Question
In: Accounting
5. On August 24th, bank bought $20,000 worth of accounting system from Fino Ltd. and issued...
5. On August 24th, bank bought $20,000 worth of accounting system from Fino Ltd. and issued a post-dated cheque to pay this supplier. Date on the cheque was October 15th What would be the adjusting entry to record this transaction?
6. Few weeks later, on September 17th, owner of the Fino Ltd. came to bank to clear the cheque before the maturity date. Bank charged 3% commission for cashing the cheque before the date written on the cheque
7. At the end of January, Bank accountant made records of the staff salaries. Amount of monthly salary is $44,000. Barker bank generally pays its staff salaries within the three working days of the following month. (3rd February) So, what would be the adjusting entry for the salary payment on 31st January?
8. What would be the adjusting entry for the salary payment on 3rd February? 9. On 1st Jan 2013, Booster Bank borrowed loan of $3,000,000 from Redstone Bank. Monthly interest rate of the loan is 5%. Booster bank pays interest to the lender at the end of every monthly. (12 months). What would be the adjusting entry for interest payments for the following 1 month?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
ACCOUNTING FOR FINANCIAL INSTRUMENTS 1. Abacus Property Ltd bought shares in Texas Instruments on 15 August...
ACCOUNTING FOR FINANCIAL
INSTRUMENTS
1. Abacus Property Ltd bought shares in Texas Instruments on 15
August 2017 for $87,000. The intent of this investment was to make
a gain. On 1 January 2020 the shares had a fair value and were
recorded at $101,000. By the end of the year their fair value had
fallen to $47,000. Record the appropriate journal entries for the
year ending 31 December 2020. and Type any workings or
justifications to the journal entries
Account...
Suppose the Bank of Canada (BOC) buys $10B worth of bonds from the Canadian banking system...
Suppose the Bank of Canada (BOC) buys $10B worth of bonds from
the Canadian banking system that operates with a desired reserve
ratio of 5%. Immediately after the transaction, the balance sheet
of the BOC expands by $10B, while balance sheet of the banking
system is the same size, but in the long run, the balance sheet of
both the BOC and the banking system expand by $200B. is this
statement true false or uncertain, explain. unsupported answers
will receive...
Introduction to Accounting Problem #5- Bank Reconciliation A) From the facts listed below, prepare a Bank...
Introduction to Accounting
Problem #5- Bank Reconciliation
A) From the facts listed below, prepare a Bank Reconcilation
for the Ryan Company at 11/30/18:
1) Balance per General Ledger Account- Cash $2,549.99
2) Balance per Citibank bank checking Account $3,359.78
3) Checks issued which did not clear the bank statement at
11/30/16 $1544.99
4) Deposits made which did not clear the bank account at
11/30/16 $816.20
5) CM on Citibank Statement for Note Receivable of $408.00:
Note Receivable $400.00 + Interest...
Question 28 Al-walan Ltd. issued 20,000 shares of $ 50 each at a premium of $...
Question 28
Al-walan Ltd. issued 20,000 shares of $ 50 each at a premium of
$ 5 per share, payable as:
On application $ 10 per share
On allotment $ 25 (including $ 5 premium) per share
On first call $ 10 per share
On final call $ 10 per share
Applications were received for 25,000 shares and allotment was
made to 20,000. Applications for 5000 shares were
rejected all together and application money was returned. Sultan,
to whom 1,000 shares...
On June 8, Steering Ltd was incorporated and issued 56,000 common shares for $280,000. On August...
On June 8, Steering Ltd was incorporated and issued 56,000
common shares for $280,000. On August 19, an additional 14,000
shares were issued for $84,000. On November 2, the company paid
$29,760 to reacquire 6,200 common shares and on December 7 it paid
$51,350 to reacquire 7,900 common shares.
Calculate the average cost of the common shares on June 8,
August 19, November 2, and December 7.
Q2. Company ABC bought an equipment for $20,000 in 2015, with useful life of 5 years...
Q2. Company ABC bought an equipment for $20,000
in 2015, with useful life of 5 years $5,000 residual value
amortized using straight-line method.
Prepare a table to illustrate the differences accounting income
vs taxable income caused by this equipment.
Assume, this equipment was sold at the end of2017 for $11,000.
Please prepare JEs for 2015, 2016 and 2017
Franklin Company issued a $40,000 note to the Mercantile Bank on August 1, Year 1. The...
Franklin Company issued a $40,000 note to the Mercantile Bank on
August 1, Year 1. The note carried a one-year term and a 12% rate
of interest. How will the adjustment, dated December 31, Year 1, to
record accrued interest expense impact the elements of the
financial statements?
Multiple Choice
Decrease assets and decrease retained earnings by $2,000
Increase liabilities and decrease equity by $2,000
Increase liabilities and decrease equity by $1,600
Decrease equity and increase liabilities by $4,800
The...
XYZ company bought equipment for $20,000 by signing a 4-year note with ABC savings bank. XYZ’s...
XYZ company bought equipment for $20,000 by signing a
4-year note with ABC savings bank. XYZ’s borrowing rate was 4% and
the monthly payments are $469.70. The lending officer at the bank
prepared the following amortization schedule:
Payment # Payment Interest principal
balance
1 469.70 100 369.70 19,630.30
2 469.70 98.15 371.55 19,258.75
3 469.70 96.29 373.41 18,885.34
____________________________
46 469.70 6.98 462.72 932.40
47 469.70 4.66 465.04 467.36
48 469.70 2.34 467.36 0.00
Required:
Show the journal entry that...
Rajbi Corporation is a renowned Islamic bank in Pakistan. They have issued Sukuk certificates worth of...
Rajbi Corporation is a renowned Islamic bank in Pakistan. They
have issued Sukuk certificates worth of PKR 10, 00,000 based on
their awesome credit worthiness in the local market. The maturity
period for the certificates is 10 years.Rectify whether
this product is Shari’ah complaint. If no, discuss the
reason.
Rajbi Corporation is a renowned Islamic bank in Pakistan. They have issued Sukuk certificates worth of...
Rajbi Corporation is a renowned Islamic bank in Pakistan. They
have issued Sukuk certificates worth of PKR 10, 00,000 based on
their awesome credit worthiness in the local market. The maturity
period for the certificates is 10 years. The Sukuk holders will be
given. Rectify whether this product is Shari’ah
complaint. If no, discuss the reason.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Discuss the significance of a proposal What elements do you think are needed for the proposal...
- 1) Given the following equations: QD = 5,000 + 0.5 I + 0.2 A -...
- How has the Supreme Court's Citizens United decision changed campaigns in America? (long answer is appreciated...
- You are a Derivatives Trader at a major Broker-Dealer. At the end of the week you...
- What are the two reasons that limit the ability of correlational studies to provide information on...
- Suppose that 20 monthly payments of $100 each are followed by 30 monthly payments of $200...
- D. Explain what it means for recommendations to be specific and actionable. E. Discuss how charts...
ADVERTISEMENT