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
777dan777 [17]
3 years ago
11

On January 2, 2017, Vaughn Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,1

00, with payment due in 12 months. The fair value of the goods at the date of sale is $9,100 (cost $5,460). Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts)
Business
1 answer:
crimeas [40]3 years ago
4 0

Answer:

Dr Notes Receivable $10,100

Cr Discount on Notes Receivable$1,000

Cr Sales Revenue $9,100

Dr Cost of Goods Sold $5,460

Cr Inventory $5,460

Explanation

:

Vaughn Inc

Journal entry

January 2, 2017

Dr Notes Receivable $10,100

Cr Discount on Notes Receivable

$10,100-$9,100) $1,000

Cr Sales Revenue $9,100

Dr Cost of Goods Sold $5,460

Cr Inventory $5,460

Total Revenue:

sales revenue + interest revenue $9,100+$1,000 = 10,100

Total revenue= $10,100

You might be interested in
“All cheques are bills but all bills are not cheque” –Explain
aleksklad [387]

All cheques are bills but all bills are not cheque.

This is correct statement because both cheque and bill are piece of paper which displays money which is to be paid to someone.

A bill is a document which is drawn on any person and there is no name on the bill whereas cheque is a document which is drawn on the payee name only.

Both of these are documents which are used to pay the amount to someone.

A cheque can be drawn payable on demand while bill is drawn on expiry of certain period.

Learn more at brainly.com/question/24469524

7 0
2 years ago
Which answer applies to "fine print"?
Kay [80]

Answer:

D. All of the Above

hope this helps!

6 0
3 years ago
The ____ provide(s) schedule-related information about each activity, such as predecessors, successors, logical relationships, l
never [62]

Answer:

The answer is D. Activity attributes

Explanation:

Activity attributes are descriptive components of an activity. Examples of these attributes include;  activity name, description and responsible person.

6 0
3 years ago
Which of the following would be the most appropriate identifier for a memory location that will store the amount of rainfall for
tino4ka555 [31]

amountOfRain would be the most appropriate identifier for a memory location that will store the amount of rainfall for a given period of time.

<u>Explanation:</u>

A set of characters in a sequence that helps in the identification  any value or a set of set is known as identifiers. Identifiers are unique in nature. A character sequence that is given for storing a set of data should not be given to store another set of data.

They are useful in referencing a variable from which the data or values that are contained in that particular variable can be easily retrieved. For example a variable can be indicated by an identifier totalAmount in which the value stored  is 56000. The starting name of the variable should be given in smaller case letter and second name should be in capital letter.  For instance if you are going to store the value 45 in the variable amountoftime then the variable name should be given as amountOfTime.

4 0
3 years ago
The hair, nose, throat, and infected cuts of an average healthy person A. Carry no harmful bacteria. B. May carry Staphylococcus
EleoNora [17]

Answer:

B. May carry Staphylococcus.

Explanation:

7 0
3 years ago
Other questions:
  • What does the federal provision for "incidental uses and disclosures" mean? Accidental uses and disclosures are not subject to p
    15·1 answer
  • What is one effective way for employees to keep their skillsets current
    11·2 answers
  • Jarrett company is considering a total cash outlay of $300,000 for the purchase of land, which it could lease out for $36,000 pe
    13·1 answer
  • Joe feels that failing his math test is due to an external locus of control that is unstable in nature. what will he attribute h
    7·1 answer
  • The steps (in order) in the disruptive innovation cycle is ________. select one:
    9·1 answer
  • The _____ theory takes the intriguing view that in many organizations, if characteristics of subordinates (team members), the na
    14·2 answers
  • Suppose some firms exit an industry characterized by monopolistic competition. We would expect the demand curve of a firm alread
    10·1 answer
  • Suppose Best Buy is the only electronics store in a particular​ market, but RadioShack is thinking about entering the market. Be
    14·1 answer
  • Click on the item below that contains a comma splice.
    9·1 answer
  • Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $58,000 and $2,700, r
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!