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OverLord2011 [107]
3 years ago
12

On April 12, Hong Company agrees to accept a 60-day, 10%, $5,900 note from Indigo Company to extend the due date on an overdue a

ccount. What is the journal entry needed to record the transaction by Indigo Company
Business
1 answer:
frutty [35]3 years ago
5 0

Answer and Explanation:

The Journal entry is here below:-

Accounts Payable Dr, $5,900

           To Notes payable $5900

(Being the note payable is recorded)

we are debited the accounts payable as it decreased the liabilities and we credited the notes payable as it increased the liabilities in order to do the correct journalizing and posting

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The controller of Ashton Company prepared the following projected income statement: Sales $88,000 Total Variable cost 70,400 Con
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Answer:

Contribution margin ratio = 20%

Explanation:

We know, contribution margin is the difference between sales revenue and variable expenses, while the contribution margin ratio expressed as a parentage between the contribution margin and company sale.

We know,

contribution margin ratio = (contribution margin ÷ sales revenue) × 100

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contribution margin ratio = ($17,600 ÷ $88,000) × 100

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At the beginning of the year, Heather's tax basis capital account balance in the HEP Partnership was $85,000. During the tax yea
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