Question: On June 1 Phillips Corporation discounts a 15 000 note from
On June 1, Phillips Corporation discounts a $15,000 note from a customer at its bank. The note has a maturity value of $15,400. The discount is $385. The accrued interest revenue is $100. Prepare the journal entry of Phillips Corporation to record the discounted note.
Answer to relevant QuestionsAt the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,200. The April bank statement showed $10 of interest earned by Meyer on its ...The June 30, 2009 balance sheet of the Upham Company included the following information:*The company is contingently liable for discounted notes receivable of $38,000.During the company’s fiscal year ending June 30, 2010, ...On January 1, Pope Enterprises’ inventory was $550,000. Pope made $880,000 of net purchases during the year.On its year-end income statement, Pope reported cost of goods sold of $925,000. Calculate Pope Enterprises’ ...Carla Company uses the perpetual inventory system. The following information is available for January of the current year, when Carla Company sold 1,600 units of inventory on January 14.Using the FIFO method, calculate ...On January 15, 2010, the Searle Company, a U.S. company, acquired machinery on credit from a British company for ￡12,000. The company paid for the machine on January 30, 2010. The exchange rates on January 15 and 30 were ...
Post your question