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lilavasa [31]
3 years ago
12

Entries for Notes Payable A business issued a 60-day, 10% note for $83,000 to a creditor on account. Journalize the entries to r

ecord (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year.
Business
1 answer:
sattari [20]3 years ago
6 0

Explanation:

The journal entries are as follows

1. Account payable $81,617

Interest expense $1,383.33

              To Notes payable $83,000

(Being the issuance of the note is recorded)

The interest expense is computed below:

= $83,000 × 60 days ÷ 360 days × 10%

= $1,383.33

2. Note payable Dr $75,000

        To Cash $75,000

(Being the payment is recorded)

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USPshnik [31]

The type of syllogism being used in the given sentence is a conditional syllogism.

<h3>What is Syllogism?</h3>

This refers to the use of reasoning in order to draw conclusions about something based on two premises.

Hence, we can see that conditional syllogism was used in the given premises and this is because it made use of either-or to show that if the sidewalk was wet, then that means that it must have rained.

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6 0
3 years ago
sarah reports to work and clocks in at 8:00 a.m. each morning and leaves at approximately 4:30 p.m. all of her tools and supplie
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As Sarah reports to work and clocks in at 8:00 a.m. each morning and leaves at approximately 4:30 p.m she is most likely considered as an employee of the company.

An employee can be described as a person who works for an organization. An employee usually has a fixed working time just like Sarah has.

The supplies that are used for work are given by the company which is also the case for Sarah.

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4 0
1 year ago
Contracts drafted under a common law framework tend to be
Fynjy0 [20]

Answer:

In detailed along with all the contingencies that are spelled out.

Explanation:

Common law is the body which is of legal rules that have been made or build through the judges as they will issue the rulings on cases, which is opposed to the rules and the laws which were made through the official statutes or the legislature.

Under the common law, the contracts are made or stated or drafted so that they will provide a brief as well as detailed rules along with all the possible contingencies which were spelled out or made out.

3 0
3 years ago
Your birthday is next week and instead of other presents, your parents promised to give you $2,200 in cash. Since you have a par
vfiekz [6]

Answer:

Interest revenue from the CD 470.04

Explanation:

we will calcualte the future value of the CD and from there calculate the interest:

Principal \: (1+ r)^{time} = Amount

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time 8.00 (2 years x 4 quarter per year)

rate 0.02450 (9.8% divided by 4 quarter per year)

This divisions and multiplication are done to make time and rate be express i nthe same metric.

2200 \: (1+ 0.0245)^{8} = Amount

Amount 2,670.04

Now, we calculate interest revenue:

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D is. It's very wrong to underestimate somebody's abilities or knowledge. We should never do that. It's also rude.

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