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Nat2105 [25]
3 years ago
11

Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360

-day year.
a. If the note is issued with a 45-day term, journalize the entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. If the note is issued with a 90-day term, journalize the entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
Business
1 answer:
Shalnov [3]3 years ago
8 0

Answer:

The Journal entries are as follows:

(a)

(i) Account payable A/c Dr. $100,000

         To Notes payable                       $100,000

(To record issue notes payable)

(ii) Notes payable A/c Dr. $100,000

Interest expense A/c Dr. $875

       To cash A/c                                $100,875

(To record payment of notes)

Workings:

Interest expense = 100,000 × 7% × (45/360)

                            = $875

(b)

(i) Account payable A/c Dr. $100,000

         To Notes payable                       $100,000

(To record issue notes payable)

(ii) Notes payable A/c Dr. $100,000

Interest expense A/c Dr. $1,750

       To cash A/c                               $101,750

(To record payment of notes)

Workings:

Interest expense = 100,000 × 7% × (90/360)

                            = $1,750

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Answer:Internal recruitment

Explanation:

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An economy is operating at full employment, and then workers in the bread industry are laid off. this change is portrayed in the
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An economy is operating at full employment, and then workers in the bread industry are laid off. this change is portrayed in the movement from C to F.

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Given that the economy was at full employment when the question was asked, but that unemployment then rose, the starting point must be A, B, C, or D, and the final position must be F or G. Only option D, from points C through F, makes sense.

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Answer:

<em>Direct cost for Apparel Department</em>

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Apparel Department sales commission—Evendale Store $7,950

Apparel Department manager’s salary—Evendale Store $9,950

<u><em>Total            134,000</em></u>

<em>Direct cost for Evendale Store</em>

Apparel Department cost of sales—Evendale Store $116,100

Store manager’s salary—Evendale Store $18,300

Apparel Department sales commission—Evendale Store $7,950

Apparel Department manager’s salary—Evendale Store $9,950

Janitorial costs—Evendale Store $13,700

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<u><em /></u>

<em>Apparel Direct cost which are also variable</em>

<em>(change as object cost increase)</em>

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Apparel Department sales commission—Evendale Store $7,950

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<u><em /></u>

Explanation:

a) we should consider which cost are directly linked into Apparel department only.

b) here we have to determinate cost directly linked into Evendale Store

c) While in this case, besides looking for cost linked to Apparel department, they also need to be variable thus, changing with the object cost.

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