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QveST [7]
3 years ago
14

On January 10, Molly Amise uses her Lawton Co. credit card to purchase merchandise from Lawton Co. for $1,700. On February 10, M

olly is billed for the amount due of $1,700. On February 12, Molly pays $1,100 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare entries for recognizing accounts receivable.
Business
1 answer:
AVprozaik [17]3 years ago
5 0

Answer:

the journal entry are given below

Explanation:

given data

On January 10

purchase merchandise = $1,700

On February 10

amount due = $1,700

On February 12

Molly pays = $1,100

On March 10

amount due & interest = 1% per month

solution

Interest revenue to be recorded on March 10 that is calculated as

Unpaid balance as of February 12 = $1700 - $1100 = $600

and interest rate = 1% per month

so

Interest revenue = $600 × 1% = $6

so the journal entry are

date                          account title                                   debit            credit

January 10                account receivable                      $1700                                                           sales revenue                                                   $1700

February 12              cash                                               $1,100

                                 sales revenue                                                       $1100

March 10                   account receivable                      $6

                                 interest revenue                                                    $6

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3 years ago
For the past year, Kayla, Inc., has sales of $46,382, interest expense of $3,854, cost of goods sold of $16,659, selling and adm
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Answer:

$15,266

Explanation:

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Earnings after tax                                       <u>$4,997</u>

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Social learning involves a form of learning done in groups where ideas are exchanged and learning is enhanced.

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Sarah has prepared a script for the animation she wants to create. What is the next step she should follow? A. storyboarding B.
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Answer:

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I hope the answer was helpful.

Thanks for asking.

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