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slega [8]
3 years ago
12

On July 9, Mifflin Company receives a $8,600, 90-day, 12% note from customer Payton Summers as payment on account. What entry sh

ould be made on July 9 to record receipt of the note
Business
1 answer:
ivolga24 [154]3 years ago
3 0

Answer:

Mifflin Company

Journal Entry:

Debit Notes Receivable (Payton Summers)$8,600

Credit Accounts Receivable (Payton Summers)$8,600

To record the receipt of a 90-day, 12% note.

Explanation:

Mifflin Company uses this journal entry to record the receipt of a note receivable from Payton Summers in payment on account.  This effectively transfers the debit from Accounts Receivable account to a Notes Receivable account.  By this action, the debt is formalized while Mifflin Company is now able to charge interest on the unsettled balance at the agreed rate per annum.

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i wouldnt be celebrating either

Explanation:

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4 0
3 years ago
Darren has borrowed $100$ clams from ethan at a $10\%$ simple daily interest. meanwhile, fergie has borrowed $150$ clams from ge
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7 0
2 years ago
Jabari​ Manufacturing, a widgets manufacturing​ company, divides its production operations into three processeslong - Department
lora16 [44]

Answer:

Cost per unit of widget produced = $6.52

Explanation:

As for the provided information:

Total units produced = 4,600 units

Total cost of production = costs for Department 1 + Department 2 + Department 3

= $18,000 + $8,000 + $4,000 = $30,000

It does not matter how many units are sold as the cost of sales will include, selling and administrative cost also.

Therefore, all the cost will be considered.

Thus total cost of production = $30,000 for 4,600 units.

Cost per unit of widget = \frac{30,000}{4,600} = 6.52

5 0
3 years ago
A new manufacturing machine is expected to cost $278,000, have an eight-year life, and a $30,000 salvage value. The machine will
oksano4ka [1.4K]

Answer:

C) 4.2 years

Explanation:

The computation of the payback period is as follows;

As we know that

Payback Period = Initial cost ÷ Annual net cash flow

Here

Initial cost = $278000

Annual net cash flow = Incremental after tax + Depreciation per year

where,  

Depreciation per year = (Original cost - Salvage value) ÷ Estimated Life

= ($278,000 - $30,000) ÷ 8 years

= $31,000

Annual net cash flow is

= $35000 + $31000

= $66000

So,

Payback Period is

= $278000 ÷ $66000

= 4.2 Years

4 0
3 years ago
T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would
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Answer:

Cash for $475 and Credit Card Expense for $25

Explanation:

Cash for $475 and Credit Card Expense for $25

8 0
2 years ago
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