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lesya [120]
3 years ago
13

Kelly Jones and Tami Crawford borrowed $46,500 on a 7-month, 4% note from Gem State Bank to open their business, Wildhorse’s Cof

fee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
mel-nik [20]3 years ago
6 0

Answer:

Dr. Cash               $46,500

Cr. Note Payable $46,500

Explanation:

The funds received from the bond is a liability for the business. As cash is received against the liability, so to increase the cash balance we debited the cash account because cash is an asset and has debit nature. On the other hand, to record the liability we, have credited the note payable account because liability has credit nature.

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In the world of marketing, _____ are ideas about products or services
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I guess there should be an options to choose . Anyway I think that the sentence should sound like this: In the world of marketing, <span>concepts</span> are ideas about products or services
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3 years ago
Why is it important to add images charts and graphs into reports? what is important to illustrate reports with visuals?
Maksim231197 [3]
Using visual aids in long reports, which shows a lot of numerical values seems a bit boring, which is why using graphs, charts or any other visual aids aids the audience, which will make it easier for them to review the content of the presentation at the same time, understanding it easily than reading long words and texts.
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3 years ago
Read 2 more answers
Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of
Artyom0805 [142]

Answer:

Etter capital                           $83,000

Lonnie Davis capital                                   $83,000

Explanation:

Data provided in the question:

Capital balance of  Myles Etter = $249,000

Capital balance of  Crystal Santori = $105,000

Amount of interest sold by the Etter to Lonnie Davis = one-third

Sales price = $70,000

Now,

Required entry will be as follows

Etter capital                           $83,000

Lonnie Davis capital                                   $83,000

Here,

the cash will be directly received by the Etter not by the partnership

Hence,

It will have not effect on the entry.

6 0
3 years ago
Following a long period of slow​ growth, the government of country X decided to open its economy and reduce trade barriers in or
Readme [11.4K]

This question is incomplete, here is the complete question:

Following a long period of slow growth, the government of country X decided to open its economy and reduce trade barriers in order to boost economic growth. This provided the expected impetus to the economy as competition increased and the efficiency of domestic firms improved. A decade after opening the economy, the country's GDP is now growing at an average of 7-8 percent annually. A group of economists claim that the standard of living of the people has improved substantially during this period. They also expect this impressive growth to continue over the next five years.

Which of the following, if true, will indicate that the standard of living has actually improved since the economy was opened?

A.Country X's leading trading partner reported a fall in the standard of living over the last two years.

B.Discretionary spending by domestic consumers increased during this time.

C.Overall exports increased because of a fall in domestic consumption during this period.

D.High interest rates have attracted a large amount of foreign investment over the last five years.

E.The government pegged its currency to a foreign currency three years back.

Answer:

(B) Discretionary spending by domestic consumers increased during this time.

Explanation:

When domestic consumers engage in increased discretionary spending, then it is safe to say that there is an improvement in the economy. As domestic consumers would rather spend only on essentials (food, clothing, and housing), when they have limited disposable income.

5 0
3 years ago
Tidy Limited purchased a new van on January 1, 2018. The van cost $40,000. It has an estimated life of ten years and the estimat
forsale [732]

Answer:

$33,600

Explanation:

The computation is shown below:

But first we have to determined the following things

Depreciation rate

= 1 ÷ useful life

= 1 ÷ 10

= 0.1

It is double-declining so the rate is also double i.e. 0.20

Now in the first year, the depreciation expense is

= $40,000 × 0.20

= $8,000

Now in the second year, the depreciation is

= ($40,000 - $8,000) × 0.20

= $25,600

So, the accumulated depreciation at the end of 2019 is

= $8,000 + $25,600

= $33,600

Here the residual value is not relevant. hence, ignored it

6 0
3 years ago
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