On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14,

Question:

On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14, Silver Co. discounted the note at 12%.

1. Journalize the entry for Silver to record the proceeds.

2. Record the entry for Silver if Ramon fails to pay at maturity.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

See More Books

Question Posted: Feb 28, 2020 12:26 PM

See More Questions

On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $9,000, 10% note. On July 14, Silver Co. discounted the note at 12%. a. Journalize the entry for Silver to record the proceeds. b. Record the...
On May 15, 201X, Rob Co. gave Green Co. a 180-day, $6,000, 8% note. On July 14, Green Co. discounted the note at 10%. a. Journalize the entry for Green to record the proceeds. b. Record the entry for...
On May 15, 201X, Radford Co. gave Brown Co. a 180-day, $8,600, 8% note. On July 14, Brown Co. discounted the note at 10%. a. Journalize the entry for Brown to record the proceeds. b. Record the entry...
The Whitewater LLP is equally owned by three partners and has the following balance sheet at the end of the current tax year: Partner Petula is an active (i.e., general) partner retiring from the...
Analyze each of the following compounds and determine what starting materials would be required for its synthesis by a Claisen condensation. Then decide which if any of the possible Claisen...
Identify the resources that might be available to address the retirement risk.
Show the debit and credit accounts of the following transactions in the ledger and what effect (i.e., income/decrease) they have on assets, liabilities, capital, income and expenses. The first one is...
Michaels Corporation expects earnings before interest and taxes to be $40,000 for the current period. Assuming an ordinary tax rate of 40%, compute the firms earnings after taxes and earnings...
Day Market Advancen and Declines Advances Declines (in millions) (in millions) 1 913 701 2 659 988 3 707 796 4 501 975 5 504 1,061 6 961 717 7 1,010 621 8 910 727 9 857 737 10 773 773 a. Calculate...
Treasury bonds paying an 8% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order to sell at par if they paid their coupons annually?
Calculate the interest for the following. Assume a 360-day year. a. $14,000 3% 2 years b. $20,000 11% 10 months c. $10,500 14% 120 days
John Short negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for John to record the bank loan.
Why is it imperative that a standard cost system have the support of top management before initiation of the system?
Write a program named SumOfNumberOfSquares.java that prompts user to enter a number of integers and calculates the sum of their squares. The following is a sample run. The green fonts represent user...
6.4 Charles Augustin de Coulomb was a French physicist who is best known for formulating the law that calculates the force between two electric charges. To honor Coulomb, the unit of electric charge...
What amount of cash payments to suppliers will be reported by Indigo Company for the year ended December 31, 2024?
Moving Inc. wants to develop an activity flexible budget for the activity of moving materials. Moving Inc. uses forklifts to move materials from receiving to storeroom and then to production. The...
We are in the tail end of Quarter 3 earnings reporting season in the U.S. markets. Roughly 60 percent of companies that have reported their Q3 earnings so far have reported negative earnings relative...
In what way does light from a laser differ from light from other sources?
The Cholesterol Level data sets give cholesterol levels of heart attack patients. Cholesterol measures are taken 2, 4, and 14 days aft er a patient has suffered a heart attack. Is there a significant...
Give the category, the classification, and the report(s) on which each of the following appears (for example: Cashasset, current asset, balance sheet): a. Wages Payable b. Accounts Payable c. Notes...
From the partial worksheet in Figure, journalize the closing entries for December 31 for G. JacksonCo. G. JACKSON CO. WORKSHEET FOR YEAR ENDED DECEMBER 31, 201X Balance Sheet Income Statement Debit...
From the worksheet in Exercise prepare the assets section of a classified balancesheet. G. JACKSON CO. WORKSHEET FOR YEAR ENDED DECEMBER 31, 201X Balance Sheet Income Statement Debit Account Credit...
CROSS RATES Suppose the exchange rate between the U.S. dollar and the Swedish krona was 6 krona = $1, and the exchange rate between the dollar and the British pound was 1 = $1.85. What would be the...
0 Suppose that two different studies (A and B) have the same sample sizes in e four groups, with similar standard deviations in the four groups. Furthermore sample sizes and sample SDs are also the...
Please answer both, its the same question but a 2 part answer. Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $121,930. The seller...

On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14,

Question:

Step by Step Answer:

1 Cash 14112 112 Interest Income ...View the full answer

College Accounting A Practical Approach

Students also viewed these Business questions