Record the following note receivable transactions in the journal of Windham Golf. How much interest revenue did
Question:
Record the following note receivable transactions in the journal of Windham Golf. How much interest revenue did Windham earn this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. Windham Golf has a December 31 fiscal year-end.
Transcribed Image Text:
Oct 1 Dec 6 Loaned $17,000 cash to Jill Wateman on a one-year, 8% note. Performed service for Fairway Pro, receiving a 90-day, 10% note for $14,000. Received a $5,000, six-month, 5% note on account from Paulson Company. Accrued interest revenue for the year. 16 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Oct 1 Note Receivable X Jill Waterman 1700...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Question Posted:
Students also viewed these Business questions
-
Record the following note receivable transactions in the journal of Town & Country Realty. How much interest revenue did Town & Country earn this year? Use a 365-day year for interest computations,...
-
Record the following note receivable transactions in the journal of Mediterranean Services. How much interest revenue did Mediterranean earn this year? Use a 365-day year for interest computations,...
-
Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue did Aegean earn this year? Use a 365-day year for interest computations, and round...
-
Which of these situations would require auditors to append an emphasis- of- matter paragraph about consistency to an otherwise unmodified opinion? a. Entity changed its estimated allowance for...
-
A company has 1,000,000 shares of common stock outstanding, and the current market price is $50 per share. The company has also issued 20.000 bonds (S1,000 maturity value each), which are presently...
-
Is vaping harmful?
-
What is the purpose of timelines in an investigation?
-
Arrowbell Company is a growing company. Two years ago, it decided to expand in order to increase its production capacity. The company anticipates that the expansion program can be completed in...
-
Prove that f(xx, yy) = (i=1 (yy) (1/2) x) (i-1 (yy)(1/2)x}) where 1 and 2 refer to periods 1 and 2 respectively; satisfies the condition that: fk(ykx,ykk) = for all k=1,...K then f(yx,y)=\
-
Kathy and Rob Alvarez obtained a divorce effective May 1, 2018, and there have been no revisions to the original agreement since that time. In accordance with the divorce decree, Kathy was required...
-
Aspen Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Aspen estimates that 4% of (gross) revenues will become uncollectible. Assume all revenues are on...
-
Swenson Corporation reported the following items at December 31, 2018, and 2017: Requirements 1. Compute the companys (a) quick (acid-test) ratio and (b) days sales outstanding for 2018. Evaluate...
-
Tsui Corporation owns corporate bonds at December 31, 2017, accounted for using the amortized cost model. These bonds have a par value of $800,000 and an amortized cost of $788,000. After an...
-
One way to align management's interest with that of shareholders' is: Multiple Choice giving profit-based bonus. allowing management to focus on firms' annual performance. granting stock options to...
-
Overview: Students are required to research an article available from the website CYC-Net or from specific journals in the college library, that address or discuss behavioral issues in the field of...
-
Hypothetical 1 - Benz owns an apartment building. In Unit A, Tai signed a one-year lease (03/01/21-03/30/22) 18 months earlier which called for monthly payments of $1,500 due on the 1st of each...
-
1. For the classifications given, name any of the rule(s) violated: essential principle, consistent principle, mutually exclusive, jointly exhaustive. ( briefly explain each violation you establish )...
-
Module 06 Assignment Directions Your t-shirt business has achieved great success. Now that the company's executive leaders are considering expanding into foreign markets to sell additional t-shirts,...
-
Cassidy Concrete Corp., which reports under IFRS, acquired 20% of Enda Inc.'s common shares on January 1, 2012, by paying $3 million for 100,000 shares. Enda paid a $0.50-per-share cash dividend...
-
Find the APR in each of the following cases: NUMBER OF TIMES COMPOUNDED Semiannually Monthly Weekly Infinite EAR APR 10.4% 8.9 11.6 15.4
-
The T accounts for Equipment and the related Accumulated Depreciation for Anastacia Company at the end of 2012 are shown here. In addition, Anastacia Company's income statement reported a loss on the...
-
During 2009, Cypress Semiconductor Corporation reported cash provided by operations of $89,303,000, cash used in investing of $43,126,000, and cash used in financing of $7,368,000. In addition, cash...
-
Colburn Corporation reported cash provided by operating activities of $412,000, cash used by investing activities of $250,000, and cash provided by financing activities of $70,000. In addition, cash...
-
Discuss the causes, symptoms, and treatment of one psychological/ mental health/ risk issue (choose one of the 3 types of issues) associated with the adolescence stage of development.
-
Dawg, Inc. has $1,000 par value bonds outstanding that make semiannual payments. The bonds were originally issued as 10-year bonds, one year ago, at a coupon rate of 8.8 percent. If the YTM on these...
-
Abner Corporation's bonds mature in 21 years and pay 14 percent interest annually. If you purchase the bonds for $800, what is your yield to maturity? Your yield to maturity on the Abner bonds is %....
Study smarter with the SolutionInn App