A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted
Question:
(a) The issuance of the note and
(b) The payment of the note at maturity?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
a Accounts Payable 74125 Inte...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
1. A business issued a 45-day, 4% note for $240,000 to a creditor on account.Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity,...
-
Galaxy Interiors 2011 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes 3,396 Interest paid 1,282 Taxable Income $2,114 Less: Taxes 740 Net...
-
Journalize the discounted note for April from Exercise 5. In Exercise 5, April Co. received a $30,000, 4%, 60-day note from Lucky Co. dated August 6. On August 30 Lucky discounted the note at Better...
-
What is step-down allocation? What are some criticisms of this allocation method?
-
How is antidilution determined when multiple securities are involved?
-
Westex Products is a wholesale distributor of industrial cleaning products. When the treasurer of Westex Products approached the companys bank late in the current year seeking short-tern financing,...
-
According to the 2006 Wells Report, the most costly form of fraud was: a. Asset misappropriations b. Fraudulent disbursements c. Check tampering d. Fraudulent financial statements e. Bribery and...
-
The Association of Women in Government established an Educational Foundation to raise money to support scholarship and other education initiatives. The Educational Foundation is a private...
-
A company produces and sells a single product.Budgeted sales are $2.4 million the fixed costs are 360000 and the margin of safety is $400000.how can we calculate the budgeted variable cost. A company...
-
Sarah is the managing director of Youth Unlimited Pty Ltd ( Youth Unlimited ), a profitable company specialising in selling anti-aging products. Whilst shopping at the local supermarket Sarah chats...
-
A business issued a 120-day, 5% note for $90,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at maturity, including...
-
Pepsi Co, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: a. How much of the...
-
When is an acceptance to an offer sent by mail effective to form a contract if the acceptance was returned by mail? a. When it arrives at the offeror(s)? b. When you decide you intend to accept? c....
-
Bianca throws a football from the edge of a cliff at a height of 22 m at a velocity of 18 m/s [40 above the horizontal]. Nelson is at the bottom of the cliff 12 m away from the base of the cliff....
-
Please fill out the table, Reading 1. Rosenberg 1991 2. Alexander 2012 [2010] 3. Kramer & Remster 2018 a. Key concept or main idea. Dynamic v. constrained court view Mass incarceration Legal cynicism...
-
Haley Hopkins plans to deposit $24,000 into her retirement account at the end of every year for the next 15 years. The account will earn 12 percent every year. Assuming she does not make any...
-
Suppose the source of atoms in a Stern-Gerlach experiment was an oven of temperature 1010 K. Assume the magnetic field gradient to be 13 T/m, and take the length of the magnetic field region and the...
-
At some point, not close to its ends, within a solenoid of arbitrary length, calculate the approximate magnetic field if the solenoid carries a current 13.0 A and has 230.0 turns per meter of the...
-
In electrostatic equilibrium, the excess electric charge on an irregularly shaped conductor is (a) Uniformly distributed throughout the volume. (b) Confined to the surfaces and is uniformly...
-
In the operation of an automated production line with storage buffers, what does it mean if a buffer is nearly always empty or nearly always full?
-
Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. Discuss.
-
a. How is a predetermined factory overhead rate calculated? b. Name three common bases used in calculating the rate.
-
a. What is (1) Overapplied factory overhead and (2) Underapplied factory overhead? b. If the factory overhead account has a debit balance, was factory overhead underapplied or overapplied? c. If the...
-
P2 Implement a simple prototype of a payment processing system that demonstrates the principles of distributed computing and programming ( Make your response an original one. Don't copy content from...
-
c = 3 cm a = 4 cm b = 2 cm
-
Could someone help me, I would greatly appreciate the assistance Toughness is one of the mechanical properties of materials. In the following discussion, you will learn more about this important...
Study smarter with the SolutionInn App