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:
Apr 1 Loaned $20,000 cash to R. Simpson on a one-year, 8% note.
Jun 6 Sold goods to Friday, Corp., receiving a 90-day, 10% note for $3,000.
30 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: 77% (9 reviews)
Journal DATE ACCOUNTS ANDEXPLANATIONS POST REF DR CR Apr 1 NoteReceivableR Simpson 20...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 Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Question Posted:
Students also viewed these Accounting questions
-
Journalize the following transactions of Aliant Productions: Jan 17 Issued 2,200 shares of $2.50 par common stock at $10 per share. May 23 Purchased 300 shares of treasury stock at $12 per share. Jul...
-
Journalize the following transactions of Alameda Productions: Jan 21 Issued 1,800 shares of $1.25 par common stock at $13 per share. Jun 23 Purchased 500 shares of treasury stock at $15 per share....
-
Journalize the following transactions of Funhouse Productions: July 8. Received a $120,000, 90-day, 8% note dated July 8 from Mystic Mermaid Company on account. Oct. 6. The note is dishonored by...
-
Prove that there exist two languages A and B that are Turing-incomparablethat is, where A T B and B T A.
-
Inflation is always and everywhere a monetary phenomenon, but deflation is not." Comment.
-
An ocean fishing boat is drifting just above a school of tuna on a foggy day. Without warning, an engine back-fire occurs on another boat 1.0 km away (Fig. 12-33). How much time elapses before the...
-
Question: Flyby Knight (FK) contracts to sell 12 helicopters to Air Nigeria, for $8 million each. Payment is to be made by letter of credit, issued by the Bank of Nigeria, confirmed by Citibank in...
-
Ford 10-K a. What are the key cash and liquid asset accounts for Ford? What types of marketable securities does Ford possess? b. What are the critical accounting policies for these accounts? c. What...
-
Aviation Systems is involved in a $10 million lawsuit filedagainst one of its suppliers, Electronic Innovators. The litigationis in final appeal, and legal counsel advises that it is probablethat A 2...
-
1. Compare and contrast the various segments of Chinese luxury consumers and customers profiled in the case. 2. How have luxury goods brands responded to President Xi Jinpings crackdown on...
-
On April 30, 2013, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1. Compute the interest for the years ended December 31, 2013 and 2014, on the Hughes note. 2. Which...
-
Wu International completed the following transactions during July. Wu uses the periodic inventory system in accounting for inventory. Jul 2 Sold merchandise worth $4,500 to Hung on account, with...
-
Among which of the following system, ________________ would be comparatively easy to automate? (a) DSS (b) MIS (c) ES (d) TPS
-
Ruiz Company provides the following budgeted sales for the next four months. The company wants to end each month with ending finished goods inventory equal to 30% of next month's budgeted unit sales....
-
Simplify the expression 18(x-3) 17x -10
-
What are the factors of 64x + 125y?
-
Governmental actions to influence trade are known as Protectionism.Research an event related to Governmental Influence on Trade. It can be from the U.S. or any other nation.Thoroughly analyze and...
-
Simplify. 4 2 30w x 5 3 5w x
-
Draw structures showing the reaction of glycerol with myristic acid to form the triglyceride trimyristin. Would you expect this triglyceride to be a fat or an oil?
-
What can you do to reduce hunger where you live? To reduce hunger globally?
-
Consider the following data set: a. Compute the mean and median. b. Based on the mean and median, would you expect the data set to be skewed to the left, skewed to the right, or approximately...
-
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Advanced...
-
Record the following transactions on the books of Kuist Co. (Omit cost of goods sold entries.) (a) On July 1, Kuist Co. sold merchandise on account to Firer Inc. for $23,000, terms 2/10, n/30. (b) On...
-
At the end of 2011, Tatham Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2012, it is learned that the companys receivable from Nardin Inc....
-
Find the perfect match related to a SWOT Analysis. Group of answer choices Strengths [ Choose ] Weaknesses [ Choose ] Opportunities [ Choose ] Threats [ Choose ]
-
Which of these are NOT part of the Administrative Simplification Rules? Use of unique identifiers for all plan members, employers, and healthcare providers on all transactions Elimination of complex...
-
The Dynamo Company recently repurchased $4 million of its own stock. This is the Dynamo Company's ________ stock. Question 67 options: outstanding authorized treasury preferred
Study smarter with the SolutionInn App