Because Accounts receivable has been debited in the incorrect entry, it has increased accounts receivable balance when there is no effect on accounts receivable. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Paid telephone bill (utility expense) for the month, $250. Join Yahoo Answers and get 100 points today. e. Paid creditors on account $1,100 f. Billed customers for fees earned for managing rental property, $3,600. Served as disc jockey for a party for $2,500. 2 - Assume that Muscular Consulting erroneously... Ch. This will take, at minimum, 10-15 minutes. Describe the bases for segmenting business markets. Easy Sign up. 28. 3. 2 - National Park Tours Co. is a travel agency. 5. Correct the number usage in the following sentences taken from a letter or a report. The policy covers a one-year period. The following table describes the production possibilities of two cities in the country of Baseballia: a. Witho... From a lessors standpoint, a direct-financing lease does not meet any of the classification criteria of a sales... Sell at Split-Off or Process Further Eunice Company produces two products from a joint process. Begin by looking at the historical performance of the overall stock market. 2 - The following data (in millions) were taken from... Ch. Similarly, you are in debt to your suppliers if they have provided you with goods which you are yet to pay for in full. If your supplier allows you credit and invoices you for a product or service and you make payment at a later date 30 days 60 days etc, then while you owe the supplier the money they are classified as a creditor of your business. Consider the market for rubber bands. The following accounts have normal balances. Received $3,000 for serving as a disc jockey for a party. 27. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. When you pay "on account" it means you are paying off an account you have with someone, meaning, a debt. Enter the following transactions on Page 2 of the two-column journal: 16. Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music’s checking account. Paid $620 to Upload Music for use of its current music demos in making various music sets. During the 90-day spend period, only in-person and online transactions with your debit card will qualify as spend. PS Music’s chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 11. 13. Served as disc jockey for a party for $2,500. 29. 23. Whenever you check out on a new device and browser when logged in with your Google account, you can log in automatically at checkout without entering your password. Your creditor has employed the debt collection agency to reclaim your debt. American Express has launched a new offer for the AMEX Platinum Credit Card, which gives cardholders S$250 in Lazada vouchers upon approval. Customers who do not pay for products or services up front, for example, are debtors to your business, which serves as the creditor in this scenario. Received cash from customers on account, $14,800. 1. 1. 2 - On August 1, 2019, Rafael Masey established Planet... Ch. what is the effect when $300 cash is paid to accounts payable/ bob office supply. Paid an attorney $900 for reviewing the July 3 contract with KXMD. Earn a $150 bonus when you spend $500.01–$1,500.00 within 90 days of opening the account OR earn a $250 bonus when you spend $1,500.01 or more within 90 days of opening the account. 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Ch. • Our bank account number - 00618691 • Our bank account name - Saint-Gobain Building Distribution Limited Please post your remittance advice to PO Box 7357. In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. 27. Paid cash for an office desk, $250. 3. 10/20 She paid creditors on the account ($500). 10/15 She purchased computer supplies for $3,000, paying $750 in cash and the rest on account. Tell me more Pay no interest until March 2021. Prepare an unadjusted trial balance as of July 31, 2019. Adjustment: Responding to Door Claim. If you want to pay by card, you have to click on the inconspicuous ‘Pay now?’ button further down the page – otherwise a credit account will be opened and the order charged to that account. 2 - For each of the following errors, considered... Ch. Annual fee of $120, which is waived for the first year. Rest easy knowing you’re always covered and save hundreds in fees annually. Received $750, with the remainder due August 4, 2019. Paid creditors on account, $7,110. Paid cash for miscellaneous expenses, $400. Skip typing your password by staying logged in on this device. 21 Received $250 for services rendered on a cash basis (i.e., not on account). Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 2. The... Ch. 30. I added $1420 to my accounts payable but I am confused where else to put the transaction so the equation can balance. Paid miscellaneous expenses, $540. 2 - On August 1, the supplies account balance was... Ch. Here are the bookkeeping transactions you use for accounts payable.You make this entry in the cash disbursements journal, the cash journal, and the expense journal.The scenario is that a company buys $250 worth of office supplies and uses its store credit to pay for them. Paid wages of $1,200 to receptionist and part-time assistant. Earn 10% more points when you have an authorized user to the account. 2 - Checking accounts are a common form of deposits... Ch. 31. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Keep an eye out for the payments to start flowing through on these months, but note they may not appear in bank accounts … Suppose the following data represent points along a short-run Philips curve. 505-Debit Supplies Exp $800 (own eq) 108-Credit Supplies $800. How can I say I am proud of Canada without using I for my essay? 