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vova2212 [387]
3 years ago
12

On March 1, Song Corp. receives a $100,000, 90-day, noninterest-bearing note receivable from a customer. The note has a 12% disc

ount rate. On March 1, when Song receives the note from the customer, Song will record a
Business
1 answer:
harkovskaia [24]3 years ago
5 0

Answer:

Debit : Note Receivable $100,000 and Credit : Cash $100,000.

Explanation:

On March 1 Song Corp would measure the Note Receivable at cost as follows :

Note Receivable $100,000 (debit)

Cash $100,000 (credit)

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4 0
3 years ago
Read 2 more answers
__________ is a contra asset account representing the amount of accounts receivable that we do not expect to collect.
maw [93]

Answer:

Allowance for uncollectible accounts

Explanation:

This account is a contra asset account which says that the account receivable amount is not collected in near future

It is shown in the asset side of the balance sheet

Assets side

Current Assets

Accounts receivable                           XXXXX

Less: Allowance for doubtful debts   (XXXXX)

Net accounts receivable                       XXXXX

It is an estimated amount which is not to be paid by the customer in respect to goods delivered to them

The journal entry would be

Bad debt expense A/c Dr XXXXX

     To Allowance for uncollectible accounts A/c XXXXX

(Being the uncollected amount is recorded)

6 0
3 years ago
A company produces 11,900 units of which 200 are spoiled units because the​ process, even though carefully and efficiently execu
Andre45 [30]

Answer:

Normal spoilage rate = 1.6978% (Approx)

Explanation:

Given:

Total unit produce = 11,900 units

Normal spoil unit = 200 units

Abnormal spoil unit = 120 units

Total normal unit produce = 11,900 - 120 = 11,780

Computation of normal spoilage rate:

Normal spoilage rate = Normal spoil unit / Total normal unit produce

Normal spoilage rate = 200 / 11,780

Normal spoilage rate = 0.0169779287

Normal spoilage rate = 1.6978% (Approx)

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dezoksy [38]
Health insurance is the answer
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