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zvonat [6]
3 years ago
10

Entries for Note Collected by Bank Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing th

e principal ($14,000) and interest ($1,120) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
mojhsa [17]3 years ago
3 0

Answer:

Debit Bank $15,120 Credit Notes receivable $14,000 Credit Interest income $1,120

Explanation:

The Credit memo is a document to explain or support the repayment of the loan.

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The following production data were taken from the records of the Finishing Department for June:Inventory in process, 6-1 (30% co
ad-work [718]

Answer:

Option (a) is correct.

Explanation:

Given that,

Completed units during June = 65,000 units

Ending inventory units = 7,000 units

Beginning inventory units = 4,000 units

Number of material equivalent units of production in the June 30:

= Completed units during June + Ending inventory units - Beginning inventory units

= 65,000 units + 7,000 units - 4,000 units

= 68,000 units

Therefore, the number of material equivalent units of production is 68,000 units.

7 0
3 years ago
What are examples of withdrawals from the circular flow of income? Check all that apply. A sharp increase in taxes affects many
Readme [11.4K]

A sharp increase in taxes affects many middle-class families.

A sports-apparel company cuts jobs as a result of slow sales.

A fast-food chain goes out of business and shuts down all of its restaurants.

Explanation:

The circular income or circulated flow is a model for the economy where the big transactions between the market participants are represented as cash flows, goods and services, etc. The cash and goods flows transferred in a closed circuit complement the interest but are going in the reverse direction.

Retirements are factors in an economy that escapes from distributed labor flows and reduces national income sizes.

Withdrawals include: savings, taxes and imports.

6 0
3 years ago
Read 2 more answers
Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 10 more years. The com
alex41 [277]

Answer:

Explanation:

The journal entries are shown below:

On January 1

Copyright A/c Dr $420,000

        To Cash A/c $420,000

(Being copyright is purchased)

On December 31

Amortization A/c Dr $42,000

          To Accumulated amortization A/c $42,000

(Being annual amortization is recorded)

The computation is shown below:

= Purchase value of copyright ÷  number of goods years

= $420,000 ÷ 10 years

= $42,000

6 0
3 years ago
g Assume that a hypothetical economy with an MPC of 0.8 is experiencing severe recession. Instructions: In part a, round your an
Klio2033 [76]

Answer: $5 billion

Explanation:

First find the spending multiplier which is a multiplier that shows how Aggregate demand increases as a result of additional spending.

Multiplier = 1 / (1 - Marginal propensity to consume)

= 1 / ( 1 - 0.8)

= 5

If the government wants to raise Aggregate demand by $25 billion, they should spend:

Increase in AD = Amount * Multiplier

25 billion = Amount * 5

Amount = 25 / 5

= $5 billion

7 0
2 years ago
Who death was sadder itachi or minato or Jiraiya
trasher [3.6K]

Answer:

i would say Jiraiya

Explanation:

he was alone when ijt happen and was weak

6 0
3 years ago
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