Answer:
Explanation:
(a). The journal entry for issuance of note is shown below:
Accounts payable A/c Dr $10,000
To Notes Payable $10,000
(Being notes payable is issued)
(b). The journal entry for payment of the note at the time of maturity is shown below:
Notes Payable A/c Dr $10,000
Interest expense A/c Dr $200*
To Cash $10,200
(Being payment of note with interest is recorded)
* The computation of interest expense is shown below
= Issued amount × rate of interest × number of days ÷ total number of days
= $10,000 × 6% × 120/360
= $200
Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,480
To Interest receivable $60
To Interest revenue $20
To Note receivable $2,400
(Being the collection of funds is recorded)
The computation of interest receivable is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $2,400 × 10% × (3 months ÷ 12 months)
= $60
And for interest revenue would be
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $2,400 × 10% × (1 months ÷ 12 months)
= $20
Answer:
The future value of the same annuity due is $9307.50
Explanation:
FVA6 = 8500*(1 + 9.5%)
= $9307.50
Therefore, The future value of the same annuity due is $9307.50
Answer:
The correct answer will be; The person living in Anchorage has $50.80/CPI more than the person in Minneapolis.
Explanation:
Answer:
B
Explanation:
Short selling stock in response to an internal memo is an example of inside trading