Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i. presented below is a list of select transaction

I. Presented below is a list of select transactions of Seavey Co (fiscal year end...

80.2K

Verified Solution

Question

Accounting

image
image
I. Presented below is a list of select transactions of Seavey Co (fiscal year end is 12/31 ). 1) 1/1/2023 Issued $20,000,5% promissory note for cash. The note pays interest semi-annually on 7/2 and 1/2. 2) 3/3/23 Sold $700 in gift cards redeemable for future purchases. 3) 4/1/23 Sold $150 in meal kits to customers in the store (10 kits at $15 per kit). Sales tax on purchases is 6%, and is not included in sales price per kit. 4) 7/2/23 Paid interest accrued on a note payable (refer to #1 ) 5) 9/15/23 Received $900 customer payment for a 6 -month meal kit delivery subscription. Deliveries are to occur monthly during the following 6 months, beginning on October 1 . (Revenue for meal kit deliveries is recorded at the end of the year). 6) 12/31/23 Recorded $5,000 in employee salaries to be paid on January 2,2020 . 7) 12/31/23 Recorded accrued interest on the note form item 1 above. 8) 12/31/23 Recorded revenue for all 2023 food deliveries from item \#5 above. 9) 12/31/23 Recorded $270 in gift cards redeemed during the year. a) Record all transactions in the table below. a) Rscord all transactions in the table below

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students