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pantera1 [17]
4 years ago
7

Explain SHOW WORK 16. On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. Alan made the

appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.)
a. Debit Notes Payable $9,240; credit Interest Payable $120; credit Interest Expense $120; credit Cash $9,000.
b. Debit Notes Payable $9,000; debit Interest Payable $120; credit Cash $9,120.
c. Debit Notes Payable $9,000; debit Interest Expense $240; credit Cash $9,240.
d. Debit Notes Payable $9,000; debit Interest Payable $120; debit Interest Expense $120; credit Cash $9,240.
e. Debit Cash $9,240; credit Notes Payable $9,240.
Business
1 answer:
soldi70 [24.7K]4 years ago
6 0

Answer:

c. Debit Notes Payable $9,000; debit Interest Expense $240; credit Cash $9,240.

Explanation:

Interest Expense = $9,000 x 0.08 x 120 / 360 = $240

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AysviL [449]

Answer:

The journal entries are shown below:

Explanation:

According to the scenario, the journal entries for the given data are as follows:

(1). Jun.30   Bad Debt expense A/c Dr $12,800

                   To Allowance for Doubtful A/c $12,800

                    (Being the bad debt expense is recorded)

(2). July       Allowance for Doubtful A/c Dr $6,400

                   To Accounts Receivable A/c $6,400

                    (Being the customer balance written off is recorded)

7 0
3 years ago
Kelly's company is selecting a manager to expand operations in china. kelly's boss says the new manager must display high cultur
Morgarella [4.7K]

If Kelly's company is selecting a manager to expand operations in china. kelly's boss says the new manager must display high cultural intelligence. what would most likely help kelly get the job is: displaying appreciation for diversity.

<h3>What is  cultural intelligence?</h3>

Cultural intelligence can be defined as the ability of a person to know about different culture and to as well adapt and relate with people that are of culture that is different from his.

Based on the scenario kelly can get the job if he display the appreciation for cultural diversity which will inturn enables the recruiter known that kelly has knowledge about other cultures.

Therefore what would most likely help kelly get the job is: displaying appreciation for diversity.

Learn more about Cultural intelligence here:

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3 0
2 years ago
The process of making decisions about goals and activities that an organization will pursue in the future is referred to as.
Anarel [89]

The process whereby a organization makes decisions about what they will do in the future is known as planning.

<h3>What is planning?</h3>

Planning simply means the process of thinking in order to achieve a desirable goal.

Planning is the process of making decisions about goals and activities that an organization will pursue in the future.

Organizations make plans in order to increase sales, revenue, etc.

Learn more about planning on:

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6 0
2 years ago
Suppose you had invested $1000 in a company's stock, and then you later sold it for $1100. what is the % return on your investme
Tresset [83]
% return would be (total profit / total invested) * 100 so
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5 0
3 years ago
Read 2 more answers
Functions of Money Jeffrey has had a busy day. Today he went to a financial manager to begin planning for his son's future. He o
Novosadov [1.4K]

Answer:

Store of value.

Explanation:

In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.

Simply stated, money refers to any asset which can be used to purchase goods and services by customers.

This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.

The three (3) main functions of money all over the world are;

I. Medium of exchange.

II. Unit of account.

III. Store of value.

In this scenario, Jeffrey went to a financial manager to begin planning for his son's future by opening a college savings account. Thus, this is is an example of a store of value because the purchasing power was transferred from the present to the future.

In conclusion, money being a store of value makes it possible to transfer purchasing power between traders and buyers from the present to the future.

5 0
3 years ago
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