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Vitek1552 [10]
3 years ago
13

On July 9, Mifflin Company receives a $10,400, 90-day, 8% 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:
ruslelena [56]3 years ago
8 0

Answer: Debit Notes Receivable $10,400; credit Accounts Receivable $10,400.

Explanation:

Mifflin Company is receiving the note back from Payton Summers which means that Payton Summers intends to settle their account. The correct entry to record therefore is one that closes off the Notes Receivable account by debiting it as it was on a credit balance.

The other account would be the Accounts Receivable account which would need to be credited by the amount owed to close off the account as it was on a debit balance as Accounts Receivables are when customers are still owing.

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Yes it is correct the chart is increasing
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Which of the following is correct?
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Answer:

The correct answer is option D.

Explanation:

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3 years ago
What does CPI stand for and what is it used to measure?​
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Answer:

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5 0
3 years ago
Suppose that the public holds 50% of the money supply in currency and the reserve requirement is 20%. Banks hold no excess reser
Mice21 [21]

Answer:

the required reserves will increase by 1,200 dollars

Explanation:

the required reserve ratio is 20%

for each dollar the bank receive in deposit it can loan up to 80% and must keep 20%

the multiplier will be: 1 / 0.2 = 5

each dollar of deposit will increase the money supply by 5

and each dollar withdraw will decrease money supply by 5

Therefore, for this deposit of 6,000 dollars the bank will kept:

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7 0
3 years ago
Q4) An investment offers a total return of 12.8 percent over the coming year. Janice thinks the total real return on this invest
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Answer:

inflation rate= 5.8%

Explanation:

Giving the following information:

An investment offers a total return of 12.8 percent over the coming year. Janice thinks the total real return on this investment will be only 7 percent.

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