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Strayer ACC100 ch08 and 09 homework

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Question

 

Brief Exercise 8-9

 

 

Your answer is correct.

 

 

On March 20, Dody’s petty cash fund of $100 is

 

replenished when the fund contains $9 in cash and receipts for postage

 

$52, freight-out $26, and travel expense $10.

 

Prepare the journal entry to record the replenishment of the petty cash

 

fund.(Credit account titles are automatically

 

indented when amount is entered. Do not indent manually.)

 

 

Date

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

Brief Exercise 8-13

 

 

At July 31, Ramirez Company has the following bank

 

information: cash balance per bank $7,420, outstanding checks $762, deposits in

 

transit $1,620, and a bank service charge $20.

 

Determine the adjusted cash balance per bank at July 31.

 

 

The adjusted cash balance per bank

 

 

$

 

 

Exercise 8-7

 

 

Setterstrom Company established a petty cash fund on

 

May 1, cashing a check for $100.00. The company reimbursed the fund on June 1

 

and July 1 with the following results.

 

 

June 1: Cash in fund $1.75.

 

 

Receipts: delivery expense $31.25;

 

postage expense $39.00; and miscellaneous expense $25.00.

 

 

July 1: Cash in fund $3.25.

 

 

Receipts: delivery expense $21.00;

 

entertainment expense $51.00; and miscellaneous expense $24.75.

 

 

On July 10, Setterstrom increased the fund from $100.00 to $130.00.

 

Prepare journal entries for Setterstrom Company.(Credit account titles are automatically indented when amount is

 

entered. Do not indent manually.)

 

 

Date

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

May 1

 

 

June 1

 

 

July 1

 

 

July 10

 

 

Click if you would

 

 

Brief Exercise 9-5

 

 

At the end of 2014, Carpenter

 

Co. has accounts receivable of $700,000 and an allowance for doubtful

 

accounts of $54,000. On January 24, 2015, the company learns that its

 

receivable from Megan Gray is not collectible, and management authorizes a

 

write-off of $6,200. On March 4, 2015, Carpenter Co. receives payment of

 

$6,200 in full from Megan Gray.

 

Prepare the journal entries to record this transaction.(Credit

 

account titles are automatically indented when amount is entered. Do not indent

 

manually.)

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

(To reverse write-off)

 

 

(To record collection from Gray)

 

 

Brief Exercise 9-10

 

 

Presented

 

below are data on three promissory notes.

 

Determine the missing amounts.(Use 360 days for calculation.)

 

 

Date of

 

Note

 

 

Terms

 

 

Maturity

 

Date

 

 

Principal

 

 

Annual

 

Interest Rate

 

 

Total

 

Interest

 

 

(a)

 

 

April 1

 

 

60 days

 

 

May 1

 

May 31

 

August 1

 

August 31

 

September 6

 

September 7

 

 

$600,000

 

 

6

 

 

%

 

 

$

 

 

(b)

 

 

July 2

 

 

30 days

 

 

May 1

 

May 31

 

August 1

 

August 31

 

September 6

 

September 7

 

 

90,000

 

 

%

 

 

$600

 

 

(c)

 

 

March 7

 

 

6 months

 

 

May 30

 

May 31

 

August 30

 

August 31

 

September 6

 

September 7

 

 

120,000

 

 

10

 

 

%

 

 

$

 

 

Exercise 9-9

 

 

Colaw Stores accepts both its own and national credit cards.

 

During the year, the following selected summary transactions occurred.

 

 

Jan. 15

 

 

Made Colaw credit card sales totaling

 

$18,000. (There were no balances prior to January 15.)

 

 

20

 

 

Made Visa credit card sales (service

 

charge fee 2%) totaling $4,500.

 

 

Feb. 10

 

 

Collected $10,000 on Colaw credit

 

card sales.

 

 

15

 

 

Added finance charges of 1.5% to

 

Colaw credit card account balances.

 

 

(a)

 

Journalize the transactions for Colaw Stores.(Credit account titles are automatically indented when amount is

 

entered. Do not indent manually.)

 

 

Date

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

Jan. 15

 

 

Jan. 20

 

 

Feb. 10

 

 

Feb. 15

 

 

Click if you would like to

 

Show Work for this question:

 

 

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Work

 

 

Exercise 9-10

 

Elburn

 

Supply Co. has the following transactions related to notes receivable during

 

the last 2 months of 2014. The company does not make entries to accrue

 

interest except at December 31.

 

 

Nov. 1

 

 

Loaned $30,000 cash to

 

Manny Lopez on a 12-month, 10% note.

 

 

Dec. 11

 

 

Sold goods to Ralph Kremer,

 

Inc., receiving a $6,750, 90-day, 8% note.

 

 

16

 

 

Received a $4,000, 180

 

day, 9% note in exchange for Joe Fernetti’s outstanding accounts

 

receivable.

 

 

31

 

 

Accrued interest revenue on

 

all notes receivable.

 

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