On August 2, 2015, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. Prepare Jun’s journal entry assuming the note is honored by the customer on October 31, 2015.
Answer to relevant QuestionsDaw Company’s December 31 year-end unadjusted trial balance shows a $10,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare any necessary journal entries ...Hitachi, Ltd., reports total revenues of ¥9,041,071 million for its fiscal year ending March 31, 2013, and its March 31, 2013, unadjusted trial balance reports a debit balance for trade receivables (gross) of ¥2,500,000 ...Refer to Apple’s financial statements in Appendix A to answer the following. 1. What is the amount of Apple’s accounts receivable as of September 28, 2013? 2. Compute Apple’s accounts receivable turnover as of ...On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about ...In early January 2015, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment’s salvage value at $25,000. Prepare a table showing depreciation ...
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