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

Question

1 Approved Answer

Rainbow company sells manufacturing machines, and sells one for $20,000 to Donkey Kong Inc. on November 1, 2016. Donkey Kong Inc. is short on cash

Rainbow company sells manufacturing machines, and sells one for $20,000 to Donkey Kong Inc. on November 1, 2016. Donkey Kong Inc. is short on cash and gives Rainbow company a 90-day, 10% interest promissory note. Which of the following would be included in the journal entry on December 31 to record interest earned in 2016? (work needs to be explained, please!)

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_2

Step: 3

blur-text-image_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

CIA Exam Practice Questions Certified Internal Auditor

CIA Exam Practice Questions Certified Internal Auditor

Authors: The Internal Audit Foundation

1st Edition

163454045X, 978-1634540452

More Books

Students also viewed these Accounting questions

Question

★★★★★
Gender differences in dream content are well documented (see Winget & Kramer, 1979). Suppose a researcher studies aggression content in the dreams of men and women. Each participant reports his or...

Answered: 1 week ago

Question

★★★★★
Find the areas of the regions enclosed by the curves and line. x + y = 1, x = 0, y = 0 y Vir + Vy = 1 1 X

Answered: 1 week ago

Question

★★★★★
Unwinding the futures contract takes place through a. Entering into a separate agreement b. Taking an opposite position c. Canceling the agreement d. None of the above

Answered: 1 week ago

Question

★★★★★
At the beginning of November, Yoshi Inc.s inventory consists of 60 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 90 units of...

Answered: 1 week ago

Question

★★★★★
Which of the following best defines the term protocol? Question 8 5 options: the unique number assigned to a computer connected to the Internet the order in which webpage content loads in a browser...

Answered: 1 week ago

Question

★★★★★
Spies Corporation has two segments: PV Segment and Purple Segment. The following report is for the most recen operating period: Purple Segment PV Segment 225,000 103,400 78,000 Sales Variable...

Answered: 1 week ago

Question

★★★★★
We've learned how contract law in the United States has developed over time and have used several sources for learning particular rules of contract law. Which of the following best describes the most...

Answered: 1 week ago

Question

★★★★★
What does Auld say is the challenge in the Phase II design and implementation of "NSMD" certification programs?

Answered: 1 week ago

Question

★★★★★
Question One (a) Sulin is an accountant at a large accounting firm. In May, she went to Hong Kong for an accounting conference. She incurred expenses of $2,000 on the plane ticket and$500 on hotel...

Answered: 1 week ago

Question

★★★★★
A person financed a motorcycle for $11,800 over 4 years with monthly payments of $295 at 5% add on interest. a) Determine the Finance Charge per $100. Round to the nearest cent. b) Determine the APR...

Answered: 1 week ago

Question

★★★★★
According to the article Practical Strategies for Death Notification in the Emergency Department, step 2, initiating contact discussed which of the following as best practices: Question 9 options:...

Answered: 1 week ago

Question

★★★★★
work is motivating when seen to be useful to self and others striving towards a common goal;

Answered: 1 week ago

Question

★★★★★
regard for pragmatism and common sense in the work situation rather than precise rules, but a strong sense of order and tradition means rules that are spelt out will be obeyed;

Answered: 1 week ago

Question

★★★★★
Recognition that organizations must adapt to a future of constant change.

Answered: 1 week ago

Previous Question Next Question