Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following
Question:
Instructions
1. Determine for each note
(a) The due date
(b) The amount of interest due at maturity, identifying each note by number.
2. Journalize the entry to record the dishonor of Note (3) on its due date.
3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) inJanuary.
Transcribed Image Text:
Date Mar. 6 Apr. 23 July 20 Sept. 6 Nov. 29 Dec. 30 Face Amount Term 45 days 60 days Interest Rate 80,000 24,000 42,000 20 days 54,000 27,000 72,000 5% 9 6 2. 3. 4. 5. 6. 90 days 60 days 30 days 6
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
1 a b Note Due Date Interest Due at Maturity 1 Apr 20 500 800...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
Gentry Co. wholesales bathroom fixtures. During the current fiscal year, Gentry Co. received the following notes: Instructions 1. Determine for each note (a) the due date and (b) the amount of...
-
Gentry Co. wholesales bathroom fixtures. During the current fiscal year, Gentry Co. received the following notes: Instructions 1. Determine for each note (a) The due date and (b) The amount of...
-
Determine the due date and amount of interest due at maturity on the followingnotes Origination Date Face Amount Term on Note Interest Rate Matrity Date Interest Amount (a) March1 (b) May 15 ,000 60...
-
1:When developing a marketing strategy for business customers, it is essential to understand the process the business goes through when making a buying decision. Knowledge of business buying behavior...
-
(a) What is meant by the term polarizability? (b)Which of the following atoms would you expect to be most polarizable: N, P, As, Sb? Explain. (c) Put the following molecules in order of increasing...
-
The cantilevered handle in the figure is made from mild steel that has been welded at the joints. For Fy = 200 lbf, Fx = Fz = 0, determine the vertical deflection (along the y axis) at the tip. Use...
-
Which characteristics of an effective team does the US team have? Which are missing? Could technology be used to support building the teams cohesiveness leading up to the World Cup? Explain.
-
You have $1,500 to invest today at 7% interest compounded annually. a. Find how much you will have accumulated in the account at the end of (1) 3 years, (2) 6 years, and (3) 9 years. b. Use your...
-
Use the following to answer questions 30 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sales COGS $800,000 $750,000 ? ? 400,000 425,000 Gross profit 370,000 ? 325,000 Operating expense...
-
Giant pharmaceutical manufacturers such as Merck & Company and Pfizer have traditionally relied heavily on the doctor-to-patient channel to promote their products. In essence, this channel structure...
-
Call Systems Company, a telephone service and supply company, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the...
-
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Apr. 10. Received a $144,000,...
-
In the design of a timing mechanism, the motion of pin P in the fixed circular slot is controlled by the guide A, which is being elevated by its lead screw. Guide A starts from rest with pin P at the...
-
Consider the truss shown below with the loading on joints D and E. Find: Use the method of joints to determine the load carried by each member in the truss. Identify each member as either being in...
-
Hi there, so I have the confirmed solutions in red for this advanced accounting problem however I'm confused with just problems F) and G) , I'd like a walk through for the last two parts really if...
-
Create MySQL database: NOMINA_DB Create a table of Employees_tbl IDEmp, Employee name, Phone, Town, Start date, Department Create Payroll_tbl Table ID, EmpID, Rate, Hours worked, Payroll date CREATE...
-
A water tower has a height of 90ft above the ground. The water in the tower flows through 450ft of pipe with a diameter D=5in. The friction factor is 0.035. The water then discharges from the pipe...
-
please help understand the steps to follow to solve this question 11/2/21, 4:34 PM Studocu is not sponsored or endorsed by any college or university Downloaded by Gurleen Sharma (gurleen...
-
Search the Internet for short videos on workplace diversity from two different employers. Present the two to your class along with an explanation of the main points and any differences you notice in...
-
Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...
-
Suppose you have \(\$ 100000\) to invest in the share market. a What company would you invest in and why using the triple bottom line to analyse company performance? b Would your decision differ if...
-
Tolbert Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Tolbert Enterprises Inc., with balances on January 1,2012, are as follows: Common Stock , $10 stated value...
-
Selected transactions completed by Big Water Boating Corporation during the current fiscal year are as follows: Jan. 3. Split the common stock 3 for 1 and reduced the par from $90 to $30 per share....
-
Boise Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Montana, Idaho, Oregon, and Washington. Boise Bike Corp. had declared the following annual dividends over a...
-
Use the general algorithm to transform the pushdown automaton from Problem 6 into a context-free grammar. Show, step-by-step, how the resulting grammar will generate the word ABAA. Problem 6: read...
-
Pls do nestedReverse(), deepCompare(), and replaceNRandom() this is what the skeleton code looks like: Logistics Your program must not utilize functions from any external C library. In other words,...
-
1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Complete this question by entering your answers in the tabs below. Required 1 Required...
Study smarter with the SolutionInn App