A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted

Question:

A business issued a 60-day note for $75,000 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:

Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: May 22, 2017 09:55 AM

See More Questions

1. A business issued a 45-day, 4% note for $240,000 to a creditor on account.Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity,...
Galaxy Interiors 2011 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes 3,396 Interest paid 1,282 Taxable Income $2,114 Less: Taxes 740 Net...
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...
What is step-down allocation? What are some criticisms of this allocation method?
How is antidilution determined when multiple securities are involved?
Define decision automation systems.
The data in Exercise 2.174. Use technology to find the correlation for the data indicated. Data From Exercise 2.174: Make a scatterplot of the data. Put the $X$ variable on the horizontal axis and...
Prepare the general journal entries needed to record the following transactions and events in the general ledger accounts of the Valdes Helping Hand Institute, a nongovernment VHWO: 1. Contributions...
Current Attempt in Progress Pharoah Industries sells two electrical components with the following characteristics. Fixed costs for the company are $390,000 per year. XL-709 CD-918 Sales price $28 $43...
FlyHigh Tech, an early-stage startup, reports to its investors using a balanced scorecard that is prepared at the end of each quarter. During the first and second quarters of the current year, the...
A business issued a 120-day, 5% note for $90,000 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...
Pepsi Co, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: a. How much of the...
One way of distinguishing ionic behavior from covalent behavior is by comparing melting points. Ionic compounds tend to have higher melting points than covalent compounds. Which of the two halides of...
Use the data in Table 1.11 to determine the 1991 cost in 2008 dollars of mailing a first-class letter. Is this value higher or lower than the actual $0.42 cost of mailing a letter in 2008? Date...
Terrific Town Houses Ltd is a large company registered in South Australia for the purpose of constructing blocks of home units and town houses. The company conducts its activities in all states. The...
A television manufacturing company performs quality assurance tests of its products before shipping them to the market. If the company chooses a random sample of 15 sets for the test, and assuming...
Determine the mean and standard of the binomial distribution for the variable X in each of the following: a. N = 5 and = 0.10 b. N = 5 and = 0.50 c. N = 4 and = 0.75 d. N = 3 and = 0.45
Is the gender of a baby a random event? Factors such as drug use, occupation, and environment may have an impact on the sex of the baby a couple is likely to conceive. For example, it has been...
Explain how to find the value of sin 390 using periodic properties.
The diameter of a sphere is 18 in. Find the largest volume of regular pyramid of altitude 15 in. that can be cut from the sphere if the pyramid is (a) square, (b) pentagonal, (c) hexagonal, and (d)...
Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. Discuss.
a. How is a predetermined factory overhead rate calculated? b. Name three common bases used in calculating the rate.
a. What is (1) Overapplied factory overhead and (2) Underapplied factory overhead? b. If the factory overhead account has a debit balance, was factory overhead underapplied or overapplied? c. If the...
The table shows the numbers (in thousands) of alternative-fueled vehicles A in use in the United States from 1995 to 2011. (Source: U.S. Energy Information Administration) DATA Year Number of...
Two small electrified objects A and B are separated by 0.03 m, and repel each other with a force of 4.0x10^-5 N. If we move body A an additional 0.03 m away, what is the electric force now?
(a) Let ACS CR, and c A be a point. Suppose f: S R is continuous at c. Prove that the restriction f| is continuous at c. (b) Find an example of a function f : S R and a subset AC S such that | is...

A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted

Question:

Step by Step Answer:

a Accounts Payable 74125 Inte...View the full answer

Financial And Managerial Accounting

Students also viewed these Managerial Accounting questions