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pshichka [43]
3 years ago
10

Jasper makes a $25,000, 90-day, 7% cash loan to clayborn co. jasper's entry to record the collection of the note and interest at

maturity should be:
Business
1 answer:
Irina-Kira [14]3 years ago
5 0

Answer:

The journal entry is as follows:

Cash A/c Dr. $ 25,437.50

      To Notes Receivable A/c   $25,000

      To Interest revenue A/c     $437.50

(To record the collection of the note and interest at maturity)

Working notes:

Interest for 90 Days:

= Note value × Interest rate × Time period

= $25,000 × 0.07 × (90/360) days

= $437.50

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Explanation:

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3 years ago
In the context of a job advertisement, what does 'self-starting' mean?​
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3 years ago
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Firlakuza [10]

Answer:

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Explanation:

When goods are sold to a customer, the cost of goods sold account is debited by the same value that the finished goods inventory is credited.

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Account                                    Debit           Credit

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3 years ago
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