Record journal entries for the following transactions of Commissary Productions. Jan. 1, 2018 Dec. 31, 2018 Dec.
Question:
Record journal entries for the following transactions of Commissary Productions.
Transcribed Image Text:
Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Issued a $425,530 note to customer June Solkowski as terms of a merchandise sale. The merchandise's cost to Commissary is $231,700. Note contract terms included a 36-month maturity date, and a 5% annual interest rate. Commissary records interest accumulated for 2018. Commissary records interest accumulated for 2019. June Stevens honors the note and pays in full with cash.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
Date General Journal Debit Credit January 1 2018 Note receiva...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/ 20, n/60, invoice date...
-
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe...
-
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date...
-
Estimate the errors involved in Exercise 63, parts (a) and (b). How large should be in each case to guarantee an error of less than 0.00001?
-
Arjay plans to sell a bond that matures in one year and has a principal value of $1,000. Can he expect to receive $1,000 in the bond market for the bond? Explain.
-
In Exercises 1-4, find the exact values of the six trigonometric functions of the angle . 1. 2. 3. 4. 8. 13
-
17.1
-
The transactions completed by Revere Courier Company during December 2014, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, $4,500. 2. Issued...
-
1) prepare journal entries 2) post to general ledger 3) prepare trial balance Durmstrang Inc. started its business on January 1 and has the below unadjusted trial balance at January 31, 2021....
-
Monthly return data are presented below for each of three stocks and the S&P index (corrected for dividends) for a 12-month period. Calculate the following quantities: - Alpha for each stock - Beta...
-
What are the two most common receivables ratios, and what do these ratios tell a stakeholder about the company?
-
Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an $825,000 accounts receivable balance at the end of 2018 and $756,000 at the end of 2019. Fortune uses...
-
What is the vapor pressure of a solution in which the mole fraction of the solute is 0.200 and the vapor pressure of the pure solvent is 100.0 torr? (Assume a single nonvolatile, nonelectrolyte...
-
2. (3 points) NextGames Inc. has a new video game cassette for the upcoming holiday season. It is 3 trying to determine the target cost for the game if the selling price per unit will be set at $130,...
-
1. After watching the SR WEBINAR on how risk managers create better decision-making through a positive culture what do you think the three (or more) important points made during the webinar 2....
-
| Variance analysis, multiple products. The Robin's Basket operates a chain of Italian gelato stores. Although the Robin's Basket charges customers the same price for all flavors, production costs...
-
Question 31 of Your local coffee shop is extremely busy, so the cashier asks what you'd like to order and your name. The cashier writes this information onto a cup and passes it to the barista. After...
-
Find SSR = xy Rx+1 -dA, R= [0,2] x [4,4] Round your answer to four decimal places.
-
For a triangle with base b and altitude h, a formula for the area A is _______.
-
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
-
John and Mary have two small children and are looking for ways to help fund the childrens college education. They have heard that Series EE bonds are a tax-favored way of saving and have requested...
-
Lee and Jane have been your firms clients for most of the twenty years they have been married. Recently Lee came to you and said that he and Jane are obtaining a divorce, and he wants you to help him...
-
William owns a building that is leased to Lesters Machine Shop. Lester requests that William rewire the building for new equipment Lester plans to purchase. The wiring would cost about $4,000, but...
-
3 . Accounting.. How does depreciation impact financial statements, and what are the different methods of depreciation?
-
NEED THIS EXCEL TABLE ASAP PLEASE!!!! Presupuesto Operacional y C lculo del COGS Ventas Proyectadas: Ventas Proyectadas: $ 4 5 0 , 0 0 0 Precio por unidad: $ 4 5 0 Unidades vendidas: 4 5 0 , 0 0 0 4...
-
The wash sale rules apply to disallow a loss on a sale of securities_______? Only when the taxpayer acquires substantially identical securities within 30 days before the sale Only when the taxpayer...
Study smarter with the SolutionInn App