Answer:
(C) $10,000
Explanation:
Debit Accounts Receivable for $10,000
Answer:
Explanation:
The journal entries are shown below:
We assume the shares outstanding is 513,000 shares
On May 20
Dividend A/c Dr $256,500 (513,000 shares × $0.50)
To Dividend payable A/c $256,500
(Being cash dividend declared)
On June 14
No entry
On July 14
Dividend payable A/c Dr $256,500
To Cash A/c
$256,500
(Being the payment of cash dividend is recorded)
On July 31
Retained earning A/c Dr
$256,500
To Dividend A/c
$256,500
(Being cash dividend declared)
I believe the answer is A. Hope this helps :)
Answer:
$525,000
Explanation:
Calculation to determine what amount would it have recorded the equipment for on 6/30/2021
First step is to calculate the total interest for 10 months;
Based on the information given since the amount of $15,000 was the interest for 6 months in the year 2021 in which the note lasted for 10 months the total interest will be:
Total Interest = 10months/6months x $15,000 Total Interest=$25,000
Now let calculate 6/30/2021 Equipment
6/30/2021 Equipment=$550,000-$25,000
6/30/2021 Equipment=$525,000
Therefore what amount would it have recorded the equipment for on 6/30/2021 is $525,000
