Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30: Apr 1
Question:
Journalize the following transactions of Cramer, Inc., which ends its accounting year on June 30:
Transcribed Image Text:
Apr 1 Jun 6 30 Loaned $20,000 cash to R. Simpson on a one-year, 8% note. Sold goods to Friday, Corp., receiving a 90-day, 10% note for $3,000. Made a single compound entry to accrue interest revenue on both notes. Use a 360-day year for interest computations.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Rustia Melrod
I am a retired teacher with 6 years of experience teaching various science subjects to high school students and undergraduate students. This background enables me to be able to help tutor students who are struggling with the science of business component of their education. Teaching difficult subjects has definitely taught me patience. There is no greater joy for me than to patiently guide a student to the correct answer. When a student has that "aha!" moment, all my efforts are worth it.
The Common Core standards are a useful yardstick for measuring how well students are doing. My students consistently met or exceeded the Common Core standards for science. I believe in working with each student's individual learning styles to help them understand the material. If students were struggling with a concept, I would figure out a different way to teach or apply that concept. I was voted Teacher of the Year six times in my career. I also won an award for Innovative Teaching Style at the 2011 National Teaching Conference.
4.90+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Q1: There are different kinds of atoms with having neutrons, protons and electrons with their specific atomic mass asses. Hydrogen is one of them. [4 marks] A) In Java language of your choice, write...
-
Journalize the following transactions of Mediterranean Importers, which ends its accounting year on June 30: Apr. 1 June 6 Loaned $10,000 cash to Carroll Fadal on a one-year, 8% note. Sold goods to...
-
On June 30, 2010, Nature Bank loaned $2,000,000 to Gary Simon on a one-year, 7% note. Requirements 1. Compute the interest for the years ended December 31,2010 and 2011, on the Simon note. 2. Which...
-
WSU Small Business Booster Every year, Robin identifies a small business to invest her money in because she wants to support companies that WSU students have started. Robin named the program WSU...
-
For C4H9OH, give the number of CGTFs used in a calculation with each of the following basis sets: (a) STO-3G; (b) 3-21G; (c) 6-31G*; (d) 6-31G**; (e) 6-31+G*; (f) cc-pVTZ; (g) cc-pVQZ; (h)...
-
Determine the assets to revenues ratio for the construction company in Figures 6-3 and 6-4. What insight does this give you into the companys financial operations? FIGURE 6-3 Balance Sheet for...
-
____________ is an example of an informal channel through which information flows in an organization. (a) The grapevine (b) Top-down communication (c) The mum effect (d) Transparency
-
Stiever Industries manufactures and sells three different models of wet-dry shop vacuum cleaners. Although the shop vacs vary in terms of quality and features, all are good sellers. Stiever is...
-
(BB) #23- The table shows data from the science fair experiment that studied the number of eggs that hatched at three different temperatures a What is the probability that an egg hatched? cool room...
-
Gorman Enterprises sells on account. When a customer account becomes four months old, Gorman converts the account to a note receivable. During 2010, Gorman completed these transactions: Requirement...
-
On April 30, 2010, Citibank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1. Compute the interest for the years ended December 31,2010 and 2011, on the Hughes note. 2. Which...
-
Ming, CPA, is engaged to audit the financial statements of Wellington Sales, Inc., for the year ended December 31, 200X. Ming obtained and documented an understanding of Wellington's internal control...
-
In addition to a competitive pricing strategy what is the next best pricing strategy to use retail environment for consumer electronics? Please explain
-
B. CVD Sdn Bhd (CVDSB) is a company located at Kedah. The company produces picture frames. Traditionally, all frames are hand-made, which require one hour of direct labor to finish producing one...
-
Question 1 Mr. Badrol established a tour agency on 1 January 2021. The transactions for the month are as follows: Date 1 2 Transactions Started in business and deposited RM60,000 into a bank account...
-
1.Using 61 monthly observations you have just estimated that the covariance between return on stock A and the market index is 0.075 and that the standard deviation of the market index is 0.25. Also,...
-
Cost of goods sold for the Toronto Corporation for the month of June 20X6 was $800,000. Work in process inventory at the end of June was 75% of work in process inventory at the beginning of June....
-
Consider combustion of hydrogen gas in a mixture of hydrogen and oxygen adjacent to the metal wall of a combustion chamber. Combustion occurs at constant temperature and pressure according to the...
-
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?
-
Pine Corporation has sales revenue of $530,000 resulting in net operating income of $73,140. Average invested assets total $688,000. Residual income is $27,000. Calculate the new residual income if...
-
Your Corporation started a consulting business on January 1, 2019 by issuing $7,000 of common stock. What was net cash flow from operating activities? Provided services on account, $25,000. Incurred...
-
Investing activities do not include the: Multiple Choice Issuance of common stock. Sale of investments. Purchase of plant assets. Loaning of money in exchange for notes receivable. Sale of plant...
Study smarter with the SolutionInn App