Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2015, accepting Tungs $30,000,
Question:
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2015, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2019, accepting Tung's $30,000, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual adjusting...
-
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2010, accepting Tungs $30,000, 6-month, 6% note. Prepare Milners November 1 entry, December 31 annual adjusting entry,...
-
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, accepting Tungs $30,000, 6-month, 6% note. Prepare Milners November 1 entry, December 31 annual adjusting entry,...
-
a. Distinguish between internal common equity and new common stock. b. Why is there a cost associated with internal common equity? c. Describe two approaches that could be used in computing the cost...
-
Use the data from the following financial statements in the popup window, The Company paid interest expense of $17,900 for 2014 and had an overall tax rate of 40% for 2014. Find the cash flow from...
-
Cloth bag filters are used to remove particulate matter from the gases passing out through several process and boiler stacks in a large industrial plant. The bags become clogged and must be replaced...
-
The defendant, Sterile Technologies, Inc., purchased a sterilizer from the plaintiff, Troy Boiler Works, on an installment payment plan. The defendant was to make installment payments charged with
-
Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents...
-
The current in the 1 3 . 8 2 resistor is / 3 = 0 . 9 A . 1 . Find the current in the other resistors in thecircuit? 2 . What is the total energy dissipated in resistor 4 1 7 . 2 0 if the power supply...
-
On October 1, 2015, Chung, Inc. assigns 1,000,000 of its accounts receivable to Seneca National Bank as collateral for a 750,000 note. The bank assesses a finance charge of 2% of the receivables...
-
Wilton, Inc. had net sales in 2015 of 1,400,000. At December 31, 2015, before adjusting entries, the balances in selected accounts were Accounts Receivable 250,000 debit, and Allowance for Doubtful...
-
Refer to Example 12, which compared two groups of seven dogs each in terms of their time interacting with their owners. Figure 10.10 showed the sampling distribution by considering all possible...
-
Debt payments of $1,810.00 due today, $945 due in 113 days and $590.00 due in 325 days respectively are to be combined into a single payment to be made 160 days from now. Using an interest rate of...
-
A company wants to maintain a proportion of debt/equity at 20%/80%. If the WACC is 18.6%, and the pre-tax cost of debt is 9.5%, what is the cost of common equity assuming a tax rate of 35%?
-
Convert the following RE to NFA L: (alb)* + ba
-
Could you please elucidate the concepts of "hybrid," "ecommerce," and "traditional business," accompanied by illustrative examples for each to enrich my understanding?
-
Consider a situation with 5 assets making up the entire economy and the following expected rates of return and variance-covariance matrix: Find the expected return and standard deviation of the...
-
Huck Finn walks at a speed of 0.60 m/s across his raft (that is he walks perpendicular to the rafts motion relative to the shore). The raft is traveling down the Mississippi River at a speed of 1.70...
-
What types of inventory issues Starbucks might reflect upon at the end of each year? The mission of Starbucks is to inspire and nurture the human spiritone person, one cup, and one neighborhood at a...
-
Explain the accounting for sales with right of return.
-
Explain the accounting for sales with right of return.
-
What are the reporting issues in a sale with a repurchase agreement?
-
Lime Corp. disposed of its Recreation Division in November of 2020 at a loss of $18,000 before tax. Prior to the sale, the Recreation Division (considered a separate business component) reported an...
-
Mr.waleba is employed as a senior manager with brook enterprises ltd. He holds 18% of the company's controlling interest. The following details relate to mr.waleba for the year ended 31 december 2022...
-
The Mixing Department of Yummy Foods had 50,000 equivalent units of materials for October. Of the 50,000 units, 15,000 units were completed and transferred to the next department, and 35,000 units...
Study smarter with the SolutionInn App