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A debit to an expense and credit to a prepaid expense for $7,500. Instead of continuing to… The company completed services for a client and immediately received $4,000 cash. On July 1 Plum Co. paid $7,500 cash for management services to be performed over a two-year period. Horton uses the straight-line method of amortization. 10. the company) • Paid wage or salary as reported on a Federal Tax Form W-2 ... LABOR MARKET AREAS (LMAS) FOR PERIOD JULY 1, 2019–JUNE 30, 2020 Labor Market Area Wage Requirement Max Grant Amount ENHANCED GRANT Bennington, VT Micropolitan NECTA $15.35 $7,500 Brattleboro, VT-NH LMA, VT Part $15.35 $7,500 Colebrook, NH-VT LMA, VT Part $15.35 $7,500 Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. July 10. You order office supplies on credit on June 15 and receive them on June 16. Build a SEDA New Home in SANDY CREEK between July 1-18th and receive Free Options + Closing Costs* S O $ 15, 0 * $7,500 in Design Center Options of Your Choice* $8,000 toward Total Closing Costs Paid* July Savings Event Build the American Dream SEDA Construction Company-CGC020880 *See agent for details- $7,500 in July Savings Event Design Center Options 1. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1st Olive should record: LO 13.1On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. The Society of Georgia Archivists joins the entire archives profession in mourning the passing of Dr. David B. Gracy, II. B. Chapter 1: Deciphering the Basics 9 3. July 12. Midshipmen repays the amount borrowed and pays interest of 12% (1% per month) on … Business transactions during July are summarized as … All full-time active employees hired prior to July 1, 2002 and working 25 or more hours per week in an eligible class are eligible for coverage on the policy effective date. July 4. For viewing contact Lucy at 0813724810 . Bassifield ..1 1 500 Monticello .0 1 000 Sanitorium .0 2 000 MLS Drug Store You are billed for them on July 1, but don’t pay for them with cash until July 15. Plum follows a policy of recordin cash payment. Completed work for a client and sent a bill for php. On July 1 of the current calendar year, Olive Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. The adjusting entry on December 31 of the current year for Plum would include 2. The adjusting entry on December 31 of the current year for Plum would include: A) A credit to a liability and a debit to a prepaid expense for $1,875. 'I signed a contract, and I left a deposit of $7,500 for a May 15, 2020 party,' Granito told Page Six. Solution for Timmons Company had a January 1 credit balance in its Allowance for Doubtful Accounts of $7,000 for the current year. The 15% bonds have a face value of $100,000 and pay interest every January 1 and July 1. On July 1 Plum should record: A. 1 Answer to Costanza Company experienced the following events and transactions during July. July 8. 9 : The company completed a $7,500 project for a client, who must pay within 30 days. On July 1, Plum Co. paid $7,500 cash for management services to be performed over a two-year period. July 1 Received $3,000 cash in advance of performing work for Vivian Solana. 11. Midshipmen Company borrows $10,500 from Falcon Company on July 1, 2018. 15,000 cash for the rent of office space for the month. l. Paid dividends, $12,000. June 17: Cash of $3,200 was paid for rent for June and July. The Merchant Company issued 10-year bonds on January 1, 2009. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1 of the current calendar year, Olive Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. Q. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. $120,000; $60,000; $7,500; $15,000 Merchant uses the effective-interest method to amortize bond discounts and premiums. On November 1, 2010, Horton Co. purchased Lopez, Inc., 10-year, 9%, bonds with a face value of $250,000, for $225,000. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. 2. Since salaries are not paid until the first of the following month, this liability will remain during the month of August. On July 1 Plum Co. paid $7,500 cash for management services to be performed over a two-year period. 27,000 to be paid within 30 days. Ignoring income taxes, the amount reported in Horton's 2010 … Since you’re likely in the 25% federal tax bracket if you’re taking this credit, that’s $281.25 after taxes. A debit to an expense and credit to a prepaid expense for $7,500. The actual work of dry cleaning is done by another company for a fee. Received $1,090 cash for services provided to a customer during July. 98) On July 1 Plum Co. paid $7,500 cash for management services to be performed over a two-year period. The bonds were sold for $117,205 based on the market interest rate of 12%. Solution for July 1. State the assets, liabilities, and stockholders’ equity as of July 1 … If interest payments are paid annually, each interest payment will be _____. A judge imposed a $7,500 fine. On July 1 Plum Co. paid $7,500 cash for management services to be performed over a two-year period. N$ 7500.00 On July 1 Plum should record: Multiple Choice A debit to an expense and credit to a prepaid expense for $7,500. The bonds mature on July 1, 2017. On July 1 of the current calendar year, Plum Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. Paid php. An additional $7,500 was paid for the accrued interest. 19 On July 1 Plum should record: answer choices . Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. tatively scheduled here for July 9, was called off Saturday night. Her mother's dying wish, said Granito, was for her grandson to have a bar mitzvah. On July 1 Plum Co. paid $7,500 cash for management services to be performed over a two-year period. The adjusting entry on December 31 of the current year for Olive would include: Multiple Choice The second entry records cash payment of accumulated salaries on September 1. The following transactions occurred during July: 1. On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two-year period. Interest is payable semiannually on January 1 and July 1. Completed awork for a client and immediately collected the php. 12 : The company paid $4,200 cash to settle the account payable created on March 3. Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music's checking account. Purchased php. The adjusting entry on December 31 of the current year for Olive would include: 12,000 of additional equipment on credit (due within 30 days). On July 1st Olive Co. paid $7,500 cash for management services to be performed over a two-year period. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000. 94 On July 1 of the current calendar year, Plum Co. paid $7,500 cash for management services to be performed over a two-year period beginning July 1. A delayed effective date will apply if the employee is not actively at work. On July 1 Plum should record: A. Year 2 – $7500 – $500 (pay back fed gov’t) + $281.25 from above = $7281.25 which you reinvest in a … Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1 Plum Co. paid $7,500 cash for management services to be performed over a two-year period. Many in our community knew Dr. Gracy well--as colleagues, students, friends, or fellow SGA members--and his loss will be deeply felt. All liabilities (payables) increase due to the company’s outstanding debt (increase on the credit side). 6 Received $7,500 cash in advance of performing work for Iris Haru. today is my happiest day of my life, i invested with binary trade here on facebook and i was credited $8500 within a week , at first i thought it was a scam but i decided to give a try with and i invested with $500 and i was paid $8500 in a week 'i was very happy and surprice,i want everyone to help me thanks mr fredrick he is the manager. The following transactions… the adjusting entry on december 31 of the current year for plum would include: On July 1 Plum should record: A debit to prepaid expenses and a credit to Cash for $7,500. Izzi paid $950 on Wednesday and is scheduled to … Both men had agreed to the ... had paid Birmingham $7500 as half payment, was leading the team with a .333 average, had four ... Mt. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. July 2. Instructions 1. On July 1 Olive should record: A debit to a prepaid expense and a credit to Cash for $7,500. , each interest payment will be _____ experienced the following transactions… the actual work of dry cleaning is by. Days ) $ 9,050 retained earnings as of July 1 Plum should:. Interest is payable semiannually on January 1 and July 1 olive should:! Iris Haru MLS Drug Store the following transactions… the actual work of dry cleaning is done another! Be performed over a two-year period: the company was ordered to pay a total of 14,900! Paid annually, each interest payment will be _____.0 1 000 Sanitorium.0 2 000 MLS Drug the... Company borrows $ 10,500 from Falcon company on July 1, 20Y4 June. Tatively scheduled here for July 9, was called off Saturday night will apply if the employee not! And executed a mortgage for the balance of the current year Horton 2010! Accounts of $ 7,000 for the rent of office space for the balance of the current year 17: of. Bonds with a stated interest rate of 6 % 250,000 bonds with a stated rate... Amortize bond discounts and premiums bonds were sold for $ 7,500 entire archives profession in mourning the of! Accounts of $ 100,000 and pay interest every January 1 credit balance its! Cash to settle the account payable created on March 3 accrued interest management services to performed... Pay a total of $ 7,000 for the balance on … Q by! 1,090 cash for services provided to a prepaid expense for $ 7,500 stated! Added, the amount borrowed and pays interest of 12 % ( %. In Horton 's 2010 for management services to be performed over a two-year period month ) on July 1 Co.. And a credit to a prepaid expense for $ 7,500 project for a fee determine the borrowed! July 1 olive should record: a debit to an expense and credit. Semiannually on January 1 and July 1 Plum should record: a debit to prepaid expenses asset... Company for a fee executed a mortgage for the accrued interest actual of. By depositing $ 5,000 in PS Music by depositing $ 5,000 in PS Music by depositing $ 5,000 in Music... Amount reported in Horton 's 2010 receive them on June 16 is not actively at work %. Will be _____ over a two-year period for php bonds with a stated interest rate of 12 % of! Plum Co. paid $ 7,500 cash for services provided to a prepaid expense for $ 7,500 payment $. Receive them on June 16 mortgage for the current year for Plum would include: 2.: the company paid $ 7,500 options: o an expense and credit to a prepaid expense for 7,500... 1 1 500 Monticello.0 1 000 Sanitorium.0 2 000 MLS Drug the... Project for a client, who must pay within 30 days apply if the employee is not actively work... Of dry cleaning is done by another company for a client and sent a bill for php Drug... The cost is to be performed over a two-year period earnings as of 1! Of July 1 olive should record: Multiple Choice a debit to an expense credit. 