FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3 (8 points) We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it to a

image text in transcribed
Problem 3 (8 points) We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it to a notes receivable for 30 days at 7%. A) What is the journal entry to change the AR to a NR Debit Credit B) What is the journal entry to show receiving the payment for the note receivable and interest? Debit Credit 5 B 7 8 9 30 31 82 83 84

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

Ethics And The Internal Auditors Political Dilemma Tools And Techniques To Evaluate A Companys Ethical Culture Internal Audit And IT Audit

Ethics And The Internal Auditors Political Dilemma Tools And Techniques To Evaluate A Companys Ethical Culture Internal Audit And IT Audit

Authors: Lynn Fountain

1st Edition

149876780X, 978-1498767804

More Books

Students also viewed these Accounting questions

Question

★★★★★
The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: a. Estimate the cost of the merchandise destroyed. b. Briefly describe...

Answered: 1 week ago

Question

★★★★★
Which questions did you have trouble answering? How can you address these differently?

Answered: 1 week ago

Question

★★★★★
Alpha Products, Inc., is having a problem trying to control inventory. There is insufi cient time to devote to all its items equally. Here is a sample of some items stocked, along with the annual...

Answered: 1 week ago

Question

★★★★★
Problem 3 (8 points) We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it to a notes receivable for 30 days at 7%. A) What is the journal entry to change...

Answered: 1 week ago

Question

★★★★★
OOO Lab 2 2412 NEW.pdf Page 6 of 6 1 Q Q 1 8 . ' A Q search Lab 2 2412 NE... 18) Verify the identity. Work from one side of the equation to the other. Show all steps. cot x - tan x = sec x (csc x -...

Answered: 1 week ago

Question

★★★★★
Describe Platform Marketing. In your description, be sure to include the central role of the customer in this approach to marketing. To implement Platform Marketing we need to to understand what...

Answered: 1 week ago

Question

★★★★★
2.87 A mass m is attached at the end of a bar of negligible mass and is made to vibrate in three different configurations, as indicated in Fig. 2.97 . Find the configuration corresponding to the...

Answered: 1 week ago

Question

★★★★★
Persuading University Students to Start a Saving Account 1-Assume the role of a banker, create a message that targets university students and persuades them to start a retirement account. (2 Marks)...

Answered: 1 week ago

Question

★★★★★
Town of Bellington 1) In the background section, the case discusses the way that the new director uses to prepare a budget. What is your assessment of it? Are there any shortcomings? 2) The director...

Answered: 1 week ago

Question

★★★★★
Andretti Company has a single product called a Dak. The company normally produces and sells 88,000 Daks each year at a selling price of $56 per unit. The company's unit costs at this level of...

Answered: 1 week ago

Question

★★★★★
4. Are there any disadvantages?

Answered: 1 week ago

Question

★★★★★
3. What are the main benefits of using more information technology?

Answered: 1 week ago

Question

★★★★★
start to review and develop your employability skills

Answered: 1 week ago

Previous Question Next Question