Doc PostDateAccount TitleNo.RefDebitCreditmonth of May:1 You invest $45,000.00 into yourfood truck/kiosk/cart. R12 Pay cash for your foodtruck/kiosk/cart (use the purchaseprice of the food truck/kiosk/cart thatyou "purchased"). C17 Paid cash for equipment that youwill need that is not included in yourfood truck (use your amount fromequipment page). C29 Paid cash for supplies for yourfood truck/kiosk/cart (use the youramount on your supply page). C312 Paid $650.00 cash for insurance.C415 Made $780.00 cash sales onyour first day! T1516 Made $660.00 cash sales onyour second day. T1619 Bought $285.00 worth of supplieson account from one of your vendors(choose a vendor from your chart ofaccounts). M1

Let's dive deeper into each transaction with relevant examples for better understanding:May 1 -…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An involce for $10,000 dated September 10 with terms 3/10, 12/20, n/30, EOM is recelved in the mail on September 25. A payment of $4000 is sent on October 11. What is the outstanding balance? Multiple Choice $5940.00 $5939.09 $6000.00 $5920.00 $5918.37
A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?
You opened a novelty store called "The Awesome Shop" on January 1, 2019. The following were the transactions during the year. 1. Provided P100,000 cash as an initial investment 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash 4. Acquired inventory on account for P60,000 (use perpetual inventory system) 5. Sold goods on a cash basis for P200,000.The cost of sales is P20,000 6. Sold goods on account for P300,000. The cost of sales is P30,000 7. Paid supplies to expense for P20,000 cash. 8. Paid rent expense of P180,000 9. Paid utility expense of P40,000 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable…
Al Ree bought a new delivery truck for $18,000. Al put a down payment of $4,000 and paid $270 monthly for 60 months. The total finance charge: O a. $4,000 O b. $2,200 Oc. $2,020 O d. $2,000 Show A hInformative Top....docx MacBook Air EB
The table on the right shows closing costs for a purchase of a $224,000 house requiring a 20% down payment. Find the total closing costs. Title insurance premium $225 Document recording fee Loan fee (2 points) $30 Appraisal fee $225 Prorated property taxes Prorated insurance premium $691 $300 What are the total closing costs? $4 Enter your answer in the answer boX. op 14 I0 f10 insert prt sc 144 $4 L. 8 E R
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From this partial advertisement: $123.86 per month for 60 months $5,200 used car cash price $50 down payment a. Calculate the amount financed. Amount financed b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge c. Calculate the deferred payment price. (Round your answer to the nearest cent.)
Choose the transaction that will both decrease cash and net income. Purchase of laptop on terms 40% down and the balance n/30 O Payment of interest-bearing note Grant of cash advance to an employee Advance payment of one-year rent
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An invoice, with payment terms of 5/10, n/30, was issued on April 28 for $240. If the payment was made on May 12, the amount of payment will be your answer to the nearest cent.) (Round 202 A. $216.00 B. $240.00 XC. $228.00 D. $235.00 ry ces
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