1) Company ABC purchased office furniture with a check for $1,000. Debit Credit 2) Company ABC received and deposited a check for money borrowed from a bank (formal note) for $100,000. Debit Credit 3) Company ABC recorded bank fees of $25 derived from the bank statement. Debit Credit 4) Company ABC received an invoice for a $500 utility bill. Note that this was vouched, not paid. Debit Credit 5) Company ABC recorded depreciation expense for the month of $2,000. Debit Credit 6) Company ABC received and deposited a check for sales for $100,000. Debit Credit 7) Company ABC received and paid for a $5,000 subscription that begins one month from the payment date. Debit Credit 8) Company ABC issued an invoice to Company DEF for $5,000 for services rendered. Debit Credit 9) The owner of Company ABC invested cash in the business of $30,000. Debit Credit
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On January 1, a company issued and sold a $391,000, 7%, 10-year bond payable, and received proceeds of $386,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is: Multiple Choice Debit Bond Interest Expense $13,435; debit Discount on Bonds Payable $250; credit Cash $13,685. Debit Bond Interest Expense $27,370; credit Cash $27,370. Debit Bond Interest Expense $13,935; credit Cash $13,685; credit Discount on Bonds Payable $250. Debit Bond Interest Expense $13,685; debit Discount on Bonds Payable $250; credit Cash $13,935. Debit Bond Interest Expense $13,685; credit Cash $13,685.
Akash M.
Wonder Company provided the following transactions affecting accounts receivable during the current year: - Sales (cash and credit): $5,900,000 - Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10, n/30: $3,024,000 - Accounts receivables written off as worthless: $50,000 - Credit memorandum issued to credit customers for sales return and allowances: $250,000 - Cash refund given to cash customers for sales returns and allowances: $20,000 - Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash received from credit customers: $80,000 - Balances on January 1: - Accounts receivable: $950,000 - Allowance for doubtful accounts: $100,000 The entity provided for uncollectible accounts by crediting the allowance for doubtful accounts in the amount of $70,000 for the current year. What amount should be reported as accounts receivable on December 31?
Manasvee S.
On January 1, 2018, "ABC" Company issued $200,000, 10%, 4 years callable bonds at $210,000, which pay interest semi-annually on June 30, and December 31. The bonds were sold for $187,580.41, since the market was 12%. In addition on July 1, 2019, the company issued additional bonds with a face value of $400,000 that mature on June 30, 2029 for $427,355.48, since the market rate was 8%. The new bonds are non-callable bonds that has a stated rate of 9% payable every 3 months on March 31, June 30, September 30, and December 31. Moreover, on July 1, 2020, ABC" Company called 30% of its outstanding bonds. Required: Based on the above given information, answer the following question: (a) (3Points) What is the amount of interest expense that must be presented on "ABC" Company income statement for the year ended December, 31, 2018? (b) (3 Points) What is the amount of interest expense that be presented on ABC Company Income statement for the year ended December, 31, 2019? (c) (3 Points) What is the of interest expense that must be presented on ABC Company statement for the year ended December, 31, 2020? (d ) (3 Points) In the space below , show the presentation on the current and non -current on the statement of position as on 31/12 / 2020
Supreeta N.
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