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
gavmur [86]
3 years ago
6

On August 2, 2013, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account.

Business
1 answer:
vodka [1.7K]3 years ago
8 0

Answer:

Aug 2 2013   Notes Receivable  6000 Dr

                           Accounts Receivable   6000 Cr

Oct 31 2013  Interest Receivable  180 Dr

                          Interest Revenue       180 Cr

Oct 31 2013  Cash                        6180 Dr

                         Notes Receivable      6000 Cr

                         Interest Receivable      180 Cr

         

Explanation:

When the note is received, the customer account will be closed and accounts receivable will be credited while a new asset of notes receivable will be created and notes receivable is debited.

The interest on notes receivable is calculated assuming a 360 day year and the 12% is annual interest rate.

The interest on note is 6000 * 0.12 * 90/360 = $180

The interest is income so wull be credited while as it is receivable, the interest receivable will be debited.

On 31 October when the note is honored and cash is received, it will be total of principal + interest so cash = 6000 + 180 = 6180

As a result, the assets notes and interest receivables will be closed and credited against cash.

You might be interested in
"Lluvia Manufacturing and Paraguas Products both seek funding at the lowest possible cost. Lluvia would prefer the flexibility o
JulijaS [17]

Answer:

Paraguas should borrow at LIBOR + 2.000% and swap for fixed rate debt.

Lluvia should choose funding in floating rate

Explanation:

Paraguas wants the security of fixed rate borrowing; thus it should borrow at LIBOR + 2.000% and swap for fixed rate debt, in which Libor is 5.500%; their total cost at 7.5% is still lower than Fixed rate 12.0%

Lluvia prefer the flexibility of floating rate borrowing, and its rating is better; then it can enjoy lower cost of borrowing at 5%. However it may face the increase if LIBOR increase later; vice versa if LIBOR decrease, its cost of borrowing is able to reduce also.

Download docx
7 0
3 years ago
Dawn's credit card has an APR of 15%, calculated on the previous monthly
vladimir1956 [14]

Explanation:

It can be tempting to pay the minimum amount due on your credit card bill, but it can be really expensive in the long run. Here's what happens if you only pay the minimum on your credit card.

4 0
3 years ago
Gross profit is equal to a. sales plus cost of goods sold b. sales less selling expenses c. sales less cost of goods sold d. sal
alexdok [17]

Answer:

sales less cost of goods sold

Explanation:

Gross profit is the profit earned after after deducting the costs of goods sold from revenue

I hope my answer helps you

8 0
3 years ago
In general, the better candidates for shortening are: Early tasks opposed to later tasks. Later tasks opposed to early tasks. Bu
Vesnalui [34]

Answer:

Early tasks opposed to later tasks.

Explanation:

Shortening is a strategic procedure used by project managers to reduce or shorten a project's duration by cutting the duration of critical path tasks.

The rationale behind shortening of a project is basically to have a competitive advantage or edge in the market. In order to compete successfully, project managers are always expected to be spontaneous in bringing their company's goods and services to the market in a flash.

There are two important ways of shortening a particular project, these are;

1. Crashing.

2. Task splitting.

In project management, the longest task is considered to be the most effective and efficient candidate activities to shorten a project's duration.

In general, the better candidates for shortening are early tasks opposed to later tasks. The early start of tasks represents one of the primary date used in project scheduling and it's the earliest date a project manager commences an activity, with respect to all its predecessors and successors.

Early tasks usually involves the use of an easy approach to project kickoff while later tasks uses the difficult approach.

8 0
3 years ago
Based on what you see in the employee complaint log, what type of culture has HydroHealth been exhibiting? Servant? Equity? Clan
Butoxors [25]

Based on the record of employee complaints, it is correct to say that the HydroHealth company is exhibiting the market culture.

<h3 /><h3>What is market culture?</h3>

It corresponds to an organizational culture based on competitiveness in the internal and external environment, that is, competitiveness is also encouraged among employees, being a more aggressive model of culture.

Therefore, the market culture can generate some disadvantages, such as increased employee turnover and task overload, increasing conflicts and negatively impacting the perception of work.

Find out more about organizational culture here:

brainly.com/question/26965722

3 0
2 years ago
Other questions:
  • The most important control for detecting credit card fraud is:
    13·2 answers
  • Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.60 per mile driven. Joyce has determined that if
    13·1 answer
  • Josh is 32 years old. After graduating with a bachelor's degree, he worked for a financial organization for seven years and rece
    9·1 answer
  • Cell phone companies found that when they raised the price of connecting to wireless hot spots, demand decreased more than propo
    9·2 answers
  • Which of the following statements is FALSE? Explanation: B. Beta is measured using past information.
    5·1 answer
  • When a producer offers a prospective insured a portable dishwasher as a bonus for purchasing a policy, he/she could be guilty of
    14·1 answer
  • Free rider problems are everywhere. For example, some restaurants let each food server keep his or her own tips. Other restauran
    14·1 answer
  • PROBLEM 5 You have to design the system interconnection network of a multicomputer system. Your choices are to use an Omega or a
    13·1 answer
  • The stages of formation of the Psalter may be compared to a(n) _______ .
    11·1 answer
  • Is it considered cheating to use brainly?
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!