Answer:
Journal entry recording the interest
Debit Credit
Interest Expense $7,350
Cash $7,000
Interest Payable $350
As $7,000 is paid from the total expense of $7,350. Remaining interest of $350 is recorded as liability in interest payable account.
d selling a quality product
Answer:
fixed price contract
Explanation:
Based on the information provided within the question it can be said that the neighbor most likely transferred risk with a fixed price contract. This refers to a contract that whose price is fixed at a set amount which does not depend on resources or time spent to complete the contract. Therefore it does not matter how much time or money the painter has to spend on tools, he must complete by the terms of the contract for the $1500 that were agreed upon.
Answer:
$1,011.22
Explanation:
Price = $1000 x (205.47/203.19)
$1000× 1.01122= $1,011.22
Therefore the current face value is $1,011.22
Separating people into groups based on their characteristics, problems, needs, and desires