Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 20, 2024

ABC Company accepts a $2,000.00, three month note payable at 12% in settlement of XYZ Company's account receivable. XYZ Company originally owed $1,800.00 for merchandise

ABC Company accepts a $2,000.00, three month note payable at 12% in settlement of XYZ Company's account receivable. XYZ Company originally owed $1,800.00 for merchandise and $347.00 in finance charges. How will the journal entry for this transaction be made?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Re Imagining Offshore Finance

Re Imagining Offshore Finance

Authors: Christopher M. Bruner

1st Edition

0190466871, 978-0190466879

More Books

Students also viewed these Finance questions

Question

★★★★★

List the three main objectives of the Sarbanes-Oxley Act.

Answered: 1 week ago

Question

★★★★★

Stereotyping deceptive and authentic news stories. Major newspapers lose their credibility (and subscribers) when they are found to have published deceptive or misleading news stories. In Journalism...

Answered: 1 week ago

Question

★★★★★

The balance sheet of Indian River Electronics Corporation as of December 31, 2010, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2003 and had a remaining...

Answered: 1 week ago

Question

★★★★★

There are 6 sub deliverables given found below (1-6)(For a book): identify three activities to complete the deliverable. For each activity, estimate a duration, identify predecessors, and identify...

Answered: 1 week ago

Question

★★★★★

Depreciation Methods Hansen Supermarkets purchased a radio frequency identification (RFID) system for one of its stores at a cost of $150,000. Hansen determined that the syster had an expected life...

Answered: 1 week ago

Question

★★★★★

A sporting goods store decides to lower prices on high-end sports equipment. How could this change affect market equilibrium? (1 point) O The sporting goods market could experience a surplus. The...

Answered: 1 week ago

Question

★★★★★

This amount of carbonic acid is released by the lungs as carbon dioxide daily: (a) Five liters (about 1 gallon). (b) Ten liters (about 2.5 gallons). (c) Twenty liters (about 5 gallons). (d) Thirty...

Answered: 1 week ago

Question

★★★★★

You overhear the following discussion at a coffee shop among fellow students: Student 1: The day is longer than it would be if Earth had no atmosphere. The atmosphere allows the sun to be seen after...

Answered: 1 week ago

Question

★★★★★

Explain the importance of Human Resource Management

Answered: 1 week ago

Question

★★★★★

Discuss the scope of Human Resource Management

Answered: 1 week ago

Question

★★★★★

Teamwork. Ethics. Form a group of two or three students. Decide what you believe would be the best way to respond to each of the unacceptable questions included in this chapter. Also, discuss ethical...

Answered: 1 week ago

Question

★★★★★

Teamwork. Form a group of three or four students and gather employment information and job listings for the following positions.Make an effort to use at least four of the sources identified in the...

Answered: 1 week ago

Question

★★★★★

List the names of individuals in your personal network of friends, relatives, instructors, and acquaintances who could be valuable to you in a job search. From this list, develop a reference list....

Answered: 1 week ago

Previous Question Next Question