Majesty Productions accepted a $7,200, 120-day, 6% note from Swartz Studio on March 1. On the date the note matures, Swartz is u
nable to pay, but Majesty intends to continue collection efforts. What entry should Majesty record on the maturity date for this dishonored note?
2 answers:
Answer:
Check the explanation
Explanation:
The accounting entry (which is an official record/book that documents a transaction of the day to day activities of a business. In most cases, an entry is prepared through the principles of the double entry bookkeeping system, which involves one to create both a debit and credit entry, and which ultimately leads to the creation of a comprehensive set of financial statements.) for Majesty record on the maturity date for this dishonored note is in the attached image below:
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Answer and Explanation:
The computation of each part is to be shown in the attachment. The one statement is of final values and the other one is of formula sheet.
This one applied for all the things which need to be find out
Kindly find the attachment below:
We use the RATE formula for determining the rate of return and the same is to be considered
