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Softa [21]
3 years ago
7

On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 4% interest and is due in n

ine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
A. Interest Revenue 476
Interest Receivable 476
B. Interest Receivable 960
Interest Revenue 960
C. Interest Receivable 476
Interest Revenue 476
D. Interest Receivable 400
Interest Revenue 400
Business
2 answers:
dolphi86 [110]3 years ago
6 0

Answer:

credit interest receivable200. debit interest revenue 200

Explanation:

jonny [76]3 years ago
3 0

Answer:

Note amount: $6,000

Interest amount: 8%

Months left in the year: 5

To solve:

Multiply the note amount by the percentage and the amount of months left out of the year.

$6,000 x 8% x 5/12 = $200

Journal Entry:

Interest Receivable $200

Interest Revenue $200

Explanation:

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Sophie [7]

Answer:

Kindly check attached picture

Explanation:

Kindly check attached picture for detailed statement using the direct method

8 0
3 years ago
A balanced budget is present when a. the economy is at full employment. b. the actual level of aggregate spending equals the pla
photoshop1234 [79]

Answer:

d. government revenues equal government expenditures.

Explanation:

A balanced budget refers to a situation in which earnings are equal or greater than the expenses. Usually this term is used when talking about government budget and this is a budget that has no deficit and that it is possible than can have a surplus which helps to avoid leaving big debt for the future that can posses problems. According to this, a balanced budget is present when government revenues equal government expenditures.

4 0
3 years ago
The largest source of federal revenue are ____ taxes.
Nikitich [7]

Answer:

<u><em>D. Personal Income</em></u>

The sources of Federal Revenue are listen below:

3 0
3 years ago
Read 2 more answers
Adham is interested to buy a pair of shoes, at Lazzado.com as follows:
nlexa [21]
I think it could either be the first or third option, but I thinking the correct one should be the first option. Hope this helped :)
7 0
3 years ago
If the U.S. dollar appreciates, an MNC's: a. exports denominated in foreign currencies will probably increase. b. U.S. sales wil
Hoochie [10]

Most likely when the U.S. dollar appreciates, the MNC's interest owed on foreign funds borrowed will probably increase.

MNC refers to Multinational corporation .

  • The Multinational corporation are known to borrow from foreign bodies in dollars.

  • Hence, when the dollar appreciates, the amount owed to the foreign bodies will increase consequently.

Therefore, the Option C is correct because the MNC's interest owed on foreign funds borrowed will probably increase when U.S. Dollars appreciates.

Read more about this here

<em>brainly.com/question/14124450</em>

4 0
2 years ago
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