31. The $250 payment will be available online from 1 February to 31 January 2022. Get up to $250 whenever you need it. As we explained, there are two reasons you could hear from a debt collection agency. 2 - Valley Realty acts as an agent in buying, selling,... Ch. Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music’s checking account. July 21. Should I start my scholarship essay off like this. he calculated new account balance in credit column for sales, what is next step? Write. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 4. * Get the first year free, saving you $120. 2 - State for each account whether it is likely to... Ch. 2 - On June 1, 2019, Kris Storey established an... Ch. Can someone help? The account number on my statement is 189478593. 31. I am writing about an account that is in collection with your company. assets decrease $300 liabilities decrease $300. 2 - During the month, Midwest Labs Co. has a... Ch. 2 - On September 18, 2019, Afton Company purchased... Ch. a. 2 - Based upon the data presented in Exercise 2-13,... Ch. Received $1,000 cash from customers on account. 2 - On July 1, the cash account balance was 37,450.... Ch. Withdrew $1,250 cash from PS Music for personal use. BY BACS (BANKER AUTOMATED CLEARING SERVICE) If you wish to pay your credit account by BACS you will need the following details: Using managerial accounting Information The following situations describe decision scenarios that could use man... Kelley Company has completed the following October sales and purchases journals: a. Write Balance in the Item column and place a check mark (✓) in the Posting Reference column. 2 - a. The following transactions were completed during July, the second month of the business’s operations: July 1. 2 - Prepare a journal entry on August 13 for cash... Ch. Purchased office equipment on account from Office Mart, $7,500. Fast Access. 2 - During the month, Warwick Co. received 515,000 in... Ch. 22. 2 - On October 1, 2019, Jay Pryor established an... Ch. Paid wages of $1,200 to receptionist and part-time assistant. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. a. by William Charles. 1 decade ago Fix your credit for $250.00?? Because Accounts receivable has been debited in the incorrect entry, it has increased accounts receivable balance when there is no effect on accounts receivable. 2 - The following preliminary unadjusted trial balance... Ch. 1. A debt collection agency is a company whose job is to get back debt if a borrower isn’t paying a creditor. *Response times vary by subject and question complexity. SALES INCREASE Paladin Furnishings generated 4 million in sales during 2018, and its year-end total assets were... (Objectives of the Economic Decision Makers) In economic analysis, what are the assumed objectives of household... Indicate how important each characteristic is to you. Ch. Your creditor has sold the debt on to the debt collection agency 3. Received $1,000 for serving as a disc jockey for a party. 31. Those receiving the age pension, as well as disability carers, are eligible for the payments, and they work similarly to the $750 payments seen earlier this year. The most direct is the series of two $250 payments, with the first made in December, and the second made in March 2021. what is the equation of the line that passes through the point (-2, -2) and has a slope of 2? An industry currently has 100 firms, each of which has fixed cost of 16 and average variable cost as follows: Q... A sample of midterm grades for five students showed the following results: 72, 65, 82, 90, 76. 11. 11. Received $1,000 for serving as a disc jockey for a party. Owner determined cost of supplies on hand Nov. 30th was 550. 2 - The accounts in the ledger of Hickory Furniture... Ch. Yes it is within the statutory of limitation but they are adamant this is not a debt I know they should ask the supplier for a credit note but that will never happen or write to the supplier saying that they are writing the amount off. 2 - The transactions completed by PS Music during June... Ch. 2 - The following table summarizes the rules of debit... Ch. 2 - The following selected transactions were completed... Ch. 18. No hoops. Paid an attorney $900 for reviewing the July 3 contract with KXMD. Describe where you think the following categoriespaper clips, machine tools, castings, personal computers, fuel... EXHIBIT 4 Marginal Utility for Data for Clothes and Amusement Refer to Exhibit 4. 14. Describe the four variables of the marketing mix. So the answer is d (accounts receivable is overstated). Paid an attorney $900 for reviewing the July 3 contract with KXMD. Deal Calendar. Received $2,000 for serving as a disc jockey for a wedding reception. No credit check. Purchased supplies on account, $850. Cruz reportedly got $35M for donors in last relief bill, Cardi B threatens 'Peppa Pig' for giving 2-year-old silly idea, These 20 states are raising their minimum wage, 'Many unanswered questions' about rare COVID symptoms, Visionary fashion designer Pierre Cardin dies at 98, ESPN analyst calls out 'young African American' players, 5G conspiracy theories eyed in Nashville bombing, More than 180K ceiling fans recalled after blades fly off, Bombing suspect's neighbor shares details of last chat, Judge blocks voter purge in 2 Georgia counties. Paid electricity bill (utility expense) for the month, $1,050. g. Paid automobile expenses for month $750, and miscellaneous expenses, $ 1,000. h. Paid office salaries. 