Explain how to record a discounted note receivable.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
The journal entry involves a debit to Cash for the proceeds ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted:
Students also viewed these Accounting questions
-
When is a discounted note receivable considered a contingent liability?
-
Explain how to record the collection of an account receivable in the same year in which it was previously written off if the allowance method of recording estimated doubtful accounts is used.
-
Briefly explain how to record accounts receivable when cash discounts are involved.
-
Calculate UTX's market value-added (MVA) for each year 2010-2012.
-
In a continuous-review inventory system, the lead time for custom six-panel doors is five weeks. The standard deviation of demand during the lead time is 50 doors. The desired cycle-service level is...
-
Solve each equation in Exercises 146148. Check each proposed solution by direct substitution or with a graphing utility. (ln x) 2 = ln x 2
-
People from different cultural backgrounds have different communicative norms, different ways of sending and receiving messages. Give examples of the confusions and misunderstandings caused by...
-
Hazel Holden and Cedric Dalton are organizing Calgary Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Hazel and Cedric tentatively plan to request authorization for...
-
You are looking at a stock that just paid $2 dividend. If this dividend is expected to grow 25% for the next 3 years and 15% for the following 2 years and after which it is expected to 5% forever. If...
-
An orchard has a acre of specialty fruit trees and is preparing for summer harvest. Historically, this acre has yielded and average of 1,800 lbs of fruit with a standard deviation of 800 lbs. A...
-
In discounting an interest-bearing note receivable, why is the discount figured on the maturity value of the note?
-
Explain what contingent liability means in relation to the endorser of a note. 8.
-
1. If you were an Unemployment Compensation administrative hearing judge in this case, would you initially be more likely to side with the employee or the hotel? 2. How would you likely answer the...
-
The combined weight of the load and the platform is 200 lb, with the center of gravity located at G. If a couple moment of M = 900 lb ft is applied to link AB, determine the angular velocity of links...
-
Due In: 06:48:23 Questions Question 1 (4) O Question 2 (8) Question 2 of 2 A company sold $150,000 bonds and set up a sinking fund that was earning 8.5% compounded semi-annually to retire the bonds...
-
Find the point on the graph of f(x) = x which is closest to the point (6, 27). How close is the closest point?
-
Due to a crash at a railroad crossing, an overpass is to be constructed on an existing level highway. the existing highway has a design speed of 50 mi/h. The overpass structure is to be level,...
-
Finding Bone Density Scores. In Exercises 37-40 assume that a randomly selected subject is given a bone density test. Bone density test scores are normally distributed with a mean of 0 and a standard...
-
Johanna Computer manufactures laptop computers under its own brand, but acquires all the components from outside vendors. No computers are assembled until the order is received online from customers,...
-
The value of a share of common stock depends on the cash flows it is expected to provide, and those flows consist of the dividends the investor receives each year while holding the stock and the...
-
The file RateBeerTop50 contains the percentage alcohol, alcohol by volume (abv), number of ratings (count), rank, and average score as of July 2018 for the top 50 beers of the world. Write a report...
-
COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES Kennington Company's condensed income statement for the year ended December 31, 20-2, was as follows: Net sales........$800,000 Cost of goods...
-
STATEMENT OF CASH FLOWS Refer to Problem 23-9B. The following additional information was obtained from Kenningtons financial statements and auxiliary records for the year ended December 31, 20-2....
-
COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES Powell Company's condensed income statement for the year ended December 31, 20-2, was as follows: Additional information obtained from Powell's...
-
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company...
-
Brief Exercise 10-6 Flint Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $327,600. The estimated fair values of the assets are land $62,400, building...
-
"faithful respresentation" is the overriding principle that should be followed in ones prepaparation of IFRS-based financial statement. what is it? explain it fully quoting IAS. how this this...
Study smarter with the SolutionInn App