On December 1, 2022 Silver Company accepted a four-month, 6% note for $5,000 from one of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 1, 2022 Silver Company accepted a four-month, 6% note for $5,000 from one of its customers, River Smith, to settle a past due account receivable. a. What journal entry should Silver Company make to record its acceptance of the note on December 1, 2022? (1 point) b. Silver Company's accounting year ends on December 31. How much interest revenue from this note should Silver Company record in 2022? Show your calculations. (1 point) c. On April 1, 2023, River Smith pays the note and interest in full to Silver Company as promised. What journal entry should Silver Company make to record the collection of cash on April 1, 2023? (1 point) On December 1, 2022 Silver Company accepted a four-month, 6% note for $5,000 from one of its customers, River Smith, to settle a past due account receivable. a. What journal entry should Silver Company make to record its acceptance of the note on December 1, 2022? (1 point) b. Silver Company's accounting year ends on December 31. How much interest revenue from this note should Silver Company record in 2022? Show your calculations. (1 point) c. On April 1, 2023, River Smith pays the note and interest in full to Silver Company as promised. What journal entry should Silver Company make to record the collection of cash on April 1, 2023? (1 point)
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below a To record t... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Posted Date:
Students also viewed these accounting questions
-
Company produces a single product from one of its manufacturing processes. The following information of process inputs, outputs and work in process relates to the most recently Completed period: The...
-
What journal entry should be made when a job is completed and all costs have been accumulated on a job cost sheet?
-
How much interest revenue should Avonette accrue on December 31, 2018? a. $4,500 b. $2,425 c. $1,875 d. $2,250 On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000...
-
a. Calculate the quick ratio of company B in FY2020. State what factors need to be considered when evaluating company B?s short-term liquidity and analyse the impact of these factors on the...
-
The Government of India (GOI) and several private class action plaintiffs (Indian citizens) sued Union Carbide India Limited (UCIL) and the parent corporation, Union Carbide Corporation (UCC), for...
-
A departmental stores carries on its business through five departments, A, B, C, D and E. (i) The following information for 2017 is now made available to you: Salaries and Commission 11,020; Rent and...
-
You are working on charge-storage devices for a research center. Your goal is to store as much charge on a given device as possible. The facilities allow you to generate almost any potential...
-
At year- end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $ 975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1,...
-
With the evolution of operating systems in mind, I think it would be interesting to hear of your own experiences with operating systems. Share your experiences with us by engaging in a conversation...
-
Dresden Press is a company that offers desktop publishing services to clients. The staff produces items such as newsletters, brochures, programs, and catalogs. A staff of ten full-time employees...
-
How demand-and-supply diagram and show equilibrium price, equilibrium quantity, and the total revenue received by the suppliers.
-
In the presence of an electrostatic field, you find that you must do positive work on a proton to move it from point A to point \(\mathrm{B}\) without changing its kinetic energy. (a) Considering...
-
Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all. a. A(n) _______ is the cost of making one more unit. b....
-
State the Kelvin-Planck and the Clausius statements of the second law of thermodynamics. Explain the equivalence of Kelvin-Planck and Clausius statements.
-
Define boiler according to IBR. Classify mountings into safety fittings and control fittings.
-
Points A, B, and C form the vertices of a triangle in a nonuniform electrostatic field. The electrostatic work done on a particle of charge \(q\) as the particle travels from \(A\) to \(B\) is \(W_{A...
-
Skinner Co.'s accounts receivable balance as of December 31, 2019 was 1,200,000. Pertinent information regarding the company's credit sales and accounts receivable in 2020 and 2021 is as follows:...
-
we have to compute the letter grades for a course. The data is a collection of student records stored in a file. Each record consists of a name(up to 20 characters), ID (8 characters), the scores of...
-
What is the difference between an equity investment and a debt investment?
-
Information taken from Nanotec Security Inc.s January 31, 2014, balance sheet follows: Common shares, 600,000 shares authorized, 30,000 shares issued and outstanding...
-
Labopharm Inc. is authorized to issue an unlimited number of common shares and 100,000 shares of $24 non-cumulative preferred. The company completed the following transactions: Required 1. Prepare...
-
The population of unemployed adults has ages with mean m and standard deviations. Samples of unemployed adults are randomly selected so that there are exactly 100 in each sample. For each sample, the...
-
The percentage of heights less than 144 centimeters
-
In this section, it was noted that the standard deviation of sample means is s/1n. In that expression, what does s represent and what does n represent?
Study smarter with the SolutionInn App