The answer, on the point of view of Boster, is A. Debit notes receivable and credit accounts receivable (not payable i think). This is from the point of view of Boster. So to Boster, he will have an accounts receivable by Martin company. So what Martin did is that he offered a promissory note to Boster. This will increase Boster's notes receivable. At the same time, this will also lessen Boster's accounts receivable since this turned into a notes receivable.
Answer:
three
Explanation:
The Truth-in-Lending Act (TILA) applies to home loans. It requires lenders to disclose all costs related to a home loan, provides rescission rights for some transactions, and impose restrictions on home equity credits. But the TILA cannot set the interest rates or other fees charged by the lender, it only requires the lender to disclose the complete information, e.g. APR, monthly payments and amount financed.
(310-130=180)
debit cash $180; credit Accounts Payable, $180
Hope this helped :) !
A<u> "budget"</u> is a plan in which an individual balances available resources and expenses.
Budgeting is the essential way that you can take control of your accounts. Basically, a budget is a composed arrangement for how you will spend your cash. You can make a month to month or a yearly spending plan. The budget enables you to settle on money related choices early, which makes it less demanding to cover every one of your costs consistently. Budgeting reliably can enable you to turn your accounts around and start to fabricate riches.
In order to calculate the depreciation using the double declining balance method you must first calculate the amount of depreciate using the straight line method. After you calculate it by the straight line method, you simply need to double it for this this problem.
The original price is $20,000, and then subtract the $2,000 estimated trade in value and the answer is $18,000. This is the amount that you need to depreciate.
Straight line method: $18,000 divided by the 5 year useful life = $3,600 per year.
Double declining balance = $3,600 x2 = $7,200 per year depreciation.
Year Depreciation Amount
1 7,200
2 7,200
3. 3,600
