Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 21, 2024

On May 28, Jackson Jones borrowed $40,000 cash and gave the lender a 5%, 90 day note. Which of the following is the correct journal

On May 28, Jackson Jones borrowed $40,000 cash and gave the lender a 5%, 90 day note. Which of the following is the correct journal entry to record the note on Jones books on May 28th - the day the note was given?

DEBIT NOTES RECEIVABLE FOR $40,

DEBIT NOTES PAYABLE FOR 40

CREDIT NOTES PAYABLE FOR 40

CREDIT NOTES RECEIVABLE FOR 40

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored 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

Essentials Of Xbrl Financial Reporting In The 21st Century

Authors: Bryan Bergeron

1st Edition

0471220779, 978-0471220770

More Books

Students also viewed these Accounting questions

Question

★★★★★

The following information pertains to Lance Company. 1. Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. 3. Cash balance per books, July 31,...

Answered: 1 week ago

Question

★★★★★

=+a. Societys welfare is lower under monopoly because some consumer surplus is transformed into profit for the monopolist.

Answered: 1 week ago

Question

★★★★★

11-15: What are some effective leadership techniques?

Answered: 1 week ago

Question

★★★★★

This problem asks you to evaluate a major increase in financial leverage on the part of Nova Products, Inc. The companys financial statements for 20152017 and specific questions are available for...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

The fixed and variable costs for three potential manufacturing plant sites for a rattan chair weaver are shown: a) After rounding to the nearest whole number, site 1 is best below units

Answered: 1 week ago

Question

★★★★★

Ingrid Shalansky, an audit senior, was given the task of auditing the investment section of Crabapple Ltd.Examining the investments, she found the following transactions had occurred during the year;...

Answered: 1 week ago

Question

★★★★★

HRM In Context BUS7B48 An evaluation of the external factors affecting HRM Discuss the strengths and limitations of the Resource Based View as compared to the Universal (Best Practice) and Contingent...

Answered: 1 week ago

Question

★★★★★

Making capital investment decisions: Project 1 (15 marks) The directors of XYZ Ltd. are considering whether to invest in two separate projects: one is small while the other is large. The company has...

Answered: 1 week ago

Question

★★★★★

The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,104...

Answered: 1 week ago

Question

★★★★★

Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $375,000. Peanut uses the...

Answered: 1 week ago

Question

★★★★★

2. Define communication.

Answered: 1 week ago

Question

★★★★★

2. Analyzing Cultural Patterns. Find a text or speech that discusses some intercultural or cultural issues, and analyze the cultural patterns present in the text. Consider, for example, the I Have a...

Answered: 1 week ago

Question

★★★★★

f. What was your neighborhood like? Discuss your answers with classmates. Analyze how your own cultural position is unique and how it is similar to that of others.

Answered: 1 week ago

Previous Question Next Question