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]
4 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]4 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
2.
Yakvenalex [24]

Answer:

I think the answer to your question is true(not sure sha)

5 0
3 years ago
In macroeconomics, ___________________________ describes a situation in which two people each want to exchange some good or serv
Tomtit [17]

Answer:

The correct answer to the following question is option B) a double coincidence of wants .

Explanation:

The term double coincidence of wants ( which is also know as coincidence of wants ) can be defined as a situation where a buyer and seller can simultaneously fulfill each other's needs and wants because both of them possess what other want. Here if both parties possess what other want , they can directly exchange it , without any use of monetary medium.

3 0
3 years ago
Pam recently was sickened by eating spoiled peanut butter. she successfully sued the manufacturer for her medical bills ($3,700)
adell [148]

Answer: $44,000<span>

<span>The tax laws state that any payments (except PUNITIVE DAMAGES) on the account of a physical injury or physical sickness are non-taxable. Damages that taxpayers can receive relating to emotional distress are also non-taxable. Punitive damages however are fully taxable, because they are intended to penalize the harm-doer rather than to compensate the taxpayer for injuries.</span></span>

7 0
3 years ago
What are the three main automation components of smart display campaigns?.
sergey [27]

The three main automation components of smart display campaigns are:
Automated Targeting, Automated Creatives, and Automated bidding.

<h3>What are display campaigns used for?</h3>

They allow a person or a business to exhibit adverts in a variety of formats across the Advertisers Display Network.

<h3>What are the benefits of Smart Display Campaigns?</h3>

One of the key benefits of using SDCs is that they are responsive.

This means that they allow the advertisers to access and create an impression on a wide variety or mix of people and or audience, as well as reach advertising goals with no extra effort exerted toward the creation of assets, modification of targeting options, and the creation of new strategies for each group.

Learn more about smart display campaigns in the link below:

brainly.com/question/17094850

4 0
2 years ago
Taylor's Hardware offers credit at an APR of 14.9 percent and compounds interest monthly. What actual rate of interest are they
zaharov [31]
Correct answer is : 15.96%

EAR = [1 + (.149 / 12)]12 - 1 = 15.96%
7 0
3 years ago
Other questions:
  • Todd, who graduated with a degree in history, has prolonged, relevant experience and significant on- the-job training as a real
    7·1 answer
  • Splish Brothers Inc. reported a net income of $3.3 million in 2017. Depreciation for the year was $161,700, accounts receivable
    9·1 answer
  • Upon customer request, a dealer in a competitive municipal syndicate must disclose:__________.
    13·1 answer
  • Identify each person in the table as structurally, frictionally, or cyclically unemployed.unemployment typestructuralfrictionalc
    14·1 answer
  • A company sold merchandise with a cost of $238 for $440 on account. the seller uses the perpetual inventory system. the entry to
    13·1 answer
  • Last year, Barnard Company incurred the following costs: direct materials, $50,000; direct labor, $20,000; manufacturing overhea
    13·1 answer
  • Journ Co. purchased short-term investments in available-for-sale securities at a cost of $64,000 on November 25, 2017. At Decemb
    8·1 answer
  • What are the primary competitive forces impacting U.S. steel producers in general and the producers like Nucor that make new ste
    7·2 answers
  • What three functions does money serve in the economy?
    12·1 answer
  • Hallie
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!