Answer and Explanation:
The journal entries are shown below:
1. Interest Receivable $300($36,000 × 10% x 30 ÷ 360)
To Interest Revenue $300
(Being accrued interest revenue is recorded)
2. Cash $36,450
To Interest Receivable A/c $300
To Interest Revenue A/c $150 ($36,000 × 10% x 15 ÷ 360)
To Notes Receivable A/c $36000
(Being note maturity date it is honoured is recorded)
There is no industry which can not relay on estimation, all industries needs estimation.
The two primary categories of this profession are construction and manufacturing, according to the Bureau of Labor Statistics. It states that more than half of all cost estimators work in the construction industry, where they may further specialize in projects for homes, businesses, industries, or the government.
Cost estimation aids in setting the project budget, planning the required work, and managing new resources. Cost estimates are also of the utmost importance when trying to win over new clients. Before starting actual building, property owners also utilize cost estimates to evaluate the viability of their projects.
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Answer:
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