Answer:
1.
February 1 Cash $330000 Dr
Notes Payable $330000 Cr
2.
July 31 Interest expense $16500 Dr
Interest payable $16500 Cr
Aug 1 Notes Payable $330000 Dr
Interest Payable $16500 Dr
Cash $346500 Cr
Explanation:
1.
The issuance of note payable against cash will require the cash account to be debited and notes payable, which is a liability, to be credited.
2.
The interest on note payable for 6 months will become due and will be recorded on 31 July. The interest expense and interest payable accounts will be used.
The interest for 6 months is = 330000 * 0.1 * 6/12 = $16500
On 1 August, when the note and interest payable is paid, the cash will be credited by the sum of notes payable and interest payable accounts.
Answer:
What is a major difference between the accounts presented in the primary source article "prominent farmer robbed and killed" and the secondary source midnight assassin?
According to the source article, contrast between the accounts presented in the source article "Unmistakable Farmer Robbed and Killed" and the optional source Midnight Assassin is that it proposes that the murder was likely committed by criminals, while the extract recommends a more extensive scope of suspects.
Explanation:
If a perfect competition firm is producing a quantity where mc < mr, then profit can be increased by increasing production.
Because competing businesses compel them to adopt the market's current equilibrium price, a perfectly competitive firm is referred to as a price taker. A company will forfeit all of its sales to rivals if it increases the price of its product by even a penny in a highly competitive market.
There are numerous buyers and sellers in a market with perfect competition, and prices always reflect supply and demand. The businesses can enhance profit by raising output if it is producing at a level where MR > MC, such as 40 or 50 packs of raspberries. This is because the marginal revenue is higher than the marginal cost
Learn more about perfect competition here:
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Answer:
Option C is the correct option.
Explanation:
As the rights and obligation of the antique rocking chair are been passed to third party, so the damage caused by the checque been bounced is the monetry consideration agreed between the party to the contract, McGraw and Tellis. So Tellis may recover money damages from McGraw. However there is a special condition that can allow Tellis recover his asset from Rio if the third party knew before purchase of this asset, that the checque paid to Tellis by McGraw was dishonoured but still he contracted with McGraw to acquire the antique rocking chair.
Overall the option C is the correct option with which the case scenario relates.
Answer:
performance
Explanation:
This is an example of performance of the contract. In the context of Law, this refers to the act of doing exactly what was required by the contract that the party has agreed to, which effectively discharges the individual bound to do the act from any future contractual liability. Which in this scenario, since ABC Construction finished building the homes before the due date, they met their obligations and are free from the contract.
