Question: ABC Company accepts a $2,000.00, three month note payable at 12% in settlement of XYZ Company's account receivable. XYZ Company originally owed $1,800.00 for merchandise

ABC Company accepts a $2,000.00, three month note payable at 12% in settlement of XYZ Company's account receivable. XYZ Company originally owed $1,800.00 for merchandise and $347.00 in finance charges. How will the journal entry for this transaction be made?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

hw help will upvote if u can ans all questions thank you QUESTION 1 Comet Company received a one-year, $12,000,9% note from ABC Corporation on April 1, 2010. The fiscal period ends on Dec 31, 2010...

Q:

VI. Ratio Analysis of Financial Statements Prepare a ratio analysis using ALL of the ratios learned in chapter 17 to analyze your company. You should calculate the ratios for two years to be able to...

Q:

I need this back in an hour. thanks.. 25 multiple choice questions!!! Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines...

Q:

I need this back in an hour. thanks.. 25 multiple choice questions!!! Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines...

Q:

I need this back in an hour. thanks.. 25 multiple choice questions!!! Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines...

Q:

Acct 220. Intro to Accounting final exam. Please see attachment for detailed instructions Quiz Note: It is recommended that you save your response as you complete each question. Directions: This...

Q:

Requesting assistance in account homework, have attached the homework in a word doc and excel spreadsheet Thank You! 1.) XYZ Company's December 31, 2015, trial balance is as follows: XYZ Company...

Q:

Hello, can someone please answers these questions for me that are attached. Thank you so much! XYZ Company Trial Balance December 31, 2015 Account Debit Cash $ 43,500 Accounts Receivable 53,500...

Q:

Hello, can someone please answers these questions for me that are attached. Thank you so much! XYZ Company Trial Balance December 31, 2015 Account Debit Cash $ 43,500 Accounts Receivable 53,500...

Q:

Hello again! I have a quiz due. I have attached the answer sheet for questions 1-6. The rest are multiple choice. Quiz - ACCT 220 6983 Principles of Accounting I (2162) - UMUC Learning Management...

Q:

Orange, Inc., sells a LearnIt-Plus software package that consists of their normal LearnIt math tutorial program along with a one-year subscription to the on-line LearnIt Office Hours virtual...

Q:

Using a present value table, your calculator, or a computer program present value function, verify that the present value of $100,000 to be received in five years at an interest rate of 16%,...

Q:

Using the median EV/EBITDA multiple of given peer companies, calculate target company's expected equity value per share Peer Companies EV / EBITDA Net Debt Enterprise Value EBITDA Net Income West...

Q:

9. (15 points) A company is considering a new project that requires an investment of \$5 million. The project is expected to generate cash flows of $2 million in year 1,$3 million in year 2, and $4...

Q:

Teamwork. Ethics. Form a group of two or three students. Decide what you believe would be the best way to respond to each of the unacceptable questions included in this chapter. Also, discuss ethical...

Q:

Teamwork. Form a group of three or four students and gather employment information and job listings for the following positions.Make an effort to use at least four of the sources identified in the...

Q:

List the names of individuals in your personal network of friends, relatives, instructors, and acquaintances who could be valuable to you in a job search. From this list, develop a reference list....