A business issued a 90 -day note for ($ 80,000) to a creditor on account. The note

Question:

A business issued a 90 -day note for $\$ 80,000$ to a creditor on account. The note was discounted at $8 \%$. Journalize the entries to record

(a) the issuance of the note and

(b) the payment of the note at maturity.

objs. $2,3,4$

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780324380675

10th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: Jun 11, 2024 12:01 AM

See More Questions

You would like to purchase a delayed perpetuity, which pays $2400 every year. You would like this perpetuity to start 27 years later. The asset requires you to make the same deposit every year...
What website could you go to in order to obtain specialist advice or information regarding: 1. Wages and entitlements? 2. PAYG Withholding requirements? 3. WorkCover? 4. Payroll record keeping...
Rate yourself on the following behaviors and characteristics, according to the following scale. 1. Strongly disagree 2. Disagree 3. Agree 4. Strongly agree As a child, I had a paper route, lemonade...
Governments assert that their safety standards for food imports are important to ensure that their citizens not be harmed by unsafe foods. Comment on how such a concern may be a nontariff barrier.
Let an = 2n / 3n +1. (a) Determine whether {an}is convergent. (b) Determine whether (n-1 an is convergent.
Graham Company is currently manufacturing Part 20B, producing 15,000 units amiually. The part is used in the production of several products made by Graham. The cost per unit for 20B is as follows: Of...
Describe the control model for managing ineffective performers. LO.1
A project manager has compiled a list of major activities that will be required to install a computer information system in her firm. The list includes estimated completion times for activities and...
Q#12-All-the-stakeholder-have-the-same-goals-and-needs-of-the- business! O True O False 2p Q#13-The-requirement-of-the-business-analysis-provided-by-project- manager! OF
On June 30, Mystic Mountain Game Company purchased land for $\$ 250,000$ and a building for $\$ 690,000$, paying $\$ 240,000$ cash and issuing an $8 \%$ note for the balance, secured by a...
A business issued a 60 -day, $7 \%$ note for $\$ 15,000$ to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity,...
Recognizing socio-economic trends that have put great strain on the environment.
Listed below are pulse rates (beats per minute) from samples of adult males and females. Does there appear to be a difference? Find the coefficient of variation for each of the two samples; then...
When the price of an item goes down, people buy more of it because at a lower price Options: -some new people may be willing to enter the market. -the item is more valuable. -the marginal cost is...
2. Find the sum of the following sequences (3 points) a) 1, 2, 3, 4, 5, 150 ... b) 1, 3, 5, 7, 9, ..., 99 c) -4, 1, 6, 11, 16, 21, . 201 ...
Solving for Rates What annual rate of return is implied on a $2,600 loan taken next year when $6,300 must be repaid in year 12?
Significant Values. In Exercises 9-12, use the range rule of thumb to identify (a) the values that are significantly low, (b) the values that are significantly high, and (c) the values that are...
Gao Corporation was organized on January 1, 2011. It is authorized to issue 20,000 shares of 6%. HK$500 par value preference shares, and 500,000 shares of no-par ordinary shares with a stated value...
Where are the olfactory sensory neurons, and why is that site poorly suited for their job?
On Dec 31 2020, Bernice Melson, a partner in ABC Communications, had an ending capital balance of $49,000. Her share of the partnership's profit was $18,000; she made investments of $12,000 and had...
Q2R. on account for each depreciable asset. During 2024, Jane VIIS nsactions.) i More Info Apr. 1 Purchased office equipment. 5111,000. Paid 581,000 cash and financed the remainder Jan. 1 with a note...
The rate of return on Cherry Jalopies, Inc., stock over the last five years was 14 percent, 11 percent, 4 percent, 3 percent, and 7 percent. What is the geometric return for Cherry Jalopies, Inc.?

A business issued a 90 -day note for ($ 80,000) to a creditor on account. The note

Question:

Step by Step Answer:

Financial Accounting

Students also viewed these Business questions