The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering. Prepare the general journal entry to record this transaction. In two or more related payments within 24 hours. NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. A report of cash payments on a Form 8300 can be filed by mail, online, or through a tax professional. Prepare the general journal entry to record this transaction. Any cash transactions are combined and treated as a single transaction, and those transactions count toward the $10,000 limit. Its also important to understand what forms of currency fall under the umbrella definition of cash. increasing assets and revenues or increasing liabilities and expenses moving in the same direction. Freight-out, the cost of shipping sold goods to the customer, is treated as a(an): 32. A company received $10,000 for services the company will perform in the future. When lease payments made in cash by a taxi driver to a taxi company within a 12-month period exceed $10,000 in total, the taxi company needs to file Form 8300. Accounts Payable8,400 DEBITCash8,400 CREDIT. Prepare the general journal entry to record this transaction. Salaries and Wages Expense21,800 DEBITCash21,800 CREDIT. Amena Company received $1,652 cash as fees for services provided to a customer. Once you reach the $500 cap for earning 5 percent back on your top spending category, you'll keep earning 1 percent back on those purchases in the same category until a new . -debit of $4,500 to Accounts Payable and a credit of $4,500 to Cash. Using the accrual method, what's the correct entry to record the transaction? At the end of the month, the related adjusting journal entry would result in: -a decrease in an asset and an equal decrease in expenses. An official website of the United States Government. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network's BSA E-Filing System. Per company policy, tools with a purchase price greater than $1,000 . (A) Debit unearned revenue $10,000, credit salles revenue $10,000, (B) Debit accounts payable $10,000, credit sales revenue $10,000, (C) Debit services expense $10,000, credit sales revenue $10,000, (D) Debit cash $10,000, credit sales revenue $10,000, (E) Debit accounts receivable $10,000, credit salles revenue $10,000. 31. A company receives $10 000 in cash for services yet to be performed using the accrual method. Prepare the general journal entry to record this transaction. A company received $6,000 cash for services rendered. The income statement shows the effects of the transactions in June. Purchase any used PWC from now until Dec. 31 2022 and receive a free, installed PWC Brackets Bluetooth sound system! A company received cash of $1,200 for services that had previously been completed for a client. Question 1: Presentation of Financial Statements tool purchase of $500? Jacksonville, FL 32256, Phone: (800) 444-0622 Prepare the general journal entry to record this transaction. -When closing entries are prepared, contributed capital is debited if a company has a net loss. Vas Company paid $4,000 cash for a computer that had previously been purchased on account. A person is an individual, company, corporation, partnership, association, trust, or estate. $40,000$10,000$30,000$20,000 Question An official website of the United States Government. The IRS requires that you file Form 8300 within 15 days of receiving the money in a transaction. Cash 10,000Service Revenue 10,000 b. Prepare the general journal entry to record this transaction. A company purchased supplies on account for $790. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Owner's Equity Example 2: Financing Activities The company borrowed $20,000 from a bank. Description of the transaction and method of payment: This section will ask for the exact amount and the method used for a payment. Cash Basis Using the cash basis method of accounting, you would take the $2,000 cash received minus the $100 you paid for company purchases, and your accounting spreadsheet would show that your company currently has $1,900 profit. Using the accrual method, what's the correct entry to record the transaction? The card earns 1 percent back thereafter. This 12-month period also applies to landlords who need to file Form 8300 once they've received more than $10,000 in cash for a lease during the year. A company purchased equipment on account for $5,000. -debit to Wages Expense for $1,400 and a credit to Wages Payable for $1,400. A company received a $700 payment from a customer on account. Transcribed Image Text: a. Tao Co. receives $10,000 cash in advance for four months of evenly planned legal services beginning on October 1. the cash is received, the company records the following journal entry: 26. Credit terms of 3/10, n/30 mean that a(n). Prepare the general journal entry to record this transaction. Cricket Wireless Listings Cricket - DOLLAR GENERAL 1740 N UNION ST, LIMA, OH 45801. A company receives $10,000 in cash for services yet to be performed. You have created 2 folders. b. earned and recorded as liabilities before they are received. Prepare the general journal entry to record this transaction. Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. A company received $250 in cash from clients for consulting services rendered. After 2012, the IRS made it possible to file Form 8300 online after the increase of filings from small businesses. (A) Debit cash $10,000, credit accounts receivable $10,000 . The BSA E-Filing System includes batch processing functionality in XML format. Which of the following would appear in the credit column of an adjusted trial balance?-Income tax payable. Per company policy, tools with a purchase price greater Place an Ad. If you were using cash values, your benefit for that month would be US $ 0 (the US $ 100 in income, fees less US $ 100 in telephone bill).

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