1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Natalija [7]
3 years ago
7

On March 1, Young Co. borrowed $1,000 by extending their past-due account payable with a 120-day, 6% interest-bearing note. On J

une 29, the due date, Young pays the amount due in full. This entry would be recorded by Young with a credit to _____ in the amount of ______.
Business
1 answer:
tamaranim1 [39]3 years ago
7 0

Answer:

This entry would be recorded by Young with a credit to <u>cash account</u> in the amount of <u>$1,020</u>.

Explanation:

The complete journal entry for June 29 should be

  • Dr Notes Payable account 1000
  • Dr Interest Expense account 20
  • Cr Cash account 1020

The total interest due = $1,000 x 6% x 4/12 =$20

Notes payable is a liability account and it decreases, so it should be debited.

All expenses are debited.

Cash is an asset account and it decreases, so it should be credited.

You might be interested in
A company had the following purchases during its first year of operations: Purchases January: 26 units at $113 February: 36 unit
monitta

Answer:

$6490

Explanation:

The computation of the ending inventory is shown below:

= (January ending inventory in units × price) + (February ending inventory in units × price) + (May ending inventory in units × price) + (September ending inventory in units × price) + (November ending inventory in units × price)

= (8 units × $113) + (9 units × $124) + (13 units × $136) + (7 units × $144) + (11 units × $154)

= $904 + $1,116 + $1,768 + $1,008 + $1,694

= $6,490

3 0
3 years ago
Suppose that Scoobania, which has full employment, can obtain 1 unit of capital goods by sacrificing 2 units of consumer goods d
Leviafan [203]

Answer:

The correct answer is option c.

Explanation:

An economy named Scoobania is operating on full employment level. The production possibility curve of this economy is such that it can produce 1 unit of capital goods by sacrificing 2 units of consumer goods.

This means that the opportunity cost of one unit of capital goods is 2 units of consumer goods. However, through international trade this economy can obtain 1 unit of capital goods for 1 unit of consumer goods.  

This implies that the economy will be able to consume more of both capital goods as well as consumer goods. This indicates that Scoobania will be able to consume at a point beyond its production possibility curve.

3 0
3 years ago
The board of directors of Testa Incorporated has decided that they would like to declare a $400,000 cash dividend at some point
Elden [556K]

Answer:

Approval and the declaration by the board of directors

Explanation:

The three key requirement for a company to pay dividends are adequate retained earnings , adequate cash and the declaration and approval of the board of directors.

Looking at the provided information for Tesla incorporation ,what is missing is the Approval of the board through declaration of payment.

It was still an intention , so the declaration is still necessary for payment. Other conditions like adequate cash balance and retained earning are are already met

3 0
3 years ago
Browne, a self-employed taxpayer, has 2018 business net income of $15,000 prior to any expense deduction for equipment purchases
Vaselesa [24]

Answer: $20,000

Explanation: A taxpayer who spends less than $800,000 on equipment can deduct the cost of

equipment purchases up to a maximum of $250,000 per tax year. The deduction is limited to the amount that will reduce taxable income to zero.

7 0
3 years ago
Andrea is an accountant who lives in the state of Texas. Which tax is she exempt from
USPshnik [31]

The correct answer is

c. Inheritance tax at the state level

:)

5 0
3 years ago
Read 2 more answers
Other questions:
  • On a hot summer day, a student turns his fan on when he leaves his room in the morning. when he returns in the evening, will the
    15·1 answer
  • All of the following are functions of a knowledge management system EXCEPT: a. designing information systems. b. improving colla
    13·1 answer
  • Which of the following is used to aid in decision making about training, raises, and promotions
    10·1 answer
  • Dorothy Taylor has won a state lottery and will receive a payment of $93,000 every year, starting today, for the next 20 years.
    7·2 answers
  • An import quota or tariff on French wine that raises the prices for wine will probably: Select one: a. hurt domestic wine drinke
    6·1 answer
  • The local wendy's franchise is a good corporate citizen, and the owners of that particular franchise had fostered relationships
    11·1 answer
  • Why is it important to be a good communicator for a successful future?
    10·1 answer
  • A clothier makes coats and slacks. The two resources required are wool cloth and labor. The clothier has 150 square yards of woo
    9·1 answer
  • A processing department is an organization unit ______.
    11·1 answer
  • a secured party who has control will prevail over a secured party who has only filed for these types of collateral:
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!