A business issued a 60-day note for $45,000 to a creditor on account. The note was discounted
Question:
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 maturity.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
a Accounts Payable 44550 Interest Expe...View the full answer
Answered By
Mishark muli
Having any assignments and any other research related work? worry less for I am ready to help you with any task. I am quality oriented and dedicated always to produce good and presentable work for the client once he/she entrusts me with their work. i guarantee also non plagiarized work and well researched work to give you straight As in all your units.Feel free to consult me for any help and you will never regret
4.70+
11+ Reviews
37+ 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
-
A business issued a 90-day, 15% note for $91,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including...
-
Journalize the discounted note for Feather Co. from Exercise 5. In exercise Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the...
-
Journalize the discounted note for April from Exercise 5. In Exercise 5, April Co. received a $30,000, 4%, 60-day note from Lucky Co. dated August 6. On August 30 Lucky discounted the note at Better...
-
Suppose the final exam in this class has a normal, or bell-shaped, grade distribution of exam scores, with an average score of 80. An approximate function that models your classs grades on the exam...
-
Yen, Lin, and Chiu (2013) compared the number of male and female people with an intelligence disability (ID) to the proportion of males and females in the general population. In their study, they...
-
Visionary Inc. is examining two projects, A and B. Project A has a lower initial investment than project B and is expected to generate a steady stream of cash flows over its economic life. Project B...
-
P(0.18 < z < 2.46) Find the indicated probability using the standard normal distribution. If convenient, use technology to find the probability.
-
1. You be the judge. Who is right in this case, the company or the two employees? 2. You be the manager. What should the managers at Houstons have done when they learned about the negative comments...
-
1. Identifies the barriers to communication experienced in this scenario as well as their impact. 2. What are the communications barriers that Barry faces? 3. What solutions might Barry consider to...
-
You own 1,000 shares of stock in Avondale Corporation. You will receive a $3.45 per share dividend in one year. In two years, the company will pay a liquidating dividend of $62 per share. The...
-
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.
-
On June 30, Rioux Management Company purchased land for $400,000 and a building for $600,000, paying $500,000 cash and issuing a 6% note for the balance, secured by a mortgage on the property. The...
-
An article on the Dow Jones Newswire in mid-2017 contained the following sentence: The U.S. current-account deficit, a measure of trade and financial flows with foreign countries widened to $116.78...
-
A single currency for a global economy. The daily turnover in the foreign exchange market approaches $4 trillion or a yearly turnover of $1,000 trillion (with 252 working days in a given year)....
-
We analyzed the biceps muscle example with the angle between forearm and upper arm set at 90. Using the same numbers as in Example 9.4, find the force exerted by the biceps muscle when the angle is...
-
Big Mac currencies. In 2006 a Big Mac cost ARS 7. 00 in Argentina and US$3.10 in the United States. Four years later, in 2010, the same Big Mac cost ARS 14. 00 in Argentina and US$3.73 in the United...
-
Referring to the information presented in problem 3: a. Explain MegaFons principal motivations in raising equity capital in London rather than in Moscow. b. Is the fact that MegaFon is almost...
-
Asian financial crisis and the Thai baht. On July 3, 1997, the Thai baht was unpegged from the U.S. dollar and promptly depreciated from THB 25 = US$1 to THB 60 = US$1. What was the bahts percentage...
-
Assume that the mayors office and the police department were billed $55,000 for data processing work during the year ended June 30, 20X7. What account in the general fund should be debited to record...
-
"Standard-cost procedures are particularly applicable to process-costing situations." Do you agree? Why?
-
Short-wavelength UV is sometimes called vacuum UV, because it is strongly absorbed by air and must be studied in a vacuum. Calculate the photon energy in eV for 100-nm vacuum UV, and estimate the...
-
How does separating current assets from property, plant, and equipment in the balance sheet help analysts?
-
How does separating current assets from property, plant, and equipment in the balance sheet help analysts?
-
How does separating current assets from property, plant, and equipment in the balance sheet help analysts?
-
Use factoring by grouping to solve the following equation. 3-522-16r+80=0 Enter the solutions, separated by commas if necessary. Do not use a plus-minus () sign when entering separate answers....
-
What are some intervention policies that make provisions for destitute college or university students in Ethiopia? Please provide Examples
-
Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered requirements, and the market...
Study smarter with the SolutionInn App