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
nika2105 [10]
3 years ago
7

Kassia Co.accepted a zero interest bearing note from a customer for total consideration of $300,000 to be paid in 3 years on Jan

uary 31, 2020. The going market interest rate was 5%, however, management determined this customer posed a slightly higher credit risk and figured their interest rate should be 7%.You are responsible for providing two separate journal entries: January 31, 2020, and December 31, 2020
Business
1 answer:
natima [27]3 years ago
7 0

Answer:

Check the explanation

Explanation:

The journal entry:

Date                             Particulars               Amount DR      Amount CR

31 Jan 2020                 Notes Acc Dr.        $300000  

                                To Customer                                       $30000

( Being Zero interest Notes

Accepting from customer.)  

31. Dec 2020        Customer A/cc Dr.         $19250

                                 To Interest acc                                    $19250

( Being Interest on notes 300000 at 7% 11 month.)  

                  Interest A/cc DR.                         $19250  

                                To Profit & Loss                                       $19250

( Being Transfer to Profit & loss Account)  

You might be interested in
Drag the tiles to the correct boxes to complete the pairs.
bulgar [2K]
Factor market: A market where firms buy services related to production.

Product market: A market where finished goods and services are traded.

Monetary Policy: Federal governments way to influence the economy through taxes.

The last one which I can’t see: Federal reserves tool to influence the money supply in the economy.

:D
3 0
3 years ago
Alternative price indexes Because there isn't one single measure of inflation, the government and researchers use a variety of m
jekas [21]
The gdp deflector for this year is calculated
7 0
3 years ago
Which of the following statements are true of local taxes? (Choose all that apply)
Andrew [12]
Local taxes can be sales taxes
4 0
3 years ago
Importance of entrepreneurship​
Anna11 [10]

Answer:

Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed.

4 0
3 years ago
Dramatic Expressions is a home decorating company that sells many different household accessories ranging from candles to entert
SVEN [57.7K]

Answer:

Rotation

Explanation:

An alternative that Wanda should consider is that of job rotation. Job rotation is a strategy in which employees rotate between different jobs within the same organization. This can have several benefits, as it allows employees to gain different sets of skills and thus are more likely to remain in the company. It also helps them avoid boredom and gives you a backup plan in case an employee leaves. However, a problem would be the fact that this can be costly and time-consuming.

7 0
3 years ago
Other questions:
  • "you should never buy precooked frozen foods because the price you pay includes the labor costs of preparing food." is this conc
    12·1 answer
  • Last year, a barber shop generated $100,000 in profit. Assume that the shop's profits grow at 5% per year and that cash flows ar
    14·1 answer
  • Larry Nelson holds 1,000 shares of General Electric (GE) common stock. As a stockholder, he has the right to be involved in the
    12·1 answer
  • Consider four types of markets: monopoly, perfect competition, oligopoly, and monopolistic competition. If they were ranked from
    6·1 answer
  • Suppose the following information is available for Callaway Golf Company for the years 2022 and 2021. (Dollars are in thousands,
    10·1 answer
  • Wagner Industrial Motors, which is currently operating at full capacity, has sales of $2,350, current assets of $690, current li
    5·1 answer
  • Is debtors control a current asset, owners equity, income or current liability
    5·1 answer
  • Based on a reading of the following, which law led to the establishment of the agency that monitors food and drugs and
    7·2 answers
  • Argo, a firm organizing adventure travel, has returns that vary with the economy. Argo predicts that there is a 20% probability
    11·1 answer
  • What is quality management
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!