Answer: It is charged to accumulated other comprehensive income.
Explanation:
The discount is recognized over the life of the contract when it is charged to accumulate other comprehensive income.
Answer and Explanation:
1. The Journal entry is shown below:-
Notes receivable Dr, $33,000
To Sales revenue $33,000
(Being sales is recorded)
2. The computation of interest is shown below:-
Interest = $33,000 × 4% × 6 ÷ 12
= $660
3. The Journal entry is shown below:-
Cash Dr, $33,660
To Interest income $660
To Notes receivable $33,000
(Being collection of notes receivable is recorded)
Answer: option E -Corporation
Explanation:
Corporation is the most effective form of business organization for raising capital
Global economyis the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account (money).
