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]
3 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]3 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
Which of the following is an example of groupthink? A. Everyone on the team agrees with whatever you have to say with very limit
Mekhanik [1.2K]

Groupthink is <u>a psychological phenomenon that occurs in groups, where people have a tendency to conform to whatever the group has to say, and thus lead to irrational behaviors and decisions. </u>

Thus, the best answer for the question would be (A) everyone on the team agrees with whatever you have to say with very limited discussion.

6 0
3 years ago
Read 2 more answers
Individuals who pay less of their own health care costs may have an incentive to use health care resources more frequently and t
SSSSS [86.1K]

Answer:

C. moral hazard.

Explanation:

Moral hazard -

It is the condition , where the person take more risk , as he or she is aware that someone else need to bear the risk , is known as moral hazard .

In this case , one of the party can change the damage of  other after any type of monetary transaction has occurred .

Hence , from the question ,

The statement given in the question , is about Moral hazard .

3 0
3 years ago
On what date does congress normally begin its annual meeting unless otherwise determined?
mrs_skeptik [129]

Congress usually begins its annual meeting on January 3 unless otherwise determined. This is as stipulated in the 20th amendment to the United States constitution, which moved the beginning and ending of terms of members of Congress from March 4 to January 3.

5 0
3 years ago
The growth rate in the fourth quarter of 2010 was 3.1%. What was the growth rate in the first quarter of 2011?
TiliK225 [7]
The answer is C) 1.9
5 0
3 years ago
Read 2 more answers
Sue spent much of her time checking inventories, processing straight rebuys, setting up displays and making sure everything is g
elena-14-01-66 [18.8K]

Answer:

(D) order taker.

Explanation:

An order taker is a salesperson who collects orders checks inventories, processes straight rebuys, sets up displays but does not make any effort to invite new customers or persuade the existing ones to increase their quantities of purchase.

7 0
3 years ago
Other questions:
  • Wilson Corporation produces a large number of fishing products. The costs per unit of a particular fishing reel are as follows.
    14·1 answer
  • The positive principle, the constructionist principle, and the simultaneity principle are principles of:
    11·1 answer
  • (a) how much more output does the $18 trillion u.s. economy produce when gdp increases by 1.0 percent? instructions: enter your
    15·1 answer
  • Which government agency creates and enforces standards for workplace health and safety?
    15·2 answers
  • Fijisawa Inc. is considering a major expansion of its product line and has estimated the following free cash flows associated wi
    15·1 answer
  • ________ is an international quality certification that helps organizations to understand the basics of quality management, to m
    15·1 answer
  • Suppose that a certain country has an MPC of 0.8 and a real GDP of $400 billion. If its investment spending decreases by $5 bill
    9·1 answer
  • demand deposits of $10,000, the reserve requirement is .05, the Federal Funds rate is 6% and the Discount rate is 4% . How much
    14·1 answer
  • A) What do you understand by the term qualitative research?
    14·1 answer
  • Rosario and pamela work together. They are also friends outside of work. Rosario and pamela are constantly texting each other. T
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!