Answer:
The journal entry that Franz would make to record payment of this note would include:
credit to Note Receivable for $5,000
credit to Interest Revenue for $25
debit to Cash for $5,025
Explanation:
Franz Co. accepted a 30-day, 6% note in the amount of $5,000 from Bria Co., on January 1.
The amount of the interest per year = 6% x $5,000 = $300
The amount of the interest per month = $300/12 = $25
On January 31, the due date of the note, Bria honors the note and pays in full. The journal entry to record the collection in Franz Co. :
Debit Cash $5,025
Credit Note Receivable $5,000
Credit Interest revenue $25
Answer:
<em>Key performance indicators (KPIs)</em>
Explanation:
A Key Performance Indicator (KPI) is <em>a tangible metric that indicates how successfully an organization is achieving core business goals. </em>
Organizations use these indicators to measure their performance in meeting goals. Key performance metrics have to be tracked and recorded in order to be beneficial; whether they shift in real time they must be recorded in real time.
KPI Interfaces are really the perfect platform a businesses performance tracking reports, since they can be used to visually depict a company's performance, a specific department, or a key business.
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Answer:
Debit - Supplies expense $4,200
Credit - Supplies $4,200
Explanation:
Adjusting entries are prepared to ensure that the revenue and expense recognition rules, are properly applied each accounting period.
Expenses are the outflows of assets or incurrence of liabilities during a period from delivering or producing goods or services. They are incurred in an attempt to produce revenues.
The principle says that expenses should be recognized in the same period as the revenues to which they relate.
According to this rule, we should use the next equation:
Supplies expense = supplies at the beginning of the period + supplies purchased - supplies balance at the end of the period
Supplies expense = $2,000 + $3,000 - $800
Supplies expense = $4,200
Adjusting entry:
Debit (expense account) - Supplies expense $4,200
Credit (asset account) - Supplies $4,200