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arsen [322]
3 years ago
15

On October 1, 2015, Zircon Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivabl

e. Interest revenue was accrued through December 31, 2015. Zircon receives the maturity value of the note on the due date. Give journal entry to record the collection of funds.
Business
1 answer:
Whitepunk [10]3 years ago
7 0

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $2,480

         To Interest receivable $60

         To Interest revenue $20

         To Note receivable $2,400

(Being the collection of funds is recorded)

The computation of interest receivable is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $2,400 × 10% × (3 months ÷ 12 months)

= $60

And for interest revenue would be

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $2,400 × 10% × (1 months ÷ 12 months)

= $20

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4 0
1 year ago
An interior decorator has moved his business from Los Angeles to St. Paul, Minnesota, because his spouse's company transferred h
kifflom [539]

Answer:

The correct answer is option a.

Explanation:

An interior decorator has moved his business from Los Angeles to St. Paul, Minnesota because his spouse's company transferred her to St. Paul.

The decorator is distressed because the customers in his target market have, in his words, "banal and bourgeois taste."

The customers in St. Paul have a different taste from the customers that he catered to in Los Angeles. The consumer tastes and preferences may differ from place to place according to the climatic conditions, social status, cultures, etc.

The problem with the decorator is that he does not understands that customer needs are not right or wrong, good or bad. It is not right or wrong if the customers in Minnesota have a different preference from customers in Los Angeles.

6 0
3 years ago
Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are invol
vampirchik [111]
Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are involved in a Corporate Social Responsibility. Hope this helps. <span />
8 0
3 years ago
The factors of production influence an item’s:
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The factors of production will influence an items' Availability.
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3 years ago
Read 2 more answers
Zorn Co. budgeted $600,000 of factory overhead cost for the coming year. Its plantwide allocation base, machine hours, is budget
Amanda [17]

Answer:

False.

Explanation:

Given: Total budgeted factory overhead cost = $600000.

           Plantwide allocation base=  100000 hours.

Now, finding plantwide factory overhead rate.

Formula; Plantwide factory overhead rate= \frac{total\ budgeted\ factory\ overhead\ costs }{plantwide\ allocation\ base.}

⇒ Plantwide factory overhead rate= \frac{600000}{100000} = \$ 6 per\ hours

Hence, Zorn´s plantwide factory overhead rate is $6 per hour not $3 per hour.

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3 years ago
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