Question 7 of 25 Leroy's credit card has an APR of 21%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. His credit card record for the last 7 months is shown in the table below. End of month 1 2 Finance charges SO,00 946.50 New balance S2GOD OD Previous balance SO 00 S2600 00 $2593 50 52587 02 S2580 55 32574 10 $7567 66 Dal N New charges S2600 00 SO $0.00 SO 00 SO 00 50.00 SO 00 Principal paid 5000 55 60 Se 48 Payment received SO 00 552.00 $51.67 $51.741 55161 56148 55125 $.45 27 S2587 02 $2560 55 $2574 10 5258766 5256124 $45:05 544 93 562 How much of the initial purchase has Leroy paid off over the 7 months? O A. $271.30 O B. $38.76​

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.

Presented below is information for annie company for the month of march 2018. cost of goods sold $245,000 rent expense $ 36,000 freight-out 7,000 sales discounts 8,000 insurance expense 5,000 sales returns and allowances 11,000 salaries and wages expense 63,000 sales revenue 410,000 instructions prepare the income statement.