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Readme [11.4K]
3 years ago
12

On September 15, 2021, Oliver's Mortuary received a $3,600, nine-month note bearing interest at an annual rate of 14% from the e

state of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2021
Business
1 answer:
pentagon [3]3 years ago
8 0

Answer:

The Journal entry is as follows:

On December 31, 2021

Interest Receivable A/c Dr. $147

          To Interest revenue A/c      $147

(To record the interest receivable)

Working notes:

Interest Receivable:

= Amount received × Annual rate of interest × Time period

= $3,600 × (14% ÷ 12) × 3.5

= $3,600 × 0.01167 × 3.5

= $147

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On June​ 1, Addison Company purchased $ 10,000 of inventory on account from Garrison Company. Garrison offers a 4​% discount if
IRINA_888 [86]

Answer:

c. a debit to Inventory for $10,000

Explanation:

Whenever goods are purchased on a discount to be received on payment basis, the inventory is first recorded at cost.

Also as per the general rule, discount is a kind of income, and incomes are recorded only when earned, therefore, the cost of inventory shall be reduced by 4% only when the payment is made, therefore the inventory on the date of purchase shall be recorded at $10,000 only and not for $9,600.

Thus, correct option is c

4 0
3 years ago
Three examples of solutions to the problems of a monopoly are harnessing the benefits of ________, ________ trade barriers, and
Sever21 [200]

Answer:

1. harnessing the benefits of competition.

2. reducing trade barriers

3. regulating markets.

Explanation:

harnessing the benefit of competition

The use of competition in a  market will enable consumers get the best possible prices, quantity, and quality of goods and services. competition in a market will also boost innovation allowing each firm producing similar goods to improve the quality of their products so as to gain more market share.

Reducing trade barriers

When trade barriers such as quota, embargo, tariffs are reduced in the market, it becomes easier for firms to compete with a other firms. Reduction of trade barriers will encourage more firms to enter a market that previously had a single supplier of a commodity .

Regulating market

A regulated market is a kind of market where government control the force of demand and supply like determining who is allowed to enter the market and determine what price to be charge. Markets that are natural monopolies are usually regulated to avoid exploitation of consumers

5 0
3 years ago
Money Matters Help
Vinil7 [7]

Explanation:

A Step by Step Guide Through the Rental Application Process

Fill out a rental application. Let's start with the basics: the apartment application itself. ...

Pay the apartment application fee. ...

Expect credit and background checks. ...

Prove you can pay rent. ...

Figure out if you need a co-signer. ...

Show them that you are an agreeable renter. ...

Have good personal references. ...

Sign the lease.

brainliest and follow and thanks

7 0
3 years ago
Bruno & Court is a nonprofit organization that captures stray deer bewildered within residential communities. Fixed costs ar
babunello [35]

Answer:

4,400 deer

Explanation:

We know that,

Total fund received = Total cost

Total fund received = Fixed cost + variable cost

$64,000 = $20,000 + $10 × variable cost

$44,000 = $10 × variable cost

So, the variable cost = $44,000 ÷ $10 = 4,400 deer

We simply make the equation, so that the calculation can be done in easy manner. And the total cost include both the fixed cost and the variable cost

3 0
3 years ago
This credit is a non-refundable tax credit for qualified higher education tuition and
zubka84 [21]

Answer:

b

Explanation:

5 0
3 years ago
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