Daisy runs her own flower shop called "Daisy's Floral Arrangements". Daisy has the following transactions that have taken place during the month: Date Transaction Daisy's Floral Arrangements sells $5,000 in floral arrangements for the Hill wedding. The customers paid cash at pick up. 3-Apr Daisy's Floral Arrangements pays $400 cash for new supplies. 5-Apr The company takes a loan from the bank to purchase a new delivery vehicle for $12,000 8-Apr Daisy paid employee salaries of $1,400 Match the correct Account Title with the Account Balance as of April 10th. 2-Apr Assets Liabilities Revenue Expense [Choose ] [Choose] [Choose ] [Choose]
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- Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is located. In a recent month, Wilson issued $4,000 in gift cards. Experience indicates that 80 percent of the cards will be redeemed before they expire. Required: What is the entry to record the estimated gift card expense? If an amount box does not require an entry, leave it blank.On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The candy bars sell for 3 per bar. In addition, AwakcAllNight pays Campus Grocers a 900placement fee to ensure that its candy bars are always stocked prominently by the cash register. The 900 is paid at the end of each month based on the results of random inspections of Campus Grocers by AwakcAllNight to ensure that the terms of the contract are being followed. Required: 1. Determine the transaction price for Awake AllNights revenue contract. 2. Prepare AwakeAllNights journal entries to recognize sales revenue and pay Campus Grocers the placement fee.BamBam runs a small business. At the start of June she has £11737 in the bank. Revenue Bambam allows her customers one month credit period and they usually take it. Sales for the quarter are below: May £4975 June £4087 July £4842 Payments Bambam has a great relationship with suppliers has two months credit period. Payments for the quarter are below: April £1998 May £2802 June £2090 Using a cash budget what will the cash closing balance be for June. help with working
- Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…Ernie Bilko has a business idea. He wants to rent an abandoned gas station for just the months of November and December. He will convert the gas station into a drive-through Christmas wrapping station. Customers will drive in, drop off their gifts, return the next day, and pick up their wrapped gifts. He needs $338,500 to rent the gas station, purchase wrapping paper, hire workers, and advertise. If he borrows this amount at 6 and 1/2% interest for those two months, what size lump sum payment will he have to make to pay off the loan? (Round your answer to the nearest cent.)
- In early December Alice and Bob decided to open Sample Cafe with $14,000 of their own money and $19,000 borrowed from a friend. They have spent $11,000 on equipment and furniture, and they have purchased $2,800 worth of cups for cash which they expect will be used over the next three months. Having put down a $2,400 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1. In the balance sheet template below, fill in the appropriate values as of December 31.Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is located. In a recent month, Wilson issued $4,000 in gift cards. Experience indicates that 80 percent of the cards will be redeemed before they expire. What is the entry to record the estimated gift card expense? Question 39 options: Gift Card Expense 3,200 Gift Card Payable 3,200 Expense for month ($4,000 × 80%) Gift Card Expense 4,000 Gift Card Payable 4,000 Expense for month Gift Card Payable 3,200 Gift Card Expense 3,200 Expense for month ($4,000 × 80%) Gift Card Payable 4,000 Gift Card Expense 4,000 Expense for monthFlower opened a credit card account. During the first month she purchased new cloths that totaled $1,550.00 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 3.0% of the remaining balance. If Flow only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of her original purchases?
- James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…