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Usimov [2.4K]
4 years ago
11

Dirk is the maker of a note, on which Erv is secondarily liable. Friendly Credit Company is the current holder of the note. Erv

will be obligated to pay the note if
Business
1 answer:
Anvisha [2.4K]4 years ago
6 0

Answer:

Erv will be obligated to pay the note if  Dirk defaults on the note.

Explanation:

Erv is the guarantor of Dirk's note. If for any reason Dirk cannot pay the note, then Erv will be responsible for paying the note. Under normal circumstances, Dirk should be responsible for paying the note, but if he just doesn't wish to pay it anymore, Erv will have to pay it, but he will also be able to demand for repayment from Dirk.  

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During a company's first year, the asset account, Office Supplies, was debited for $3,900 for the purchases of supplies. At year
fiasKO [112]

Answer:

The adjusting entry will be shown below:

Explanation:

The adjusting journal which is to be recorded in the following case will be:

Office Supplies expense A/c..............................Dr  $2,275

          Office Supplies A/c.........................................Cr   $2,275

As the amount $3,900 is already debited and at the year end, the remaining amount of office will be posted to the account of the office supplies expense against the office supplies account.

Working Note:

Amount = Debited amount of office supplies - Offices supplies on hand

= $3,900 - $1,625

= $2,275

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3 years ago
During the month of March, Harley's Computer Services made purchases on account totaling $44,900. Also during the month of March
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Answer:

e. $85,300.

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ending accounts payable

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= $85,300

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4 years ago
On january 1 of 2015, parson freight company issues 7%, 10-year bonds with a par value of $2,000,000. the bonds pay interest sem
sleet_krkn [62]
The bond issuance should be recorded as the bond issued with discount. There is a difference between the bond's par value and its selling price. If a bond sold below its par value, a discount will appear as the difference between them. For the journal entry, there will be a debit balance in cash account for $1,864,097, debit balance in the discount of the bond payable account for $ 135,903, and credit balance in the bond payable account for $2,000,000.
7 0
3 years ago
Which best explains the main purpose of short-term planning?
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Answer:

A

Explanation:

because Short-term planning takes care of regular expenses in the near future

8 0
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If a person has $1,000 in a savings account and earns $20 a year in interest on that account, the rate of return on the money is
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Answer:

2%

Explanation:

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