Question: PLEASE SHOW A STEP BY STEP SOLUTION TO THE QUESTIONS BELOW. Thanks. 1. Ireland Corporation obtained a $40,000 note receivable from a customer on June

PLEASE SHOW A STEP BY STEP SOLUTION TO THE QUESTIONS BELOW. Thanks.

1. Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2016. The note, along with interest at 6% is due on June 30, 2017. On September 30, 2016, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of loss should Ireland recognize on September 30, 2016?

Microsoft Word - ACCY111-2015Sr-EX2a.docx

A. $780.

B. $1,380.

C. $1,800.

D. $3,180.

2.Addams Family Importers sold goods to Acme Decorators for $100,000 on October 1, 2016 and agreed to accept as payment a noninterest-bearing note requiring the payment of principal and interest on March 31, 2017. The discount rate is 8% rate and it is appropriate in this situation. The journal entry at October 1, 2016 includes a

A. Credit to Interest Revenue for $4,000. B. Credit to Sales Revenue for $4,000. C. Credit to Discount on NotesReceivable for $4,000.

D. Credit to Discount on Notes Payable for $4,000.

Microsoft Word - ACCY111-2015Sr-EX2a.docx

3. Please see attachment for detail of question.

The amount of cash paid for inventories is:

A. $75,000. B. $74,000. C. $73,000.

D. $70,000.

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