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
murzikaleks [220]
2 years ago
14

Jones Corporation purchased merchandise inventory with a 10%, 120-day note payable for $10,000. The company uses the perpetual i

nventory system.
What is the journal entry to record payment of the note on the due date? (Round interest to the nearest dollar and assume a 360-day year.)
Business
1 answer:
MrMuchimi2 years ago
3 0

Answer:

                                                      Debit                      Credit

Note payable                                $10,333.33

*(10,000+10,000*10%*120/360)

Cash                                                                               $10,333.33      

Explanation:

The following journal entry shall be recorded in the accounts of the Jones Corporation on the payment of note payable on due date:

                                                      Debit                      Credit

Note payable                                $10,333.33

*(10,000+10,000*10%*120/360)

Cash                                                                               $10,333.33      

* The interest rate of 10% is for 360 days but since the payment is made after 120 days, therefore it has been accordingly apportioned for 120 days.

You might be interested in
On January 2, 2018, Baltimore Company purchased 14,000 shares of the stock of Towson Company at $13 per share. Baltimore obtaine
Norma-Jean [14]

Answer:

$315,600

Explanation:

Ownership = 40%

Investment = $182,000                

Share of dividends = 40%*21,000 =8400

Share of income = 40%*75000 = 30000

Increase in share price = $21-$13= $8

                                                                                 investment

                                                                   Dr                                        Cr

Investment                                     $182,000

Dividend received                                                                              $8400

Income received                              $30,000

Increase in share price                    $112,000

                                                         324,000                                      315,600

                                                   

5 0
3 years ago
Harold's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its
Pavel [41]

Answer:

<u>Demographic</u>

Explanation:

Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customer . One product line caters to the needs pf affluent , middle-aged men , and the other line targets younger , up -and - coming professionals . Harry's most likely segments the consumer market is based on<em><u> demographic variables.</u></em>

<em>The statistical data of the population of the people is known as demographics . Demographics contain age , gender , income etc.</em>

Demographic is important for the company as it help the company to tell about how to market and how to develop the brand. It helps in telling the behavior of the customer towards the product means whether the people liking the product or not liking the product . It is consider as the best way to reach to the people and know about their preference for the product.

8 0
3 years ago
According to the diversification-for-stability argument, why should some nations impose protective tariffs and import quotas
Artyom0805 [142]

Their economies are highly specialized and depend on international trade for their income.

<h3>What is  income?</h3>

Income is the consumption and saving opportunity gained by an entity over a given time period, which is usually expressed in monetary terms. Income is difficult to define conceptually, and definitions vary across fields.

Income is defined as the amount of money received by a person, group, or company over a specific time period. A salary of $70,000 per year is an example of income.

Income is money received by an individual or business in exchange for labor, the production of a good or service, or the investment of capital. Individuals typically earn money through wages or salaries, whereas businesses make money by selling goods or services for more than their cost of production.

To know more about  income follow the link:

brainly.com/question/25895372

#SPJ4

5 0
1 year ago
Which of the following is most likely a topic of discussion in macroeconomics?an increase in the price of a hamburgera decrease
otez555 [7]

Answer:

a decrease in the unemployment rate

Explanation:

Macroeconomics is a branch of economics that studies the economy as a whole. Economic variables studied in macroenomics includes GDP, unemployment, inflation etc

Microeconomics is a branch of economics that studies the behaviour of economic agents- individuals and firms in the economy.

I hope my answer helps you

4 0
2 years ago
Insight Guides, a line of travel books, provide travelers with background information about the peoples' beliefs, values, and cu
astra-53 [7]

Answer:

culture

                               

Explanation:

Insight Guides refers to a travel company based in London, England, having operational offices in Singapore and Warsaw, established by Hans Johannes Hofer. They offer customized vacation packages to thousands of locations all over the world and also a range of full-color guide books. They even manufacture tourists ' charts, globes, and traveling accessories.

Insight Guides announced a new website in September 2015, focusing on the sale of customized package deals crafted by real experts. They often publish stuff and updates relevant to travel on their forum.

6 0
3 years ago
Other questions:
  • What is the answer for 7+4*3+8*(5*2)
    11·1 answer
  • What does usability effectiveness mis metrics measure?
    11·1 answer
  • In 2019, Vaughn sold 1000 units at $500 each, and earned net income of $40000. Variable expenses were $300 per unit, and fixed e
    8·1 answer
  • Dana is planning on renovating her kitchen. When she went into a home improvement store, she admired the various model kitchens
    7·1 answer
  • The overhead costs for a company are presently $X per month. The management team of the company in cooperation with the employee
    14·1 answer
  • Eric and Sharaveen Rush filed a claim alleging violations of the Fair Credit Reporting Act arising out of an allegedly erroneous
    14·1 answer
  • The ______is a financial statement detailing a firm's assets, liabilities, and owners' equity.
    9·1 answer
  • If McDonald's wanted to change its marketing strategy in response to the social trends, it might consider all of the following i
    5·1 answer
  • Suppose the economy of the large country of Hendrix is currently experiencing economic growth and has a trade deficit. Consider
    13·1 answer
  • In accrual basis accounting, revenue is recorded when the seller ______.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!