Answer:
This entry would be recorded by Young with a credit to <u>cash account</u> in the amount of <u>$1,020</u>.
Explanation:
The complete journal entry for June 29 should be
- Dr Notes Payable account 1000
- Dr Interest Expense account 20
- Cr Cash account 1020
The total interest due = $1,000 x 6% x 4/12 =$20
Notes payable is a liability account and it decreases, so it should be debited.
All expenses are debited.
Cash is an asset account and it decreases, so it should be credited.
Answer:
4 years
Explanation:
The computation of the payback period is shown below:
Payback period is
= Cost of a Machine ÷ Annual cash flow
where,
Cost of a machine = $24,000
And, the annual cash flow is
= Net Income + Depreciation expense
= $2,000 + $4,000
= $6,000
Now placing these values to the above formula
So, the payback period is
= $24,000 ÷ $6,000
= 4 years
After a firm has determined its position in the global market, it will typically seek to meet the needs of global markets by tailoring its marketing mix to the needs of consumers in individual markets.
<h3>What is global market?</h3>
Global market involves planning, producing, placing, and promoting a business' products or services in the worldwide market.
It is not limited to specific geographic locations but rather involves the exchange of good, services, and labor anywhere.
Examples of global markets are :
- Fast-moving consumer goods
- Clothing
- Automobiles
- Banking,
- Fast food companies
Hence, a firm will typically seek to meet the needs of global markets by tailoring its marketing mix to the needs of consumers in individual markets.
Learn more about global market here : brainly.com/question/20860719
Answer: Allowance for the doubtful accounts with a credit balance of $29,600
Explanation:
From the information that is provided in the question, the following can be deduced and the year-end financial statements should show:
Allowance for the doubtful accounts with a credit balance will be calculated as: the beginning allowance for the doubtful accounts + (the sales × Provision % ) - accounts receivable that were written off.
= $3,500 + ($1,110,000 × 3%) - $7,200
= $3500 + $33300 - $7200
= $36800 - $7200
= $29,600
Sooo What am I supposed to do how do I answer
