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During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000.
Required:
Problem 1: Prepare all necessary journal entries to record this transaction.
What entries would be made by Tanzanite for the first two interest payments, assuming premium or discount amortization on interest dates.
Journal entries for Purchased on account Merchandise Inventory to be held for resale
Madlem, Inc., produces and sells a single product whose selling price is $240.00 per unit and whose variable expense is $86.40 per unit. The company's fixed expense is $720,384 per month.
In your presentation, define Balanced Scorecard, explain how it is used, and make a recommendation if SAC should adopt the Balanced Scorecard, and if adopted, how it might improve the company.
A machine that cost $55,000 was purchased on January 1. The asset has an estimated useful life of four years and an estimated salvage value of $3,000. Prepare the necessary adjusting journal entry for Depreciation at the end of the year.
Prepare journal entries to record the interim and final dividends declared and/or paid by Garfield Ltd. No narrations are required
Wehr Inc. is preparing its cash budget for April. The budgeted beginning cash balance is $22,000. Budgeted cash receipts total $101,000 and budgeted cash disbursements total $98,000. The desired ending cash balance is $70,000. Complete the company's ..
Find what is its WACC? If Naveed Importer's has a target capital structure of 30% debt, 10% preferred stock, and 60% common stock.
During the year, drawings were Payne $8,700 and Dody $5,200. Net income was $28,700, and the partners share income equally. Prepare the partners' capital statement for the year and owners equity at dec 31 ,2017.
On January 1, 2011, Bishop Company issued 10% bonds dated January 1, 2011, with a face amount of $20 million. The bonds mature in 2020 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semi annually on June..
Which of the activities (operating, investing, or financing activities) is the primary source of cash flows for Microsoft Corp. and is a financially healthy
How does Net Income/Profit defer from the cash balance of a business? Why is it important to collect on receivables in a timely manner?
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