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
Law Incorporation [45]
2 years ago
7

Camp Elim obtains a $125,000, 6%, five-year installment note for a new camp bus on January 1, 2021. The note requires monthly in

stallment payments of $2,416.60 What journal entry will be recorded for the first month’s payment on January 31, 2021?
Multiple Choice

Debit interest expense $1,500; debit notes payable $916.60; credit cash $2,416.60

Debit notes payable $625; debit interest expense $1,791.60; credit cash $2,416.60

Debit interest expense $625; debit notes payable $1,791.60; credit cash $2,416.60

Debit notes payable $1,500; debit interest expense $916.60; credit cash $2,416.60
Business
1 answer:
kirza4 [7]2 years ago
5 0

Answer:

Option (B) is correct.

Explanation:

The Journal entry is as follows:

Interest expense A/c Dr. $625

Note payable A/c       Dr. $1791.60

To cash                                            $$2,416.60

(To record the first month’s payment on January 31, 2021)

Working notes:

Monthly interest expense:

= (Note payable × Interest rate per annum) ÷ 12 months

= ($125,000 × 6%) ÷ 12 months

= $625

Note payable = $2,416.60 - $625

                       = $1,791.60

You might be interested in
Which term refers to the fluctuations of growth and decline in an economy?
slava [35]
The fluctuation of growth and decline in an economy is called BUSINESS CYCLE OR ECONOMY CYCLE.
The fluctuations in business cycle usually involves shift between period of relatively rapid economic growth and period of relative stagnation or decline. Business cycle is measured by considering the growth rate of real gross domestic product of the nation concerned.
5 0
3 years ago
In the field of personal selling, persuasion:
asambeis [7]

Answer:

d. Is an acceptable strategy once a need has been identified and a suitable product has been selected.

Explanation:

A face to face selling of a product directly to business is one of the best example of personal selling e.g. cars, photocopier, office equipment etc.

5 0
3 years ago
What is IKEA trying to achieve in the Global Market?
kirill [66]

Answer:

success and money

Explanation:

 

6 0
2 years ago
Workers at a company were assigned to one of two conditions: one group completed a stress management-training program; another g
Sergeu [11.5K]

answer:

Independent Variable: Group that completed the stress management training vs. Group that had no training)

Dependent Variable: Number of sick days

Explanation:

The dependent variables also called Predicated variable is a type of variable that depends on the independent variable which happens as a result of the circumstances surrounding the  independent during an experimental investigations. it also predicts the  outcome resulting from altering the controlled variable. for example in the question, the dependent variable is Number of sick days

The independent variable is the variable the which can be  changed or controlled during an experimental investigation which dependent variable relies on directly. for example from the question, the independent variable is the Group- (Group that completed the stress management training vs. Group that had no training)

8 0
3 years ago
The study of economics is primarily concerned with:
IgorC [24]
Choices/ The way goods and services are produced and provided to consumers, and to used by them.
5 0
2 years ago
Other questions:
  • Search the Internet for information on software development management policies.
    15·1 answer
  • Suppose a $3 per-unit tax is placed on this good. the per-unit burden of the tax on sellers is
    7·1 answer
  • Ceteris paribus, based on the aggregate demand curve, if the price level _______ the quantity of real output _______ increases.
    12·1 answer
  • Name the accounts debited and credited for each of the following transactions.
    9·1 answer
  • The fundamental attribution error:______ a. advantages non-dominant group members while disadvantaging dominant group members. b
    7·1 answer
  • They could increase Marco's motivation by:
    6·1 answer
  • If velocity is constant and, in addition, the factors of production and the production function determine real GDP, then: Group
    8·1 answer
  • A key feature of business is that it facilitates an exchange of
    7·1 answer
  • How do you identify the need for the meeting?​
    15·1 answer
  • Question 10 of 15 A tax-sheltered annuity is a special tax-favored retirement plan available to ACertain age groups only. BCerta
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!