On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment

Question:

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun’s journal entry assuming the note is honored by the customer on October 31 of that same year.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Principles Of Financial Accounting (Chapters 1-17)

ISBN: 9781260780147

25th Edition

Authors: John Wild

See More Books

Question Posted: Jul 27, 2023 07:48 AM

See More Questions

From 2009 to 2010, the total combined revenue for all stores increased by approximately A) $50,000 B) $200,000 C) $400,000 D) $600,000 Revenue Per Store (Thousands of $) 1,000 800 600 400 200 ANNUAL...
The income statement for the year 2021 of Grouper Co. contains the following information: Revenues $71000 Expenses: Salaries and Wages Expense $43500 Rent Expense 12500 Advertising Expense 10400...
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 Juns journal entry assuming the note is honored by the customer on...
Prepare a company analysis (strengths and weaknesses) Instructions - Prepare the SW portion of a SWOT analysis as a report. Use your textbook and the instruction below. Prioritizing the Results: The...
Pittman Corporation purchased a building by signing a $75,000 long-term mortgage with monthly payments of $1,000. The mortgage carries an interest rate of 12 percent. 1. Prepare a monthly payment...
How many years would you have to wait to observe a 1 angular shift in the perihelion of Mercury due to general relativistic effects?
An investment is guaranteed to have a unique value of IRR if which of the following is true? a. Alternating positive and negative cash flows b. An initial negative cash flow followed by all positive...
Bechtold Construction is in the process of installing power lines to a large housing development. Steve Bechtold wants to minimize the total length of wire used, which will minimize his costs. The...
Draw the relational model for this EER for vacation property rentals RENTER Renter ID First Name Middle Initial Last Name Address Phone# EMail Signs HI RENTAL AGREEMENT Agreement ID Begin Date End...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each...
The author calls the armadillo an alien creature in the first paragraph because: F. Not much is known about armadillos. G. Armadillos come from another planet. H. Armadillos are very aggressive. J....
Richard owns several retail stores. The employees are insured for employee theft under a commercial crime coverage form (loss-sustained form) with an insurance limit of $10,000. Richard discovered...
Suppose the incomes of buyers in a market for a particular normal good decrease. Draw demand and supply curves and show what will happen to the new equilibrium price and quantity. Will they increase...
1. At the Dentist patient chair water flows through a 2 cm diameter drain pipe with a speed of 2 m/s then through 1.5 cm diameter pipe. What is the water speed after the 2nd pipe?
Discuss the ways in which agricultural output can be increased. What were the most common routes to growth of output in the past? What is the most applicable route in the present?
2. The contact angle for water on clean glass is close to zero. Given that water climbs to a height of 2.28cm in a clean glass capillary tube with internal radius 0.32 mm at 30C. Calculate the...
In June 2017 the Federal Reserve announced an increase in the target Fed Funds rate.The stock market responded positively to this announcement.Explain these results using the supply and demand of...
Refer to the Current Allergy & Clinical Immunology study of the use of local anesthetics in dentistry, presented in Exercise. Recall that the mean number of units (ampoules) of local anesthetics used...
In Problems, solve each system of equations. x + 2y + 3z = 5 y + 11z = 21 5y + 9z = 13
Key figures for Apple and Google follow. Required 1. Compute the debt-to-equity ratios for Apple and Google for both the current year and the prior year. 2. Use the ratios you computed in part 1 to...
Key figures for Apple and Google follow. Required 1. Compute common-size percents for each of the companies using the data provided. (Round percents to one decimal.) 2. Which company retains a higher...
Cal Consulting follows the practice that prepayments are debited to expense when paid, and unearned revenues are credited to revenue when cash is received. Given this companys accounting practices,...
Marquise Co. processes diamonds. The grinder used was bought a year ago and had a useful life of 4 years when it was purchased. The sales weasels have contacted Marquise because the new model of...
Trace the recursive call, mystery(3, 2, 6) and show the printed output. 1 public class Mystery 2 { 3 public static void main(String[] args) 4 { 5 6 } 7 System.out.println( mystery(3, 2, 6)); 8 public...
3.) Create an ER diagram that represents this situation. Movies show actors in roles. The role has a name. Each role in the movie relates to other roles as rivals. An example of rivals would be teams...

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment

Question:

Step by Step Answer:

Oct 31 Cash Notes Receiva...View the full answer

Principles Of Financial Accounting (Chapters 1-17)

Students also viewed these Business questions