Gold Medal Running Shoes reports the following 2016 Jan 3 Oct 1 Dec 31 Recorded credit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Gold Medal Running Shoes reports the following 2016 Jan 3 Oct 1 Dec 31 Recorded credit card sales of $1 10,000, net of processor fee of 3% Ignore Cost of Goods Sold. Loaned $12,000 to Jerry Pinket, an executive with the company, on a one-year 8% note Accrued interest revenue on the Pinket note 2017 Oct. 1 Collected the maturity value of the Pinket note Journalize all entries required for Gold Medal Running Shoes. (Record debits first then credits. Select the explanation on the last ine of the journal entry table ) OCET, ZUT. COneceu ure maurny vaiue ur uie PHIKer TOLE riepare a srgre compouru jourmat emuyy Accounts and Explanation Date Debit Credit 2017 Cash 12.960 Oct 1 Note RecelvableJerry Pinket 12,000 Interest Recelvable 240 Interest Revenue 720 Colected nore receivabie plus mtereat Gold Medal Running Shoes reports the following 2016 Jan 3 Oct 1 Dec 31 Recorded credit card sales of $1 10,000, net of processor fee of 3% Ignore Cost of Goods Sold. Loaned $12,000 to Jerry Pinket, an executive with the company, on a one-year 8% note Accrued interest revenue on the Pinket note 2017 Oct. 1 Collected the maturity value of the Pinket note Journalize all entries required for Gold Medal Running Shoes. (Record debits first then credits. Select the explanation on the last ine of the journal entry table ) OCET, ZUT. COneceu ure maurny vaiue ur uie PHIKer TOLE riepare a srgre compouru jourmat emuyy Accounts and Explanation Date Debit Credit 2017 Cash 12.960 Oct 1 Note RecelvableJerry Pinket 12,000 Interest Recelvable 240 Interest Revenue 720 Colected nore receivabie plus mtereat
Expert Answer:
Answer rating: 100% (QA)
n tber 1 2016 12000 ws lned n ne yer 8 nte Hene interest revenue is t be rer... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Assume that the Special Contract Division of Smith experienced the following transactions during the year ended December 31, 2020. i (Click the icon to view the transactions.) Requirements 1. Prepare...
-
Compute, Disaggregate, and Interpret RNOA of Competitors Halliburton and Schlumberger compete in the oil field services sector. Refer to the following 2018 financial data for the two companies to...
-
Revew the foloeing financial infomation Cick the loon to view the financial nformation.) Read the reauitements Raquirement 1. Compute the missing amount (7) for each company. (Amounts are in millons)...
-
1) Determine the pH of a 4.3*10^-4 M NaOH solution. 2) why would we say that a solution with a H+ concentration of 1.00*10^-7 M is said to be neutral if it contains acid, shouldn't be acidic?
-
Same as Problem 24.34, except use a 300-ft spiral for the curve of Problem 24.8.
-
A radionuclide ionizes the air in a smoke detector, which in turn allows the flow of electricity. When smoke particles enter the detector, they disrupt the electric current and set off an alarm. What...
-
Sample office rental rates (in dollars per square foot per year) for Los Angeles are shown in the table at the left. Use technology to find the mean rental rate and the sample standard deviation.
-
Suppose you hold two series of options, both NQOs. Because of a big promotion, you expect your tax rate to increase from a current 31% to 39.6%. The current stock price is $70. The first set of...
-
Lakeside Incorporated manufactures four lines of remote control boats and uses activity-based costing to calculate product cost. Activity Pools Machining Setup Quality control Estimated Total Cost $...
-
The COVID-19 pandemic affected companies in the food industry in unique ways, particularly during 2020. Ruth's Hospitality Group (Ticker: RUTH) develops and operates fine dining restaurants under the...
-
Complete a Research Study Proposal to investigate a social-psychological issue by designing a hypothetical research study. Social Psychology focuses on the impact of social environments on...
-
Differentiate the three different types of SOC reports. Explain when a SOC 1 (financial reporting) audit is appropriate. Determine when SOC 2 (internal controls) audits are appropriate in contrast to...
-
Explain how Hotel could use ageing summaries, in terms of accounts payable and receivable.
-
INCOME TAX i. Calculate Rashmika's minimum net income for tax purposes in accordance with the ordering provisions found in section 3 of the Income Tax Act, and her minimum taxable income for the 2023...
-
Select a corporation in the Fortune 500 category. Refer to the most recent Financial Statement Report of the corporation USE FOR THIS ASSIGNMENT APPLE, INC http://investor.apple.com/financials.cfm...
-
How should a nongovernmental not-for-profit organization report investments in debt securities? Discuss.
-
1. The space below is machine workshop measuring 25m x 18m. Building bye-laws require it to be provided with daylight and ventilation openings amounting to 20% and 5% of the floor area respectively...
-
Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of the month:...
-
Lazio, Inc. has compiled the following data: Purchases of Raw Materials..........$ 6,600 Freight In................. 500 Property Taxes.............. 1,200 Ending Inventory of Raw Materials........
-
Brann, located in San Antonio, Texas, produces two lines of electric toothbrushes: deluxe and standard. Because Brann can sell all the toothbrushes it can produce, the owners are expanding the plant....
-
On December 31, 2016, when the market interest rate is 10%, Timmony Realty issues $450,000 of 7.25%, 10-year bonds payable. The bonds pay interest semiannually. The present value of the bonds at...
-
December 2007. When she joined, she signed a membership agreement that had a release of liability that stated: 24 Hour. will not be liable for any injury, including, without limitation, personal,...
-
Recall the facts in Leonard v. Pepsico Had this been a contract, would it have been subject to the Statute of Frauds?
-
John J. Williams began working at Delaware Elevator as a branch sales manager in late 2004. The company manufactures components for elevators and installs and repairs elevators. It employs 175 people...
Study smarter with the SolutionInn App