All categories

4 years ago

Journalize the following transactions in the accounts of Simmons Company:

Business

1 answer:

Alexxx [7]4 years ago

7 0

Answer:

A) March 1, received note receivable from Bynum Company

Dr Note receivable 60,000

Cr Accounts receivable 60,000

B) March 16, received note receivable from Solo Company

Dr Note receivable 25,000

Cr Accounts receivable 25,000

C) April 30, Bynum Company's note is dishonored

Dr Accounts receivable 60,600

Cr Notes receivable 60,000

Cr Interest revenue 600 ($60,000 x 6% x 2/12)

D) May 17, Solo Company's note is dishonored

Dr Accounts receivable 25,375

Cr Notes receivable 25,000

Cr Interest revenue 375 ($25,000 x 9% x 2/12)

E) July 29, cash is collected from Byrum Company

Dr Cash 60,900

Cr Accounts receivable 60,600

Cr Interest revenue 300

F) July 29, Solo Company's debt is written off

Dr Allowance for doubtful accounts 25,375

Cr Accounts receivable 25,375

You might be interested in

Carol thomas will pay out $6000 at the end of year two and $8000 at the end of year three. then carol will recieve $10,000 at th

insens350 [35]

Solution:

PV = FV x $PV_{if}$ (App. B: 10%, 2 periods)

= $6,000 x 0.826 - $4,956

PV = FV x $PV_{if}$ (App. B: 10%, 3 periods)

= $8,000 x 0.751 = $6,008

PV = FV x $PV_{if}$ (App. B: 10%, 4 periods)

= $10,000 x 0.683 = $6,830

Net Value of Payments = ($4,956) + ($6,008) + $6,830 = ($4,134)

5 0

4 years ago

greg, a landscaper, is planning on opening his own landscaping company. he currently earns $40,000 per year working for his u

Oxana [17]

Answer:

The total economic cost is $40,500 per year

Explanation:

The total economic cost per year is equal to the sum of:

* The opportunity cost relating to sacrificing the current work Greg is working on which is equal to his yearly salary of : $40,00.

* The opportunity cost relating to sacrificing the interest income earned on $10,000 saving, which he is now used for purchasing equipment, which is calculated as: 10,000 * current rate of savings = 10,000* 5% = $500 ( total cost of equipment is not included because e could sell the equipment for what he paid later on).

=> So, total economic cost per year is $40,000 + $500 = $40,500.

5 0

3 years ago

ABC Corporation has instituted a mentorship program whereby Rita has been assigned to mentor Sally. During a recent conversation

grin007 [14]

Answer: Option d:- Relational transparency is the aspect of authentic leadership.

Explanation:

The continued efforts of Teamwork has the fine objective of fulfilling the business goals. It can be only attained with fine authentic leadership. Relational Transparency finds the route cause for the problems of building relationships between co-employees. The Supervisor uses this strategy to mingle with the subordinates and conducts one to one interactive session with all level of employees every month.

The session will help employees to convey their working issues and also their innovative ideas to boost their career development. In this case, Rita may help Sally to overcome the problem of bonding relationship with co-workers with the help of propagating the method of having straightforward transparency to achieve the desired result of good communication.

6 0

3 years ago

Marsh uses a perpetual inventory system. On December 29, Marsh, Inc. sold inventory for $5,500 on account with terms 2/10 n/30.

krok68 [10]

Answer:

no no entry will be made

Explanation:

Data provided in the question:

Date on which inventory sold, December 29

Amount of inventory sold = $5,500

Account terms = 2/10 n/30

Date on which amount is paid, January 3

Now,

Since the date on which the entry is being made (i.e December 29) is before the payment is actually made (i.e January 3). Therefore, no no entry will be made in its inventory account

3 0

4 years ago

The market demand for singing dolls is initially made up of 50 buyers. suppose there is a decrease in the number of buyers by 10

Setler79 [48]

I guess the correct answer is the quantity supplied to decrease.

The market demand for singing dolls is initially made up of 50 buyers. Suppose there is a decrease in the number of buyers by 10. Holding everything else constant, one would expect the quantity supplied to decrease.

8 0

4 years ago