Reference no: EM131289343
On Sept 1, 2015, Jefferson Corp. sold $285,000 of x ray equipt. to Einstein General who agreed to pay within 20 days. Additionally, if Einstein paid within 7 days they would receive a 2% discount. Record the following journal entries:
Record Jefferson's transaction of Sept 1 with Einstein.
Record the payment made to Jefferson if paid within the last day of the discount period.
Record the transaction granting Einstein an additional 30 days to pay at 9% interest.
Record the payment made to Jefferson at the end of the extension of time.
Record the transaction to write off the Einstein account (use #4 at your basis.
Record the transaction if Einstein does not pay the note at the end of the extension of time.
Record the transaction to record payment received Feb 15, 2016
|
The trial balance
: The trial balance: The general journal entry to record the purchase of an asset on account would include: If Cash has been debited, it is possible that:
|
|
Construction paid six months insurance in advance
: On April 1, ABC Construction paid six months insurance in advance. The journal entry to record this transaction is: Which of the following statements is true regarding a proper journal entry? An $850 check written for supplies was journalized as $800..
|
|
Unrecorded bank service bank service charge
: On a bank reconciliation, the amount of an unrecorded bank service bank service charge should be:
|
|
Appear on the bank statement
: If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should:
|
|
Journal entries-record transaction
: On Sept 1, 2015, Jefferson Corp. sold $285,000 of x ray equipt. to Einstein General who agreed to pay within 20 days. Additionally, if Einstein paid within 7 days they would receive a 2% discount. Record the following journal entries: Record the paym..
|
|
Considering income limitations or the standard deduction
: In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) neither deductible for nor deductible from AGI before considering income limitations or the standard deduction. Fran spent $97 fo..
|
|
Annual units sold-sales price and development time
: Consider the following products: (a) a power screwdriver for use in the home; (b) a desktop. Inkjet printer; (c) an electric car. Using Web based resources, make your estimate of the following factors needed for the development project to launch each..
|
|
Using the equation method
: Lin Corporation has a single product whose selling price is $140 and whose variable expense is $70 per unit. The company’s monthly fixed expense is $32,350. Using the equation method, determine for the unit sales that are required to earn a target pr..
|
|
An expense should be recorded when
: An expense should be recorded when: The financial statement that shows business results in terms of revenue and expenses is: James purchased a new computer for the company on account. The transaction will:
|