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victus00 [196]
3 years ago
9

When a company receives an interest-bearing note receivable, it will A. debit Notes Receivable for the maturity value of the not

e.B. debit Notes Receivable for the face value of the note.C. credit Notes Receivable for the maturity value of the note.D. credit Notes Receivable for the face value of the note.
Business
1 answer:
Mkey [24]3 years ago
7 0

Answer:

B. debit Notes Receivable for the face value of the note.

Explanation:

Whenever a note is receivable, it is an asset as the amount will be collected in the future, that is with exchange of such asset there is a benefit defined in terms of cash to be received by the the company.

Therefore, it will be a debit and not the credit.

Whenever a notes receivables with interest bearing element is received then the asset is carried at face value, that is recorded at face value.

As the interest to be received is part of income and not asset, therefore, notes receivables will be recorded at face value.

The correct option is:

B. debit Notes Receivable for the face value of the note.

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Need Help ASAP<br> Its a Career Planing
In-s [12.5K]

Answer:

All of the above

Explanation:

A Library is an accumulation of resources, materials and educational documents for the purpose of knowledge sourcing. It can be a physical building loaded with materials, journals, publications, etc, or an online platform.

A public library is a library open to everyone basically for the acquisition of knowledge online or offline. It also provides services such as access to internet facility, a quite environment, library staffs helping to sort for documents, photocopying borrowing of books, little entertainment, research resources, etc

6 0
3 years ago
An aging of a company's accounts receivable indicates that $8,000 are estimated to be uncollectible. If Allowance for Doubtful A
joja [24]

Answer:

c. debit to Bad Debts Expense for $6,900.

Explanation:

Allowance for Doubtful Accounts  $1,100 credit balance,

Estimated Un collectibles                $8000 credit

Required Adjustment                    $ 6900 credit

The adjustment to record bad debts for the period will require a

c. debit to Bad Debts Expense for $6,900.

Bad Debt Expense $ 6900 Dr

Allowance for Doubtful Accounts $ 6900 Cr

Alternatively if the allowance account had a debit balance the entry would have been posted adding the two amounts.

7 0
3 years ago
Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not included i
Marina86 [1]

Answer: $272,570

Explanation:

4 0
4 years ago
Kim, a CPA, works for a small accounting firm consisting of two managing partners, six accountants and four secretaries. During
galina1969 [7]

Answer:

The company is NOT in anyway required to either make, offer or provide accommodations to Kim

Explanation:

Based on the information given the company is NOT in anyway required to either make, offer or provide accomodations to Kim reason been that the ADA only tend to applies to companies which has either 15 employees or employees that are higher or more than 15 employees in which the accounting firm which Kim work for did not fall under the category as well as the coverage of the act because the accounting firm is a small firm which we were told consist of 2 managing partners, 6 accountants as well as 4 secretaries making them 12 employees in total.

Therefore the company is NOT required to provide any accomodations to Kim

4 0
3 years ago
Which of the following is true? Question 8 options: The convenience yield is always positive or zero. The convenience yield is a
ss7ja [257]

Answer:

The convenience yield is always positive or zero

Explanation:

the convenience fields measure the benefit of owning an asset rather than having a forward/futures contract on an asset . For an investment asset it is always zero . For a consumption asset it is greater than or equal to zero.

8 0
3 years ago
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