On December 12, 2013, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2014. What journal entries should Pace record on December 12 and January 16?
Answer to relevant QuestionsOn November 1, 2013, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. ...At December 31, 2013, Newman Engineering's liabilities include the following:1. $10 million of 9% bonds were issued for $10 million on May 31, 1994. The bonds mature on May 31, 2024, but bondholders have the option of ...Late in 2013, you and two other officers of Curbo Fabrications Corporation just returned from a meeting with officials of The City of Jackson. The meeting was unexpectedly favorable even though it culminated in a settlement ...On March 1, 2013, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of $300,000. The bonds sold for $294,000 and mature on February 28, 2033 (20 years). Interest is paid semiannually on August 31 and ...At January 1, 2013, Brainard Industries, Inc., owed Second BancCorp $12 million under a 10% note due December 31, 2015. Interest was paid last on December 31, 2011. Brainard was experiencing severe financial difficulties and ...
Post your question