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Lady_Fox [76]
2 years ago
8

Multiple Choice Question Tresses, Inc., which has a December 31 year end, lent $1,000 on December 1 to an employee at 6% due in

6 months. When will Tresses record Interest Revenue? It will record ______. Multiple choice question. an adjusting entry on December 31 with a debit to Interest Receivable and credit to Interest Revenue for the interest generated in December a daily entry with a debit to Interest Receivable and credit to Interest Revenue for each day's interest generated interest earned on the payment date with a debit to Cash and credit to Interest Revenue for the 6 months of interest generated
Business
1 answer:
maria [59]2 years ago
3 0

Adjusting entry on December 31 with a debit to Interest receivable and credit to Interest Revenue for the interest generated in December.

<h3>What is an Adjusting entry?</h3>
  • Adjusting entries and journal entries used in accounting and accounting to assign income and expenditure to the period in which they actually occurred.
  • They are often made at the end of an accounting period. Under accrual-basis accounting, the revenue recognition principle serves as the foundation for adjusting entries related to unearned and accrued revenues.
  • Because they are done on balance day, they are occasionally referred to as balance day adjustments.
  • Revenues and related costs are recorded in the same accounting period according to the matching concept of accrual accounting.
  • The actual money, however, can be received or paid at a separate period.
<h3>What is Interest receivable?</h3>
  • The amount of interest that has been earned but has not yet been paid out in cash is known as interest receivable.
  • Many organizations won't record this number because they believe it to be irrelevant.

Therefore, it will record an Adjusting entry on December 31 with a debit to Interest receivable and credit to Interest Revenue for the interest generated in December.

Know more about Interest receivables here:

brainly.com/question/24696035

#SPJ4

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What is the margin of safety?<br> a. $ 25,000<br> b. $ 50,000<br> c. $100,000<br> d. $250,000?
Andrej [43]
It depends what for... but If its really important, u would say 50,000
3 0
4 years ago
Because the _____ is the rational part of the personality, it sometimes plays referee between the wishes of the _____ and the __
snow_tiger [21]
<span>Because the ego is the rational part of the personality, it sometimes plays referee between the wishes of the Id and the Superego. The ego or your ego is referred to be your conscious mentality and it is also your perception of your own self.</span>
7 0
4 years ago
Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30
kozerog [31]

Answer:

Amount of cash paid on Aug 16 = <u>$8,167.50</u>

Explanation:

As for the information provided the terms of purchase are,

1% discount if payment made within 10 days,

and a total credit period of 30 days without any discount beyond 10 days.

Here, inventory purchased on August 7 = $9,750

Less; Return on 11 August = $1,500

Net Purchases = $8,250

Since payment is made on 16 August that is within 10 days from purchase discount will be received

= $8,250 \times 1% = $82.50

Amount of cash paid on Aug 16 = $8,250 - $82.50 = $8,167.50

8 0
4 years ago
In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour,Japan can produce 30 tons of steel o
MArishka [77]

Answer:

Option (D) is correct.

Explanation:

In United states:

Can produce 25 tons of steel or 250 automobiles,

Opportunity cost of producing a ton of steel = 250 ÷ 25

                                                                          = 10 automobiles

Opportunity cost of producing 1 automobile = 25 ÷ 250

                                                                         = 0.1 tons of steel

In Japan:

Can produce 30 tons of steel or 275 automobiles,

Opportunity cost of producing a ton of steel = 275 ÷ 30

                                                                          = 9.17 automobiles

Opportunity cost of producing 1 automobile = 30 ÷ 275

                                                                         = 0.11

Therefore,

United States has a comparative advantage in producing automobiles because the opportunity cost of producing automobiles is lower than the Japan.

Japan has a comparative advantage in producing steel because the opportunity cost of producing steel is lower than the United states.

7 0
3 years ago
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developi
expeople1 [14]

Answer:

First calculate total machine hours

1500 + 1500 + 4500 = 7500 total machine hours

personnel   = 1500/7500 x 4,800

printing   = 1500/7500 x 4,800

developing = 4500/7500 x 4,800

for personnel:

500 printing + 3,500 developing = 4,000

For Departments:

printing        = 500/4,000   x  15,760

developing   = 3,500/4,000x 15,760

6 0
3 years ago
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