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Luda [366]
3 years ago
13

Notes Payable Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%, interest-bearing note. Required: 1.

Record the borrowing transaction. Feb. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Aug. 1 (Record payment of note and interest)
Business
1 answer:
balu736 [363]3 years ago
7 0

Answer:

1.

February 1  Cash                          $330000 Dr

                        Notes Payable           $330000 Cr

2.

July 31  Interest expense            $16500 Dr

                     Interest payable           $16500 Cr

Aug 1  Notes Payable       $330000 Dr

           Interest Payable    $16500 Dr

                     Cash                      $346500 Cr

Explanation:

1.

The issuance of note payable against cash will require the cash account to be debited and notes payable, which is a liability, to be credited.

2.

The interest on note payable for 6 months will become due and will be recorded on 31 July. The interest expense and interest payable accounts will be used.

The interest for 6 months is = 330000 * 0.1 * 6/12 = $16500

On 1 August, when the note and interest payable is paid, the cash will be credited by the sum of notes payable and interest payable accounts.

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Delux Technologies makes and sells only one product, a high-quality processor for mainframe computers. Delux was recently approa
Anton [14]

Answer:

Imagination Station is engaging in Vertical Integration.

Explanation:

Vertical Integration is a business strategy whereby a firm acquires businesses that provide the supplies it needs to make its products or that makes and sell its products.

In this context, Delux Technologies makes and sells only one product, a high-quality processor for mainframe computers and was approached by Imagination Station, a large computer manufacturer about purchasing their company.

4 0
3 years ago
Read 2 more answers
Ames Trading Co. has the following products in its ending inventory.
Jobisdone [24]

Answer:

Product                 Qty    Cost     Market      LCM           Result

Mountain Bikes      30     $700    $650       30*650      $19,500

Skateboards           26     $230    $260       26*230      $5,980

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7 0
4 years ago
Choose all that apply.<br> Spreadsheets can be used to
mezya [45]

Answer:

create specific budgets for things like vacations or a wedding

calculate the amount of mortgage payments or car payments

4 0
2 years ago
About three hours after he falls asleep, Bobby often sits up in bed screaming incoherently. Hismother tries to awaken him, but w
Alla [95]

Answer:

A. Night Terrors

Explanation:

Night terrors also known as sleep terrors are occurrences similar to nightmares involving intense screaming, intense fear, crying and thrashing while still sleeping. It is also often accompanied with sleep walking and all these while the person is still unconscious or in deep sleep.

The episodes often begin with screams and shouts, followed by sitting up on the bed with eyes wide open, heavy sweats, dilated pupils and heavy breathing among others.

Most times as well, the person who suffers from night terrors would have little or no memory of the event by the next morning.

Night terrors should be reported to medical practitioners if it continues for a long time, happens frequently and the safety of the victim is becoming a concern from aggressive episodes of thrashing and violent behavior.

If Bobby's episodes become more frequent and more violent, then Bobby's mother should report the case to a certified medical practitioner.

6 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
4 years ago
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