Answer:
Explanation:
this problem can be solved thinking as a different payment the 75.47 bucause it is used for paying money which does not affect the money owed for loan, so:
Calculating the monthly rate:
First Month:
Interest=70,000*0.9%
Interest=637,87
Remaining balance=70,000 -(711,53-637.87)
Remaining balance=69,926
Second Month:
Interest=69,926*0.9%
Interest=629,33
Answer:
Explanation:
The solutions have been attached, please check
Answer: barter
Explanation:
Barter is an exchange system whereby money isn't used as the medium of exchange but rather, there's a direct exchange of goods or services.
From the question, we are given the information that Italy agrees to buy 5,000 cars from Comfort Cars Inc. in exchange for 5,000 barrels of oil. This shows that a barter system took place.
Answer:
Decrease the trade payables by a debit entry with the amount paid after the return is made. Also decrease the assets of cash by creating a credit entry to depict outflow of economic benefits.
Explanation:
Hi, your question is incomplete, i tried looking for the question online but i could not find it.
Here i will explain the journal entries that are usually made when there is a Purchase, Return and Payment of Inventory assuming the view of the customer or trade receivable.
1. Purchase
Here we have to increase the value of inventory by creating a debit entry and also increase the value of trade payable by creating a credit entry.
2. Return
The value of trade payables has to be decreased to the extent of the amount that would have been paid if the inventory was not returned. Also the inventory value has to decrease with the same amount as for the trade payable.
3. Payment
Decrease the trade payables by a debit entry with the amount paid the after return is made. Also decrease the assets of cash by creating a credit entry to depict outflow of economic benefits.
Answer:
"a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates."