Answer:
$64,300
Explanation:
The amount of revenue that Moretti Department store should recognize as revenue in 2021 should be based on the redeemed amount in the year and unused balance:
1. $1,500 were redeemed during 2021
2. $800 2019 balance remains unused
3. $22,000 were redeemed in 2021
4. $40,000 were redeemed in 2021
Total Revenue for 2021 = $64,300
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Answer: D. a series of consecutive payments of equal amounts.
Explanation:
An annuity is a financial commodity that provides a fixed amount of payments, paid in equal periods, such as deposits made into savings accounts, monthly home mortgage payments, and monthly insurance payments.
Annuities are meant to be a safe way to secure a steady capital flow during people´s retirement years, as well as to avoid outliving their assets.
Answer:
Debit Accounts Receivable—Valley Spa $10,438 Credit Interest Revenue $238
Credit Notes Receivable $10,200.
Explanation:
Preparation of the the journal entry to record the dishonored note
Debit Accounts Receivable—Valley Spa $10,438
($10,200+$238)
credit Interest Revenue $238
($10,200 x 14% x 60/ 360)
Credit Notes Receivable $10,200
(To record the dishonored note)
