s Company sells Hickman Company inventory for $40.000 on September 30, 2021, in exchange or a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
s Company sells Hickman Company inventory for $40.000 on September 30, 2021, in exchange or a 9-month, 12% interest note. Required: Prepare the journal entries on the records of Riggs only at the 1. Date the note is made 2. End of year, December 31, 2021 3. Date the note is collected 30 points s Company sells Hickman Company inventory for $40.000 on September 30, 2021, in exchange or a 9-month, 12% interest note. Required: Prepare the journal entries on the records of Riggs only at the 1. Date the note is made 2. End of year, December 31, 2021 3. Date the note is collected 30 points
Expert Answer:
Answer rating: 100% (QA)
Riggs Company Journal entries Date Particulars Debit Credit 30 Sep21 Inventory ... View the full answer
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entries required in the General Capital Assets and General Long-Term Liabilities accounts of Percy County to record the following transactions. Indicate whether any gains and...
-
Prepare the journal entries required for Rocco State University to record the following transactions. 1. Tuition and fees assessed total $3,000,00080% is collected, scholarships are granted for...
-
Prepare the journal entries for Boegner University, Problem, assuming that it is a nongovernment, not-for-profit university. In Problem, the trial balance of Boegner University, a government...
-
Kiki purchases a $16,000 bond from Green Corp. on January 1, 2021. The bond has a 10% annual interest rate. On December 1, 2021, Kiki gifts the bond to her son, Branson. How much income is reported...
-
Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a December 31 year end, began 2016 with a single piece of equipment that had been...
-
Estimate (a) The saturation magnetization (b) The saturation flux density of nickel ferrite [(NiFe2O4)8], which has a unit cell edge length of 0.8337 nm.
-
Use technology to find the regression line to predict $Y$ from $X$. $X$ 2 4 6 8 10 12 $Y$ 50 58 55 61 69 68
-
Many years ago, Minnow Bait and Tackle issued preferred stock. The stock pays an annual dividend equal to $6.80. If the required rate of return on similar-risk investments is 8 percent, what should...
-
Please complete a swot analysis on taking classes completely online. From your point of view ,what are the strengths, weakness, opportunity and threats? Think from the standpoint of you as the...
-
Hank Pembrook is the owner of The Greenery, a chain of a dozen plant nurseries in a large western metropolitan area. The Greenery has been very successful and has the largest market share of any...
-
How much would you pay today for an investment in which you would receive $5,000 each year for the next 7 years? Assume an interest rate of 6%.
-
Assuming that they apply when they have $5,000/month in income, what other safety net options do they have if they are not eligible for Medicaid or CHIP? (Note: You do not need to analyze Marketplace...
-
What term refers to the process of analyzing possible positive and negative effects of a particular regulation or project to help make decisions?
-
Short essay question. From the material above and the data from the document it is clear that Social Security benefits are progressive. That is those whose average earnings are low receive a higher...
-
At the start of 20X5, Souza Corp.'s beginning inventory was overstated by $10,000. In addition, during 20X5, Souza understated its net purchases by $4,000. The cost of ending inventory at 20X5 is...
-
Which hospital departments are involved in checking that appropriate payments have been received?
-
Question 2 (a) Show the double entry for the following transactions and state the effect of each of the transactions on the accounting equation. An example has been given as below: Transactions...
-
Suppose that you are part of a virtual team and must persuade other team members on an important matter (such as switching suppliers or altering the project deadline). Assuming that you cannot visit...
-
Obtain a copy of GASB Statement No. 47, Accounting for Termination Benefits. Familiarize yourself with the accounting and financial reporting requirements, as well as the background of the statement...
-
What is meant by major fund reporting? How does it differ from reporting by fund type? For what fund types is major fund reporting required? For what fund types is fund type reporting required?
-
This problem is based on the information about the Murphy County General Fund budgeted and actual transactions and events described in Problem 4-2. In Problem 4-2, The Murphy County Commissioners...
-
The circuit in Figure P32.96 represents your planned design for a wall power supply that will run a radio that usually runs on a 9-V battery. The power supply uses a transformer (not shown) to...
-
Your boss has purchased a new AC power source to run a high-voltage, low-current display, but it is not working. While he is fuming, you look at the owner's manual and discover that this power source...
-
Construct a phasor diagram representing the current and potential difference in Figure 32. 10 at \(t=T / 4, T / 2\), and \(3 T / 4\). Data from Figure 32.10 Ve maximum, current zero Ve minimum,...
Cod Fisheries The History Of An International Economy Revised Edition - ISBN: 0802063446 - Free Book
Study smarter with the SolutionInn App