Answer:
Journal Entries
2018
Feb. 1 Debit 6% Note Receivable (Candace Smith) $12,000
Credit Cash $12,000
To record receipt of a one-year, 6% note.
Apr. 6 Debit 12% Note Receivable (Park Pro) $6,000
Credit Sales Revenue $6,000
To record receiving a 90-day, 12% note.
Apr. 30 Debit Interest Receivable $230
Credit Interest Revenue $230
To accrue interest revenue for both notes.
Explanation:
a) Data and Analysis:
2018
Feb. 1 6% Note Receivable (Candace Smith) $12,000 Cash $12,000
a one-year, 6% note.
Apr. 6 12% Note Receivable (Park Pro) $6,000 Sales Revenue $6,000, receiving a 90-day, 12% note
Apr. 30 Interest Receivable $230 Interest Revenue $230
($12,000 * 6% * 3/12) + ($6,000 * 12% * 25/360)
= $180 + $50
= $230
Answer:
$10,200
Explanation:
Based on the information given Assume that it held the bond in a governmental fund, the GOVERNMENT SHOULD REPORT THE BOND AT A VALUE OF THE AMOUNT OF $10,200 reason been that we were told that the bond had a FAIR VALUE of the amount of $10,200.
Therefore the government should report the bond at a value of $10,200.
Answer:
Debit Rent expense $800
Credit Prepaid rent $800
Explanation:
When rent is paid in advance, an asset is reduced while another is increased. The entries required are debit to prepaid rent and a credit to cash account. As the rent expires, the expense is recognized by debiting rent expense and crediting prepaid rents.
Rent expense as at 31 December 2019
= 2/12 * $4,800
= $800
Answer:
Break even point will be 50 units
So option (D) will be correct answer
Explanation:
We have given fixed cost = $10000 per year
Variable cost is $50 per unit
Selling price = $250 per unit
We have to find the break even point for the operation
We know that break even point is equal to
Break even point 
So break even point will be equal to 50 units
So option (D) will be correct answer
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
