Questions from College Accounting

Q: Delta Company pays salaries and wages on the last day of each

Delta Company pays salaries and wages on the last day of each month. Payments made on December 31, 20X1, for amounts incurred during December are shown below. Cumulative amounts paid prior to the Dece...

Q: Conrod Utilities Services Company uses the direct charge-off method to

Conrod Utilities Services Company uses the direct charge-off method to record uncollectible accounts. On September 10, 20X1, the company learned that Shirley Cosby, a customer who owed $3,360, had mov...

Q: On December 8, 20X1, Conrod Utilities Services Company received a

On December 8, 20X1, Conrod Utilities Services Company received a check for $1,680 from Shirley Cosby, whose $3,360 account was written off on September 10 (Exercise 15.7). In the accompanying letter,...

Q: Use the information given in Exercise 15.8, except assume

Use the information given in Exercise 15.8, except assume that Conrod Utilities received the check for $1,680 on January 28, 20X2 (instead of on December 8, 20X1). Give the general journal entry neces...

Q: Find the due date of each of the following notes:

Find the due date of each of the following notes: 1. A note dated May 19, 20X1, due in 120 days. 2. A note dated November 1, 20X1, due two years from that date. 3. A note dated April 10, 20X1, due six...

Q: Compute the maturity value for each of the following notes:

Compute the maturity value for each of the following notes: 1. A note payable with a face amount of $50,000, dated June 15, 20X1, due in three months, bearing interest at 7 percent. 2. A note payable...

Q: Find the maturity value of each of the following notes payable:

Find the maturity value of each of the following notes payable: 1. A 60-day note, dated February 15, 20X1, with a face value of $52,000, bearing interest at 8 percent. 2. A six-month note, dated March...

Q: During 20X1, Tolliver Company borrowed money at Natchez State Bank and

During 20X1, Tolliver Company borrowed money at Natchez State Bank and Trust on two occasions. On June 8, the company borrowed $60,000, giving a 120-day, 5 percent note, and on September 8, the compan...

Q: On August 1, 20X1, Martinez Company purchased a truck (

On August 1, 20X1, Martinez Company purchased a truck (delivery equipment) for $55,600, signing a 90-day, 8 percent note for the entire purchase price. Give the entry in general journal form to record...

Q: On June 3, 20X1, Georgia State Company received a $

On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. 1. Record in the general journal receipt of the note. 2. Gi...