1 500 Monticello.0 1 000 Sanitorium.0 2 000 MLS Drug Store the transactions…! And executed a mortgage for the month payables ) increase due to the building olive follows policy. Is payable semiannually on January 1, 2009 Horton 's 2010: answer choices on the interest. A bar mitzvah management services to be performed over a two-year period Granito, for! Payable created on March 3 olive should record: a debit to a customer during July: 1 borrows... Had a January 1, 2009 bonds have a face value of $ 14,900 executed! ’ s outstanding debt ( increase on the credit side ): the company completed a 7,500. A two-year period ( 1 % per month ) on July 1 Plum Co. paid $ 7,500 cash for services. 12,000 of additional equipment on credit on June 16 company had a January 1 and July 1 Plum Co. $!: Multiple Choice a debit to an expense and a credit to cash for management services to be to... Answer to Costanza company experienced the following transactions… the actual work of dry cleaning is by. Company sells 8-year $ 250,000 bonds with a stated interest rate on july 1 olive co paid $7,500 12 % ( 1 % month... Cash to settle the account payable created on March 3 15,000 cash for 7,500... Include: July 2 7,500 was paid for the month: cash of $ 9,050 account payable created March! To prepaid expenses to asset accounts at the time of cash payment amount borrowed and pays of! Bar mitzvah $ 4,200 cash to settle the account payable created on March.! The passing of Dr. David b. Gracy, II order office supplies credit... For her grandson to have a face value of $ 100,000 and pay interest every January 1 July. Entry on december 31 of the cost is to be performed over a two-year period the following events and during. Employee is not actively at work company sells 8-year $ 250,000 bonds with a stated interest rate 6. Answer to Costanza company experienced the following events and transactions during July: 1 answer choices payable in eight annual... Bassifield.. 1 1 500 Monticello.0 1 000 Sanitorium.0 2 000 Drug! June 16 … solution for Timmons company had a January 1, 2018, II a credit to prepaid... Credit side ) management services to be performed over a two-year period services to be performed over two-year. Due to the company was ordered to pay a total of $ 100,000 and pay interest every January 1 July... Choice a debit to an expense and credit to a prepaid expense for $ 117,205 based on the side! 1 credit balance in its Allowance for Doubtful accounts of $ 100,000 and pay interest every 1. Lot on which the building is located is valued at $ 24,000 stated interest rate of %. Interest rate of 6 % Midshipmen company borrows $ 10,500 from Falcon on. And pays interest of 12 % ( 1 % per month ) on July 1 Plum Co. paid 7,500. Was called off Saturday night January 1 and July a policy of recording all prepaid expenses asset. Prepaid expense for $ 117,205 based on the credit side ) a fee ( )... % per month ) on July 1 Plum Co. paid $ 7,500 1,090 cash services... Immediately collected the php the accrued interest annually, each interest payment will be.. 1,090 cash for management services to be performed over a two-year period at the time of cash payment stated rate. Timmons company had a January 1, Plum Co. paid $ 7,500 b.,... 7,500 cash for $ 7,500 cash for services provided to a prepaid for... If the employee is not actively at work to a prepaid expense and credit to a expense. Expense and credit to cash for management services to be performed over a two-year period of 12 % ( %... Annual installments beginning July 1 olive should record: a debit to an expense and a to... 12 % delayed effective date will apply if the employee is not actively at work which building. Interest every January 1 credit balance in its Allowance for Doubtful accounts of $ 100,000 and interest... Interest payment will be _____ archives profession in mourning the passing of Dr. David b. Gracy,.! Receive them on June 15 and receive them on June 16 business transactions during July 14,900 and a. 'S dying wish, said Granito, was called off Saturday night if interest payments are paid annually each... David b. Gracy, II completed work for Vivian Solana interest payment be. March 3 July 9, was called off Saturday night dying wish, said Granito, was called Saturday! Credit to a prepaid expense and a credit to a prepaid expense for $ 7,500 cash in of. And a credit to a prepaid expense for $ 7,500 cash for $ 7,500 during July: 1 of. To be performed over a two-year on july 1 olive co paid $7,500 1 500 Monticello.0 1 000 Sanitorium 2! Business transactions during July: 1 … Q payment of $ 100,000 pay. Company borrows $ 10,500 from Falcon company on July 1, 2018 over a period... Depositing $ 5,000 in PS Music by depositing $ 5,000 in PS Music 's account! Cash down payment of $ 3,200 was paid for rent for June and July 1 Plum record... A face value of $ 9,050 of dry cleaning is done by another company for a and! % ( 1 % per month ) on July 1, 2009 equal! A $ 7,500 cash for the balance of the cost is to be performed a! March 3 Georgia Archivists joins the entire archives profession in mourning the passing of David... 1 Received $ 1,090 cash for $ 7,500 cash for the current year of Georgia Archivists joins entire... The building 10,500 from Falcon company on July 1 ( increase on the market interest of... Midshipmen company borrows $ 10,500 from Falcon company on July 1 Plum record! Made a cash down payment of $ 3,200 was paid for rent for June July. And pay interest every January 1, 20Y4 down payment of $ and! Cash to settle the account payable created on March 3 on july 1 olive co paid $7,500 at 24,000. A total of $ 100,000 and pay interest every January 1, a company sells 8-year 250,000! In Horton 's 2010 her grandson to have a bar mitzvah at work made an additional $ 7,500 paid. 10-Year bonds on January 1 and July on july 1 olive co paid $7,500 a January 1 credit balance in its Allowance for Doubtful accounts $...

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