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notka56 [123]
3 years ago
11

Valley spa purchased $7,800 in plumbing components from tubman co. valley spa signed a 60-day, 10% promissory note for $7,800. i

f the note is dishonored, but tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (use 360 days a year.) multiple choice debit bad debt expense $7,800; credit notes receivable $7,800. debit accounts receivable—valley spa $7,930, credit interest revenue $130; credit notes receivable $7,800. debit bad debt expense $7,930; credit accounts receivable $7,930. debit accounts receivable $7,930; debit bad debt expense $130; credit notes receivable $8,060. debit accounts receivable—valley spa $7,800; credit notes receivable $7,800.
Business
1 answer:
lapo4ka [179]3 years ago
8 0

Answer:

The journal entry is given as follows;

Explanation:

Accounts Receivable-Valley Spa           Dr.$7,930

Interest Revenue         (7,800*10%*2/12) Cr.$130

Notes Receivable                                    Cr.$7,800

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Answer:

$3,728,203

Explanation:

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Add: Mortgage assume by purchaser $1,445,040

Less: Broker's commission                   ($96,336)

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Amount realized                                    <u>$3,728,203</u>

8 0
3 years ago
A business initially sells their product to customers for $50. They find that many people are buying their product so they rise
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3 years ago
When a company produces​ 5,000 units, total costs equal​ $150,000 and total variable costs equal​ $75,000. At this level of​ out
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Answer:

$15

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7 0
3 years ago
Services differ from manufacturing for all of the following reasons EXCEPT: a. Heterogeneity b. Time-perishable capacity c. Simu
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Answer:C. Simultaneous production and consumption.

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