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lara [203]
2 years ago
12

Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is re

quired in the company's accounts
Business
1 answer:
Reika [66]2 years ago
7 0

The entry is required in the company's accounts debit cash ;Credit notes receivable and interest revenue.

If a business frequently trades in goods or services for notes, it would likely add a debit column for notes receivable to the sales book so that the general journal would not need to be used to record these transactions. It is also possible to build a separate subsidiary ledger for notes payable. A corporation should create a separate provision for bad debts account specifically for notes receivable if the quantity of notes receivable is substantial.

A note is considered to be honored when the maker pays it in accordance with the terms written down on it.

Learn more about Banking here

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You might be interested in
How would you array the following organizations in terms of the depth and breadth of their product lines?
Evgen [1.6K]

Answer:

a. The depth of a solo practice family practitioner is narrow whereas its breadth can be wide.

b. They have wide depth and breadth.

c. It has narrow depth and breadth.

d. They have narrow depth and narrow breadth.

Explanation:

Depth means number of variants of each product. Breadth means variety of different products offered.

A solo practice family practitioner has limited its practice and decided not to deliver babies. It has narrow breadth whereas depth is high as it can offer counselling service, immediate help to the patient, family planning guidance and so on.

Multi specialty group has wide depth and breadth as it offers group practice at different locations.

An academic medical center will have narrow depth and breadth as there is only medical studies available to the students and they do not have variety of subjects to choose from.

Shouldice Hospital has narrow depth and breadth as it offers only short stay surgeries. They include hernia repair and appendix. Patients with majors surgeries are not welcomed here.

5 0
3 years ago
When a company invests in a foreign firm, and holds active ownership of the firm, then the company is said to be in a joint vent
Irina18 [472]

Answer: TRUE

Explanation: JOINT VENTURE is a business agreement whereby two or more entities share the ownership, expense, return on investments, profit, control etc. To gain a positive synergy from their competitors.

It can between private entity, public entity or a foreign entity.

It allows risk and return associated to an investment or business to be shared among the parties as agreed

It can be for a long or short period of time

8 0
3 years ago
Which of the following documents will a bank issue in order to secure a loan with your personal assets?
Minchanka [31]
You to do a loan application
6 0
3 years ago
Ж I NEED HELP!
IgorC [24]

The process you need to to start a fashion clothing brand.

  • Fist step is to recognized the fashion need in the market.
  • Create your business plan.
  • Know your specific audience.
  • Start drawing and then designing the cloth
  • look for a good clothing maker
  • Choose and Make a brand name, logo, etc.
  • Set a target price and start marketing/distribution process..

<h3>What is Clothing Brand?</h3>

This is known to be that key Identification that pertains to a given Manufacturer and it is one that is only used in the line of business such as manufacturing, distributing, etc., of clothes.

Note that by flowing the steps above, one can make a great fashion brand in the long run.

Learn more about clothing brand from

brainly.com/question/24264007

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7 0
2 years ago
A corporation can earn 7.5% if it invests in municipal bonds. The corporation can also earn 8.40% (before-tax) by investing in p
Lostsunrise [7]

Answer:

A tax rate of 10.71% should make both both indifferent for investors.

Explanation:

the municipal bonds are income-tax free so we should solve for the tax rate which makes both bonds equaly attractive.

0.075 = after-tax rate

0.084 = pre-tax rate

pre-tax (1- t) = after-tax\\0.084 (1-t) = 0.075\\1 - t = 0.075 \div 0.084\\t = 1 - 0.075 \div 0.084\\t = 0.10714285

A tax rate of 10.71% should make both both indifferent for investors.

4 0
3 years ago
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