A business issued a 30-day note for $72,000 to a creditor on account. The note was discounted
Question:
A business issued a 30-day note for $72,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record
(a) The issuance of the note and
(b) The payment of the note at maturity.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
a Accounts Payable 71580 Inter...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
A business issued a 90-day, 15% note for $91,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including...
-
Journalize the discounted note for April from Exercise 5. In Exercise 5, April Co. received a $30,000, 4%, 60-day note from Lucky Co. dated August 6. On August 30 Lucky discounted the note at Better...
-
Journalize the discounted note for Feather Co. from Exercise 5. In exercise Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the...
-
Reference frame S is moving along the x axis at 0.6c relative to frame S. A particle that is originally at x = 10 m at t 1 = 0 is suddenly accelerated and then moves at a constant speed of c/3 in...
-
Your uncle Fred just purchased a new boat. He brags to you about the low 7% interest rate (APR, monthly compounding) he obtained from the dealer. The rate is even lower than the rate he could have...
-
Mark Cotteleer owns a company that manufactures canoes. Actual demand for Marks canoes during each season in 2015 through 2018 was as follows: Mark has forecasted that annual demand for his canoes in...
-
Assume a population of checks numbered 4001 to 6000 . Indicate the first five numbers to be selected from the random number table in Figure 5-1, if the auditor uses the second set of four digits,...
-
Data concerning a recent periods activity in the Prep Department, the first processing department in a company that uses process costing, appear below: A total of 20,100 units were completed and...
-
In the Month of March, Baldwin received orders of 175 units at aprice of $15.00 for their product Bill, and in April received an order for 44 units of their product Bill at $15.00. Baldwin uses the...
-
Roman and Tej decide to have a friendly race with their race cars on a straight road; Roman's car can accelerate at 20 meters per second per second and can achieve a maximum speed of 60 meters per...
-
A business issued a 45-day, 6% note for $80,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at maturity, including interest.
-
On June 30, Beahm Management Company purchased land for $250,000 and a building for $350,000, paying $300,000 cash and issuing an 8% note for the balance, secured by a mortgage on the property. The...
-
Finn Kilgallon recently won the jackpot in the Wisconsin lottery while he was visiting his parents. When he arrived at the lottery office to collect his winnings, he was offered the following three...
-
Find the area under the curves in Problems 33-40 on the given intervals. \(y=4 x\) on \([2,4] \)
-
Find the average and instantaneous rates of change of the functions in Problems 33-36. \(f(x)=3 x^{2}\) a. average for \(x=1\) to \(x=3 \) b. instantaneous at \(x=1\)
-
Find the average and instantaneous rates of change of the functions in Problems 33-36. \(f(x)=5\) a. average for \(x=-3\) to \(x=3\) b. instantaneous at \(x=-3\)
-
In Problems 21-38, guess the requested limits. \(\lim _{n ightarrow \infty} \frac{3 n^{2}+1}{2 n^{2}-1}\)
-
Find the area under the curves in Problems 33-40 on the given intervals. \(y=x^{2}\) on \([1,9]\)
-
In the 1978 Tellico Dam decision (TVA v. Hill, 437 U.S. 187), the U.S. Supreme Court declared that the Endangered Species Act (ESA) defines the value of endangered species as "incalculable," and that...
-
The senior management at Davis Watercraft would like to determine if it is possible to improve firm profitability by changing their existing product mix. Currently, the product mix is determined by...
-
Why didnt healthcare professionals consider marketing to be important until the 1980s?
-
If your school has a subscription to the FASB Codification, to log in and prepare responses to the following. (a) How are receivables defined in the Codification? (b) What are the conditions under...
-
If your school has a subscription to the FASB Codification, to log in and prepare responses to the following. (a) How are receivables defined in the Codification? (b) What are the conditions under...
-
What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
-
Assume you are a trader with JP Morgan. From the quote screen on your computer terminal, you notice that Bank A is quoting 0.8354/$1.00 and Bank Bis offering SF1.0913/$1.00. You learn that Bank Cis...
-
Leven Clinic uses client-visits as its measure of activity. During September, the clinic budgeted for 3,000 client-visits, but its actual level of activity was 3,050 client-visits. The clinic has...
-
If 2.25 grams of calcium hydroxide is dissolved in 154.56 ml of water, a. What's the Molarity (M), if the volume of solution is 500.00 ml? b. What's the Molarity (M) of hydroxide ions, if the volume...
Study smarter with the SolutionInn App