Questions from Financial Accounting

Q: At Uptown Arts, gross sales for the month included: Sales

At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 Credit card sales (2% credit card fee) $250,000 Half of the sales on account were paid within the discount pe...

Q: Town Center Tours provides historical guided tours of several U.S

Town Center Tours provides historical guided tours of several U.S. cities. The company charges $175 per person for the eight-hour tour. For groups of four or more, a group discount of $25 per person i...

Q: Lakewood Jewelry sells to retailers who then resell the products. Lakewood

Lakewood Jewelry sells to retailers who then resell the products. Lakewood does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale w...

Q: Pastel Interiors reported the following transactions in June: /

Pastel Interiors reported the following transactions in June: Requirements 1. Record the foregoing transactions in the journal of Pastel Interiors using the gross method. (You do not need to make th...

Q: Perform the following accounting for the receivables of Hawkins and Harris,

Perform the following accounting for the receivables of Hawkins and Harris, a CPA firm, at December 31, 2018. Requirements: 1. Set up T-accounts and start with the beginning balances for these T-acco...

Q: December 31, 2018, Concord Travel Agency has an Accounts Receivable

December 31, 2018, Concord Travel Agency has an Accounts Receivable balance of $87,000. Allowance for Uncollectible Accounts has a credit balance of $880 before the year-end adjustment. Service revenu...

Q: On November 30, Palmer Party Planners had a $41,

On November 30, Palmer Party Planners had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in Allowance for Uncollectible Accounts. During December, Palmer made credit sales of $20...

Q: At December 31, 2018, before any year-end adjustments

At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Hampton Company, Inc., is $330,000. The Allowance for Uncollectible Accounts has a $15,400 credit balance. Ham...

Q: Aspen Foods, Inc., experienced the following revenue and accounts receivable

Aspen Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Aspen estimates that 4% of (gross) revenues will become uncollectible. Assume all revenues are on credi...

Q: Record the following note receivable transactions in the journal of Windham Golf

Record the following note receivable transactions in the journal of Windham Golf. How much interest revenue did Windham earn this year? Use a 365-day year for interest computations, and round interest...