1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Rina8888 [55]
3 years ago
9

On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the due date on an overdue a

ccount. What is the journal entry needed to record the transaction by Indigo Company?
Business
1 answer:
devlian [24]3 years ago
8 0

Answer:

Explanation:

Since Notes payable is $6,100

The interest would be = $6,100 × 10% × 60÷ 360

                                     = $101.67

Total of interest + notes payable = $6100 + $101.67

                                                      = $6201.67

So, the journal entry would be

Notes payable A/c Dr    $6,100

Interest Expense A/c Dr $101.67

         To Cash A/c                           $6201.67

(Being notes payable is accepted)

Since, notes is issued and interest is charged so both accounts is debit and cash is gone so it would be credited.

You might be interested in
An employee time ticket is an hour-by-hour summary of the employee’s activities throughout the day. True or false?.
padilas [110]

It is true that an employee time ticket is an hour-by-hour summary of the employee’s activities throughout the day.

A time ticket is used to track the hours for which an employee will be paid in the upcoming payroll. Employees' time tickets are reviewed and approved by a supervisor at the closing of each pay period. After which the payroll team use them to calculate the hours worked by an employee. This serves as a basis for calculating gross pay.

When an employee clocks in or out, they generally put a time ticket into a time clock that are printed in an oblong, thick paper shape. Usually time tickets are physical cards that are stamped with beginning and ending times of employees work days. The payroll accountant or bookkeeper creates time tickets after the pay month has ended.

To learn more about employee time ticket here

brainly.com/question/14338603

#SPJ4

7 0
2 years ago
The follow passage describes how a catalytic converter in a car works. The catalytic converter mostly likely was developed in re
Mashcka [7]

Answer:

Its A

Explanation:

Its A

5 0
3 years ago
Celestial Insurance hires college graduates and prepares them for management careers. The human resource professionals who prepa
Nataly_w [17]

Answer:

Development

Explanation: A P E X

5 0
3 years ago
In 1–3 sentences, explain the role of entrepreneurs in the economy.
jenyasd209 [6]

ANSWER: There are many ways how entrepreneurs benefit the economy. Few of them are

1) Create Jobs: Entrepreneurs create jobs in the community. When someone opens a new business or expands his new business, he will need human resource to help him to do his works.

2) Wealth Creation: Entrepreneurs pool in their own money and attract investment from lenders, banks and other investors. This mobilizes public wealth.

3) Exports: Entrepreneurs after growing in their businesses will want to export their products as a part of extending their market. This will help gain foreign currency in the country.

4 0
3 years ago
Read 2 more answers
Suppose that the federal reserve decides to decrease the money supply with a $300 sale of treasury bills. Complete the tables th
ANEK [815]

The monetary base is a liability, whereas Treasury notes are assets.

tables that represent the financial position of the federal reserve and commercial banks after this open-market operation:

A $ 300, B $ 300, C $ -300, D $ 300

a negative sign use for reduced values.

<h3>What do we mean by asset?</h3>

A resource having economic worth that a person, business, or nation owns or manages with the hope that it will someday be useful is referred to as an asset. A company's balance sheet lists assets. They are acquired or produced to raise a company's value or improve the operations of the company. Physical commodities like equipment, real estate, raw materials, and inventories are considered assets. Intangible objects like patents, royalties, and other forms of intellectual property are also considered assets.

To know more about asset visit:

brainly.com/question/13848560

#SPJ4

3 0
2 years ago
Other questions:
  • Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither
    6·1 answer
  • A comparative ad A. reinforces previous knowledge of a product. B. assures current users they made the right choice C. shows one
    9·1 answer
  • Technological advances such as long-range missiles mean that countries can to inflict harm on each other from great distances. r
    9·1 answer
  • How is the relationship between unitss in the money system in the u.s. similar to the metric system
    5·1 answer
  • The administration of one test at one time to one group and intercorrelation of odd with even items is called:
    15·1 answer
  • When you want to start a business, what is the first step?
    9·2 answers
  • Denver Company engages Public Company to produce a large machine, install the machine, and train their employees on the machine.
    9·1 answer
  • A NASDAQ security is bid at $42 and offered at $42.25. An over-the-counter trader effects a trade at $42.25 and charges a commis
    5·1 answer
  • Which scenario is not a violation of your rights as a debtor?
    7·1 answer
  • Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own;
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!