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Oxana [17]
3 years ago
5

During 2015, LeBron Corporation accepts the following notes receivable.a. On April 1, LeBron provides services to a customer on

account. The customer signs a four-month, 9% note for $7,000.b. On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000.c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000.Required:Record the acceptance of each of the notes receivableOn April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $7,000. Record the transaction.On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. Record the transaction.On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $7,000. Record the transaction.On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. Record the transaction.On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000. Record the transaction
Business
1 answer:
kolezko [41]3 years ago
6 0

Answer:

The journal entries are as follows:

(a) On April 1, 2015

Notes receivable  A/c          Dr.  $7,000

To Service revenue                                    $7,000

(To record provide services to customer on account)

(b) On June 1, 2015

Notes receivable  A/c          Dr.  $11,000

To Cash                                                    $11,000

(To record company lends to one of the vendors)

(c) On November 1, 2015

Notes receivable  A/c          Dr.  $6,000

To Accounts Receivables                       $6,000

(To record accepts payment for prior services)

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Costs that can be eliminated in whole or in part if a particular business segment is discontinued are called:
NemiM [27]

Answer:

Avoidable cost

Explanation:

An avoidable cost can be eliminated in a whole. Such a cost can be explained as an expense that would not happen if the specific activity is not done. These costs are relevant costs. A very good example of such a cost is labour cost. If there is a decision to stop a product line for example, all costs that have a relationship with this product line will also be stopped.

5 0
3 years ago
Waylon works for a company that produces temporary tattoos. His company wants to reach a young, highly engaged target market. Hi
photoshop1234 [79]

The social media platform that Waylon should focus on more should be Insta-gram.

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The target young people required for their engagement in Waylon's company is generation Z. Generation Z is mostly found and they spend most of their time on Insta-gram.

According to research, 65% of generation Z spent most of their time on this social media platform.

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3 0
2 years ago
The DHSMV _________________________ is an enforcement sector that patrols state highways and ensures the safety of drivers and c
Nadusha1986 [10]
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5 0
3 years ago
Sheridan Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is avai
il63 [147K]

Answer:

Closing inventory - $10,160

Costs of goods sold - $9,600

Explanation:

Under the LIFO Method, the cost of good sold equals to

= April 23 units × cost per unit + Remaining units × cost per unit

= 300 units × $22 + 150 units × $20

= $6,600 + $3,000

= $9,600

Since the firm has sold 450 units, so out of which 300 units sold at a price of $22 and the remaining 150 units sold at a price of $20

The ending inventory equals to

= Remaining units × cost per unit + April 1 × cost per unit

= 270 units × $20 + 280 units × $17

= $5,400 + $4,760

= $10,160

Since on April 23, the 420 units were purchase, out of which 150 units are transferred to the cost of good sold and the remaining units 270 units at $20 is transferred to the ending inventory

8 0
2 years ago
Celeste's accountant fails to prepare her tax returns accurately, and Celeste is charged penalties and interest by the Internal
Gre4nikov [31]

Answer:

Option D. The accountant was a member of a professional organization.

Explanation:

The reason is that for a successful claim under the negligence act, the claimant have to prove following three things:

  1. Duty of care existed between the relation
  2. She has suffered economic harm  &
  3. The harm was proximately caused by the accountant's breach of the duty of care.

So the accountant's membership is not a valid requirement under the negligence act for a successful claim.

4 0
3 years ago
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