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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.

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TRN sold $40,000, of goods and accepted the customer's $40,000 10%, 1-year note payable in exchange. Assuming 10% approximates t
drek231 [11]

Answer:

b. $2,000

Explanation:

The computation of the interest amount is shown below:

= Sale value of goods × rate of interest × (number of months ÷ total number of months in a year)

= $40,000 × 10% × (6 months ÷ 12 months)

= $2,000

The 6 months is calculated from June 30 to December 31.

So, the b option is correct and rest options are wrong.

6 0
3 years ago
. If the price elasticity of demand for pineapple is 0.75, a 4% increase in the price of pineapple will lead to a A. 3% decrease
ludmilkaskok [199]

Answer:

A) 3% decrease in the quantity demanded of pineapple.

Explanation:

We know that the demand curve is negative, which means that as price of a product increases, its demand will decrease.

In unitary elasticity(1) the change in demand means that the change in quantity demanded will be the same. A 0.75 elasticity will thus mean that the quantity demanded will change by a factor of 0.75 as compared to the change in price.  

Therefore when the price of pineapple increases by 4%, the quantity demanded will decrease by 4 * 0.75 = 3%

3 0
3 years ago
Read 2 more answers
1. Define scarcity. What signifies to managers that a resource used in production is becoming scarce? What impact does this have
Stels [109]

Answer:

scarcity means that a good is limited in supply, relative to it's demand.

Explanation:

By limited, it means that the available resources are not enough for the satisfaction of a need.

Price hikes tells us of scarcity of a resource. When the price of a resource or good gets increased or is continuously increasing the price of the resource may show that it is scarce.

Management have to allocate resources in such a way that they do not have to run out of the resources or or they may decide to use substitute resources.

8 0
3 years ago
Adjusts the accounts at the end of each month. cruella's adjusting entry at the end of february should include a debit to rent e
Sauron [17]

After each month, adjust the accounts. Cruella's adjusting entry at the end of February should include a debit to rent expense for $100.

<h3>What is an adjusting entry?</h3>

Adjusting entries refer to a set of journal entries recorded at the end of the accounting period to have updated and accurate balances of all the accounts. The main purpose of adjusting entries is to communicate an accurate picture of the company’s finances. The management can have a proper look into the financial statements knowing that Everything that occurred during the month is reported, even if the financial part of the transaction would have been warranted to have occurred at a later stage.

To learn more about adjusting entries, visit;

brainly.com/question/4035835

#SPJ4

8 0
1 year ago
To help cosmetic company RedRain Inc. launch a new line of lipstick, tickets that can be redeemed for prizes are enclosed in som
Mrac [35]

Answer:

Sales Promotions

Explanation:

The reason is that the company is trying to attract its customers by providing tickets that has ability to win prices and these prices are the motivating factors for the consumer to buy these products. Other tactics also include seasanol sales discounts to sell the remainder of the stock and "Buy One and Get one Free".

6 0
3 years ago
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