A business issued a 30-day, 4% note for $60,000 to a creditor on account. Journalize the entries
Question:
A business issued a 30-day, 4% note for $60,000 to a creditor on account. Journalize the entries to record
(a) The issuance of the note
(b) The payment of the note at maturity, including interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
a Accounts Payable 60000 Notes Payable ...View the full answer
Answered By
Bree Normandin
Success in writing necessitates a commitment to grammatical excellence, a profound knack to pursue information, and a staunch adherence to deadlines, and the requirements of the individual publication. My background comprises writing research projects, research meta-analyses, literature reviews, white paper reports, multimedia projects, reports for peer-reviewed journals, among others. I work efficiently, with ease and deliver high-quality outputs within the stipulated deadline. I am proficient in APA, MLA, and Harvard referencing styles. I have good taste in writing and reading. I understand that this is a long standing and coupled with excellent research skills, analysis, well-articulated expressions, teamwork, availability all summed up by patience and passion. I put primacy on client satisfaction to gain loyalty, and trust for future projects. As a detail-oriented researcher with extensive experience surpassing eight years crafting high-quality custom written essays and numerous academic publications, I am confident that I could considerably exceed your expectations for the role of a freelance academic writer.
5.00+
7+ Reviews
21+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
Journalize the entries to record the following selected transactions: a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000. b. Paid...
-
Journalize the entries to record the following: a. Check No. 8193 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $294. Check No. 8336 is issued...
-
Journalize the entries to record the following selected bond investment transactions for Olson Technologies: (a) Purchased for cash $90,000 of Hart Industries 7% bonds at 100 plus accrued interest of...
-
Randy, Inc., can issue 3-month commercial paper with a face value of $1,500,000 for $1,450,000. Transaction costs will be $1,500. The effective annualized percentage cost of the financing, based on a...
-
In July 2008, an NBC News/Wall Street Journal poll asked a sample of Americans to state which issue (taken from a list) should be the top priority for the U.S. federal government. The following table...
-
How does relative resources ,time availability, gender ideology and Structural and cultural forces relate to the complex model of housework?
-
Describe the relationship between dynamic modeling, behavioral modeling, and structural modeling.
-
Hammond Inc. experienced the following transactions for 2012, its first year of operations: 1. Issued common stock for $80,000 cash. 2. Purchased $225,000 of merchandise on account. 3. Sold...
-
Give three specific examples of how a sponsor might activate their partnership with a sport property. Describe the three endorser characteristics related to congruency, then give an example of an...
-
A series of computer and backup system failures caused the loss of most of the company records at Stotter, Incorporated. Information technology consultants for the company could recover only a few...
-
A borrower has two alternatives for a loan: (1) Issue a $240,000, 60-day, 8% note or (2) Issue a $240,000, 60-day note that the creditor discounts at 8%. (a) Calculate the amount of the interest...
-
A business issued a 60-day note for $45,000 to a creditor on account. The note was discounted at 6%. Journalize the entries to record (a) The issuance of the note (b) The payment of the note at...
-
In Problems 45 - 56, find the indicated function or value if S(x, y) = x3In y + 4y2ex. Sxy(-1,1)
-
Do you agree that applying the OUCH test to an employment situation will minimize illegal discrimination? Why or why not?
-
How would you approach a CEO or company president who insisted on classifying nonexempt workers as exempt? What would you say to get the CEO to stop this practice?
-
In your mind, how critical is the concept of person-organization fit? Why do you think so?
-
Do you agree with the statement Effectively utilizing the human resources within the organization is one of the few ways to create a competitive advantage in a modern business? Why or why not?
-
Should organizations be held liable by the justice system for negligent hires? Why or why not?
-
All employers subject to the FLSA are required to post a notice explaining the act where employees can readily read it. a. True b. False
-
The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatch's senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use your...
-
The difference in energy between allowed oscillator states in HBr molecules is 0.330 eV. What is the oscillation frequency of this molecule?
-
Discuss at least two items that are important to the value of companies like Intel or IBM but that are not recorded in their balance sheets. What are some reasons why these items are not recorded in...
-
Discuss at least two items that are important to the value of companies like Intel or IBM but that are not recorded in their balance sheets. What are some reasons why these items are not recorded in...
-
Discuss at least two items that are important to the value of companies like Intel or IBM but that are not recorded in their balance sheets. What are some reasons why these items are not recorded in...
-
A business provides services valued at 1 1 0 0 and sends an invoice to the client. The client has promised to pay in one month. which two accounts will be affected?
-
Rushing's financial statements were finalized on March 3, 2025. Required: 1. What amount(s) if any, related to the situations described should Rushing report among current liabilities in its balance...
-
Monroe Company produces and sells three products. Information regarding these three products for 2024, the most recent year, is provided below: selling price per unit Product #1 $26 variable costs...
Study smarter with the SolutionInn App