Question: PART 3 Notes Receivable Value: 8 points Electra-Tech sells electronics equipment to offshore oil producers. On November 20, 2020, the company sold equipment for $120,000

PART 3 Notes Receivable Value: 8 points Electra-Tech sells electronics equipment to offshore oil producers. On November 20, 2020, the company sold equipment for $120,000 to Atlantic Petro Inc. (cost was $75,000) and accepted a 120-day, 6% note receivable from Atlantic Petro Inc. Electra-Tech uses a perpetual inventory system and their year-end is December 31. REQUIRED: a) Prepare the necessary journal entries for Electra-Tech to record the sale. b) Prepare the journal entry for Electra-Tech to record interest earned to December 31, 2020. c) Prepare the journal entry for Electra-Tech to record the collection of the total amount owed at the end of the 120 days

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 Accounting Questions!

Calculate Nike, Inc.s working capital on May 31, 2015 and 2014 Calculate Nike, Inc.s Current Ratio on May 31, 2015 and 2014. numbers and per share amounts presented reflect the stock split NIKE, Inc....

Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...

structions Emails A-0 Planning Audit Program A-3 2019 10-K Date: 21 OCT 2020 00:42:35 +0000 From: "Darlene Wardlaw" Subject: Upcoming Apollo Shoes Engagement Well, first let me congratulate you on...

Please help asap Required information: In this mini-case perform some procedures required as a part of audit planning. For ease your audit manager has already organized the workpapers and completed...

Is there someone who can edit an accounting financial analysis or answer theses questions for this project on for the financial stamens in the Empire company? Acctg 501 Fall 2016 Term Project This...

The question: (a) Should we make a public announcement of this information? I would like a clear indication of the implications for our relationship with our various stakeholders. Give the best one...

Application Applying Accounting Standards Managers must make decisions with respect to the financial reporting necessary to apply accounting standards. Consider the article ?Halliburton: Accounting...

I am having trouble with the 2015 and 2016 statements balancing on the FSAP. Could you take a look at it and tell what is wrong and correct it? Financial Statement Analysis Package (FSAP) A Comment...

PE Firm acquired a company at an enterprise value of 10x EBITDA on reported EBITDA of $550 million. Debt and cash at the time of acquisition were $250 million and $40 million, respectively. The...

One end of a nylon rope of length 4.5 m and diameter 6 mm is fixed to a tree-limb. A monkey weighing 100 N jumps to catch the free end and stays there. Find the elongation of the rope and the...

Calculate the proration for a seller Sam s debit on a $ 1 0 0 0 item on a transaction that occurs on March 1 in a leap year. The day of closing belongs to the buyer. $ 1 6 3 . 9 3 $ 1 6 1 . 2 0 $ 1 6...

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

(Appendices) Visit Consumer Reports online or obtain an issue from your library and answer the following questions: (a) Who publishes the magazine? (b) Who advertises in the magazine? (c) How are...

(Appendices) Compute unit prices for the following pairs and determine which of the two is the better deal: (a) 3 for $0.98 or 8 for $2.99, (b) 4 for $1.00 or 12 for $3.39, (c) 24 oz. for $1.98 or 36...

(Appendices) Research Perform research to find a recent news story about a business that used deceptive marketing practices, such as price fixing, bait and switch, fake sales, low-balling, or another...