Answer:
The correct option is C.
Cash A/c Dr $300,000
To Notes Payable $300,000
(Being notes payable issued)
Explanation:
As brick company has sign a $300,000 note which consist 7% interest rate and the duration of note is 9 month on January 1
The question has asked the journal entry on January 1 date.
So, the journal entry is
Cash A/c Dr $300,000
To Notes Payable $300,000
(Being notes payable issued)
The interest part should be ignored because in the question they asked the journal entry of January 1 not in the end of the month. According to the date of asking the journal entry, the amount is to be calculated. Thus, interest should not be considered.
Hence, the correct option is C.
Cash A/c Dr $300,000
To Notes Payable $300,000
(Being notes payable issued)
Answer:A. assumes that demand for loanable funds increases with supply remaining unchanged
Explanation:
Loanable funds is the sum total of all the money people and entities in an economy have decided to save and lend out to borrowers as an investment rather than use for personal consumption. ... One way to make an investment is to lend money to borrowers at a rate of interest.
This practice allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product
Answer:
This entry would be recorded by Young with a credit to <u>cash account</u> in the amount of <u>$1,020</u>.
Explanation:
The complete journal entry for June 29 should be
- Dr Notes Payable account 1000
- Dr Interest Expense account 20
- Cr Cash account 1020
The total interest due = $1,000 x 6% x 4/12 =$20
Notes payable is a liability account and it decreases, so it should be debited.
All expenses are debited.
Cash is an asset account and it decreases, so it should be credited.
<h2>Depending on the need would be the apt answer for this type of question.</h2>
Explanation:
Employees normally consider meeting as waste of time, or they might sell products instead of attending meeting. We must re-insist the purpose of meeting.
Meeting,
- can make employer understand employee better and vice-versa
- is to communicate latest update, expectation
- is to track current events and to hand-hold wherever necessary
- is to review the road map to reach the organizational goals
- is to appreciate the best work so that it would be a motivational factor for everyone
- meant to trigger the work more efficiently
The meeting are organized to support both organization and employees to be on track and it is scheduled only as per need. So it is not often and whenever it is essential.