2 - McIntyre Company adheres to a policy of depositing... Ch. ... debit utilizes expense $250 credit repairs expense $250. Up to $250 It happens to all of us. 30. One of the most common questions I get from consumers is whether or not paying off or settling old debts will have a positive impact on their credit report cards and credit scores.Normally, the question involves charged-off credit card accounts, leftover balances on car loans after a repossession, unpaid collection accounts, tax liens and defaulted student loans. If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods? 2 - Two income statements for Paragon Company follow:... Ch. Paid $2,000 to creditors on account. Ridiculous. Phone bill due? On January 1, 2015, Re... What is the relationship between tests of controls and substantive tests? Unexpected car repair? 2 - Ken Jones, an architect, opened an office on April... Ch. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 2 - Bozeman College requires students to pay tuition... Ch. 2 - The Colby Group has the following unadjusted trial... Ch. Glasgow G51 9AB or e-mail to sgbd.bacs@sgbd.co.uk 2. 8. 2 - The following discussion took place between Tony... Ch. In total, he paid about $250: about $180 to remove one of the accounts off his credit report and $70 for the other. Explain how absolute advantage and comparative advantage differ. In addition to the bill credit, other households will be eligible for grants aimed at helping households become more energy efficient. Evaluating alternative notes A borrower has two alternatives for a loan: (1) issue a 150,000, 45-day, 4% note o... Who is covered by the Walsh-Healey Public Contracts Act? The policy covers a one-year period. And where can I look for such a topic? JPMorgan will pay a $250 million fine over inadequate risk management controls in its wealth management business, a regulator announced Tuesday, fresh on the heels of … 2 - The following accounts appeared in recent... Ch. ( Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Explain your answer. 1. Paid the gas bill, $125. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. During February, 186,500 was paid to creditors... Ch. PS Music’s chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*. 2 - On January 1, 2019, Sharon Matthews established... Ch. So I am supposed to balance statements such as this one by using the accounting equation Assets= Liabilities + Owners equity. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Paid $620 to Upload Music for use of its current music demos in making various music sets. Get your answers by asking now. Posting journal entries to general ledger. Hi, I am getting confused over this accounting transaction "paid creditors on account, $1420". (Record as Miscellaneous Expense.) 30. In Kyle’s case, the total amount wasn’t very high, but perhaps that’s exactly why he decided to try his luck with pay for delete. Access in 60 seconds. 18. 2 - Buddy Dupree is the accounting manager for On-Time... Ch. Stay logged in for faster checkout. Those types of creditors … Prepare an unadjusted trial balance as of July 31, 2019. 2 - Based upon the T accounts in Exercise 2-13,... Ch. Client has received a number of very old creditors on its ledger which it will never pay. Purchased office equipment on account from Office Mart, $7,500. Purchased supplies on account, $850. Connect your bank account and that’s it! 2 - Assume that Sunshine Realty Co. borrowed 300,000... Ch. Paid miscellaneous expenses, $540. (Record as Miscellaneous Expense.) Creditors are liabilities, which increase on the right side (credit) and decrease on the left side (debit). 5. Paid rent for July, $1,750. Creditors are amounts which are owed by you to your suppliers, they are sometimes referred to as accounts payable or trade creditors.. 2 - Elite Realty acts as an agent in buying, selling,... Ch. Accounts Payable, 20; Accounts Receivable... How can storing the same facts in different computer files potentially affect the integrity of data? 2 - Two income statements for Fuller Company follow:... Ch. Received $1,000 cash from customers on account. CR paid up share capital - for the nominal value of the shares subscribed CR share premium account - for any difference between the nominal value and the actual price of the shares subscribed IMO if you are going down the share route, it would be best to set the price of the shares at a realistic commercial arm's length level to forestall any concerns about under or over pricing them. Topline. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Hilton Aspire Cardholders: Check Account For $250 Resort Credit [Reason Provided] April 8, 2020, 18:01. Purchased office equipment on account from Office Mart, $7,500. You really think someone is going to to help you with this question? Still have questions? 2 - If the two totals of a trial balance are equal,... Ch. Legacy Mode. Owner withdrew $2,000 for personal use-Debit Owner Drawing $2000 101-Credit Cash $2000. The following transactions were completed during July, the second month of the business’s operations: July 1. Are both words correct: How do/would you know if you are accused as a criminal in the first place? Received $500, with the remainder due on August 9, 2019. 2 - Identify each of the following accounts of... Ch. Pay 0% interest until March 2021 +25% off your first order. 2 - Tech Support Services has the following unadjusted... Ch. I have to make an assignment about the harmful effect of soft drinks on bone Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. $4,000 I. Retained earnings statement Marcie Davies owns and operates Gemini Advertising Services. The original creditor was Capitol Credit Cards and the Visa account number for that card was 4419-0389-3894-0987. 4. Best cash back credit card in Canada with up to 10% bonus offer. 10. 2 - Cory Neece is planning to manage and operate Eagle... 1. 20 Paid $2,000 to creditors on account.
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