1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Pachacha [2.7K]
2 years ago
8

Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year. If an amount box does not require

an entry, leave it blank.
June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.
Sept. 21 The note is dishonored by Radon Express Co.
Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.

June 23
Notes Receivable __________
Accounts Receivable-Radon Express Co. _______

Sept. 21
Accounts Receivable-Radon Express Co. _________
Notes Receivable ________
Interest Revenue _________

Oct. 21
Cash ________
Accounts Recelvable-Radon Express Co. _____
Interest Revenue ________
Business
1 answer:
amid [387]2 years ago
7 0

Answer:

June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.

  • Dr Notes receivable 48,000
  •     Cr Accounts receivable 48,000

Sept. 21 The note is dishonored by Radon Express Co.

  • Dr Accounts receivable 48,960
  •     Cr Notes receivable 48,000
  •     Cr Interest revenue 960

When a customer defaults on a note, the company is allowed to convert the note back to accounts receivable and charge any accrued interests. Depending on the client, the company can give them more time (by switching back the note into accounts receivable) or the company can write off the note and try to sell it to a collection company.

Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.

  • Dr Cash 49,368
  •     Cr Accounts receivable 48,960
  •     Cr Interest revenue 408
You might be interested in
This document summarizes why the project is important by describing the benefits of a selected component, and is used as a basis
elena-14-01-66 [18.8K]

Answer:

B. Business Case

Explanation:

The program management plan is a document that updates the progress of any project. So, option A is wrong.

SWOT analysis provides the internal and external strengths and opportunities of any corporation. So, this is also incorrect.

The guiding principle gives a company to adhere to the rules and responsibilities. Therefore, it is not correct.

The business case summarizes the project by describing the benefits of a selected component. It also emphasizes to initiate a project. So, it is the right answer.

8 0
3 years ago
Question 9 you are doing some comparison shopping. five stores offer the product you want at basically the same price but with d
stiks02 [169]

Here we have not been given the answer choices. However, we can see that these choices are: 2/10 net 30, 2/5 net 30, 2/5 net 20, 1/10 net 45, 1/5 net 15

Here we are to select the best one if you want to forgo the discount. Since you want the discount to be forgone, we will select the plans that offer the least discount which are options 4 and 5 1/10 net 45 and 1/5 net 15.

Net out of these two, the 1/10 net 45 gives you discount of 1% for 10 days with total payable in 45 days and the other one gives you a 1% discount in 5 days. So we would like to select the one with most number of days without discount and this would be 1/10 net 45 and would give you a total of 45 days to pay the credit as against only 15 days in other option.

Hence the option which best suites is 1/10 net 45.


6 0
3 years ago
C) Tình hình SX của DN Y trong năm báo cáo như sau:
aleksandr82 [10.1K]
Can you put this in English please
6 0
2 years ago
Rollins Corporation is constructing its marginal cost of capital (MCC) schedule. Its target capital structure is 30 percent debt
MrRissso [65]

Answer:

The After Tax Cost of Debt = 0.072 or 7.2%

Explanation:

The question is to determine the After Tax Cost of Debt for Rolling Stone.

This is carried out as follows

Step 1: When we decide to calculate the Yield to Maturity, it should be noted that Market Value = Par Value

Therefore,

Coupon Rate which is the same as the Yield to Maturity (YTM) = 12%

Step 2: Based on this derivative, therefore,

After Tax Cost of Debt = Yield TO Maturity Rate (1-Marginal Tax Rate)

= 12% (1-40%)

= 0.12 (1-0.4)

The After Tax Cost of Debt = 0.072 or 7.2%

6 0
3 years ago
A company prepares its income statement by listing all sources of revenues and gains at the top, followed by a list of all expen
lapo4ka [179]

Answer:

Single step income statement

Explanation:

The single step income statement is the simplest form in which an income statement is prepared, e.g.

Revenues:

  • Sales revenues $100
  • Interest income $20               $120

Expenses:

  • Rent expense $30
  • Utilities expense $10
  • Wages and salaries $60       <u>($100)</u>

Income before taxes                         $20

Tax expenses                              <u> ($4.20)</u>

Net income                                   $15.80

A multi-step income statement is more complex, since operating revenues and costs are reported first in order to determine operating income, then other revenues and expenses are introduced and income before taxes is calculated.

8 0
3 years ago
Other questions:
  • Raymond Financing leases airplanes to airline companies. Raymond has just signed a 20-year lease agreement that requires annual
    12·1 answer
  • Cox Corporation recently reported an EBITDA of $66 million and $5 million of net income. The company has $15 million interest ex
    15·1 answer
  • A trial balance would only help in detecting which one of the following errors? Offsetting errors are made in recording the tran
    7·1 answer
  • In one state, a lender holds a lien on real property offered as collateral for a loan. The borrower retains both legal and equit
    7·1 answer
  • Leo works in a Mercedes Benz factory in Alabama. He is then transferred to Mercedes’s plant in South Africa. When does the value
    10·1 answer
  • Bristle Corporation acquired 75 percent of Silver Corporation's common stock on December 31, 20X8, for $300,000. The fair value
    6·1 answer
  • On April 2, Kelvin sold $40,000 of inventory items on credit with the terms 1/10, net n/30. Payment on $24,000 sales was receive
    11·1 answer
  • What is a likely result of an increase in trade between nations
    9·1 answer
  • each of the statements shown is characteristic of a phase in the development of a competitive market industry. please classify e
    11·1 answer
  • Knowledge Check 01
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!