Questions from College Accounting

Q: Lewis Warehouse used the allowance method to record the following transactions,

Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Feb. 7 Received 70% of the $8,000 balanc...

Q: At the completion of the current fiscal year ending December 31,

At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Anderson’s Greeting Cards was $180,000. Credit sales for the year were $1,950,000. REQUIRED Mak...

Q: Calculate total time in days for the following notes. (Assume

Calculate total time in days for the following notes. (Assume there are 28 days in February.)

Q: M. L. DiMaurizio had the following notes receivable transactions:

M. L. DiMaurizio had the following notes receivable transactions: 20-3 June 20 Received a $2,400, 30-day, 6% note from K. Lorenzo in payment for sale of merchandise. July 20 K. Lorenzo paid the note p...

Q: What steps are followed in posting from the sales journal to the

What steps are followed in posting from the sales journal to the accounts receivable ledger?

Q: Madison Graphics had the following notes receivable transactions: May 1

Madison Graphics had the following notes receivable transactions: May 1 Sold merchandise on account to L. Carney, $5,600. 20 L. Carney gave a $5,600, 90-day, and 6% note to extend time for payment. 30...

Q: The following is a list of outstanding notes receivable as of December

The following is a list of outstanding notes receivable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journa...

Q: Mary’s Travel Agency had the following notes payable transactions: Apr

Mary’s Travel Agency had the following notes payable transactions: Apr. 1 Borrowed $4,000 from Finance Bank, signing a 90-day, 8% note. 5 Gave a $3,000, 60-day, 7% note to Krenshaw Airline for purchas...

Q: Using 360 days as the denominator, calculate interest for the following

Using 360 days as the denominator, calculate interest for the following notes using the formula I = P × R × T.

Q: Determine the due date for the following notes. (Assume there

Determine the due date for the following notes. (Assume there are 28 days in February.)