Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 22, 2024

Bonita Industriessold $115000of goods and accepted the customer's $11500011%, 1-year note receivable in exchange. Assuming11% approximates the market rate of return, what would be the

Bonita Industriessold $115000of goods and accepted the customer's $11500011%, 1-year note receivable in exchange. Assuming11% approximates the market rate of return, what would be the debit in this journal entry to record the sale?

Debit Accounts Receivable for $115000.

Debit Notes Receivable for $102350.

Debit Notes Receivable for $115000.

No journal entry until cash is collected.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

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

Managerial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

4th Canadian edition

1118856996, 978-1118856994

Students also viewed these Accounting questions

Question

★★★★★

Each day, Monday through Saturday, a baker bakes three large chocolate cakes, and those not sold on the same day are given away to a food bank. Use the data shown in the following table to test at...

Answered: 1 week ago

Question

★★★★★

discuss the responsibilities of employers and employees vis--vis each other in preventing accidents at work;

Answered: 1 week ago

Question

★★★★★

The Josie Theater, owned by Josie Micheals, will begin operations in March. The Josie will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of...

Answered: 1 week ago

Question

★★★★★

( 1 0 - 1 3 ) NPV and IRR Analysis Cummings Products is considering two mutually exclusive investments whose expected net cash flows are as follows: \ table [ [ Expected Net Cash Flow ] , [ Year ,...

Answered: 1 week ago

Question

★★★★★

A reduction in stockholders' equity on the balance sheet would result from O issuing common stock. O giving common stock to employees. O purchasing treasury stock. O selling treasury stock

Answered: 1 week ago

Question

★★★★★

(a) Show that the system of differential equations for the charge on the capacitor q(t) and the current i 3 (t) in the electrical network shown in Figure 7.6.9 is (b) Find the charge on the capacitor...

Answered: 1 week ago

Question

★★★★★

Can you draw the upper shear zone margin on Figure 16.9? Is it easily definable?

Answered: 1 week ago

Question

★★★★★

Develop an M-file to solve a single ODE with the fourth-order RK method. Design the M-file so that it creates a plot of the results. Test your program by using it to solve Prob. 22.2. Employ a step...

Answered: 1 week ago

Question

★★★★★

If the row variable and column variable are interchanged, how are the expected frequencies affected? Is the value of the chi-square statistic affected? Is the number of degrees of freedom affected?

Answered: 1 week ago

Question

★★★★★

The position of a person pacing in a hall is given by the $x(t)$ curve in Figure P3.6. During which time interval(s) is the acceleration (a) positive (b) negative? (c) Is the acceleration ever zero...

Answered: 1 week ago

Question

★★★★★

4. A stock is expected to pay 0.60, 0.70 and 0.80 euros per share in the next 3 years Then, a growth phase of 4 years at 6% is expected Finally, the future growth of the company is expected to be...

Answered: 1 week ago

Previous Question Next Question