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andrezito [222]
3 years ago
8

On july 9, mifflin company receives a $8,500, 90-day, 8% note from customer payton summers as payment on account. what entry sho

uld be made on july 9 to record receipt of the note?
Business
2 answers:
olga55 [171]3 years ago
5 0

Answer:

Dr Cash $8,670

Cr Interest Revenue $170

Cr Note Receivable $8,500        

Explanation:

As we know that the interest given is for a year, so we should calculate the interest rate for a unit month, which is calculated as under:

Interest per month = 0.08/12 = 0.0067

Interest revenue = Note Value * Interest rate per month * Number of months

Interest revenue = $8,500 * 0.0067 * 3

Interest revenue = $170

The double entry would be as under:

Dr Cash $8,670 .... ($8,500 Note Value + $170 Interest Revenue)

Cr Interest Revenue $170

Cr Note Receivable $8,500

brilliants [131]3 years ago
5 0

Answer:

July 9, promissory note received from Payton Summers

Dr Notes receivable 8,500

    Cr Accounts receivable 8,500

Explanation:

Since the note is received as payment for an account receivable, you must increase notes payable (debit) and decrease accounts receivable (credit). This note is a current account that is due in 90 days, so it must be recorded at face value.

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None of the houses that Frank Lloyd Wright built in the Prairie Style actually stood on the prairie, though the drawings in the
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C. works show the buildings

Explanation:

5 0
3 years ago
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,3
Alenkasestr [34]

Answer:

ending inventory using FIFO = $11,700

ending inventory using LIFO = $7,500

ending inventory using average method = $9,435

Explanation:

date         item                               units             price             total

Jan. 1        beginning inv.             2,500             $5             $12,500    

Feb. 17     purchase                      3,300             $6             $19,800

July 21      purchase                     3,000             $7             $21,000

Nov. 23    purchase                      1,200             $8              $9,600

total                                              10,000                             $62,900

Dec. 31     ending inv.                   1,500                              

ending inventory using FIFO = (1,200 x $8) + (300 x $7) = $11,700

ending inventory using LIFO = 1,500 x $5 = $7,500

ending inventory using average cost = 1,500 x $6.29 = $9,435

5 0
3 years ago
Choose the correct alternative regarding tax revenue:
insens350 [35]

The correct alternative regarding tax revenue:

<u>B-Personal income tax is currently the largest source of government revenue in South Africa.</u>

<u>Direct </u><u>Taxes</u>

  • it is levied on earnings and activities conducted.
  • the burden of tax cannot be shifted in case of direct tax.
  • it is paid directly by individual concerned.
  • it is paid after the income reaches in the hands of the taxpayer
  • Tax collection is difficult.
  • instance income tax, wealth tax etc.

<u>Indirect </u><u>Taxes</u>

  • it is levied on product or services.
  • the burden of tax shifted for indirect taxes
  • It is paid by way of one man or woman however he recovers the same from another person i.e. person who actually bear the tax ultimate consumer.
  • it is paid before goods/service reaches the taxpayer.
  • Tax collection is exceptionally easier
  • Example GST, excise duty custom duty sale tax carrier tax

Learn more about Tax brainly.com/question/16423331

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5 0
2 years ago
The profits of West Side Grocery have dropped significantly over the last several months. After investigating, the owner realize
zubka84 [21]

Answer: D) poor planning.

Explanation:

It is in the Planning Stage that expectations are penned down. If this is not set out, people will.not know what is expected of them and as such will move with no specified DIRECTION on projects. In such a situation, business objectives can rarely be met.

Indeed, Poor Planning is one of the major causes of LOW PRODUCTIVITY and PROFITABILITY which is what West Side Groceries is currently going through.

3 0
3 years ago
_____ are sources of assistance for helping an entrepreneur with starting, running, and staying in business. SCORE SBDC SCORES S
yawa3891 [41]

Answer:

i think its SAB but im not sure

Explanation:

6 0
2 years ago
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