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
Troyanec [42]
3 years ago
6

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. Thenote requires annual pa

yments of $23,492, with the first payment occurring on the last day of the fiscal year. The firstpayment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the issuance of the installment note for cash on January 1 would include a:_____
Business
1 answer:
julsineya [31]3 years ago
7 0

Answer:

Credit to notes payable for $165000

Explanation:

Journal entries for issuance of Note Payable :

Cash Account ..... Debit $165000

7% Note payable Accounts .... Credit $165000

Note:

Note payable is a liability so it is credited as on date of issuance.

You might be interested in
Student loans, car loans, and housing loans are good examples of
vivado [14]
Long term liabilities 
3 0
2 years ago
The IMF projects that​ China's real GDP per person will be​ 57,163 yuan in 2017 and​ 60,334 yuan in 2018 and that​ India's real
erica [24]

Answer: India / 11.1years

Explanation:

Per capita income (PCI) or average income measures or calculate the average income earned per person in a given place (country,city, region etc.) in a particular year. It can be calculated by dividing the area's total income or wealth by its total number of population.

India's GDP will increase or double than that of China's, because is has a larger income than that of China.

5 0
3 years ago
The present national accounting system does not reflect changes in:
Rama09 [41]
Umm I'd have to say c or d
7 0
3 years ago
Modern Railways Co. operates a cargo railroad service between New York and Boston. A train owned by Modern Railways derails due
horsena [70]

Answer:

d. Special damages

Explanation:

Special damages -

It refers to as a some particular type of damages that occurs because of the violation of some contract or rule , is referred to as a special damage .

In case the rule is not followed or the contracted is violated , then special damages are applied .

All the covers for the special dam,age is pre- decided and is mentioned in the contract .

Hence , from the given scenario of the question ,

The correct answer is d. special damages .

4 0
2 years ago
Neon Light Company of Kansas City ships lamps and lighting appliances throughout the country. Ms. Neon has determined that throu
Brilliant_brown [7]

Answer:

a. The amount of dollars will the cash management system free up is $10,220,000

b. The income will be of $1,022,000

Explanation:

a. According to the given data in order to calculate the amount of dollars will the cash management system free up we would have to make the following calculation:

Freed-up fund = $3,200,000 * 3 + $1,240,000 * 1/2

Freed-up fund = $10,220,000

The amount of dollars will the cash management system free up is $10,220,000

b. To calculate the income If Neon Light Company can earn 10 percent per annum on freed-up funds we would have to make the following calculation:

Interest on freed-up cash = $10,220,000 * 10%

Interest on freed-up cash=$1,022,000

The income will be of $1,022,000

7 0
2 years ago
Other questions:
  • On a mobile device, the operating system resides in firmware, and is therefore, a/an _______________ os.
    9·1 answer
  • Jack receives a check from Kappa Company and indorses it "without recourse." This indorsement is:______.a. a blank indorsement.
    7·1 answer
  • The range rule of thumb roughly estimates the standard deviation of a data set as​ _______.
    11·1 answer
  • The government of Ruritania has implemented many programs that promote equality, but has become concerned about the very slow ra
    7·1 answer
  • Riley is a 50% partner in the RF Partnership and has an outside basis of $56,000 at the end of the year prior to any distributio
    15·1 answer
  • Which of the following statements is most consistent with efficient inventory management? The firm has a:
    14·1 answer
  • An organization's _____ can pay attention to, measure, and control a number of activities, processes,or outcomes in order to fos
    10·1 answer
  • Choose a real or made up company abd desvribe at least 3 variable costs the company has.
    15·2 answers
  • Your firm’s biggest client is coming to town today. You have been assigned the important task of showing him the town and being
    10·1 answer
  • Kegler Bowling buys scorekeeping equipment with an invoice cost of $165,000. The electrical work required for the installation c
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!