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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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Logical: Plan ahead and set multiple alarms to ensure that you have no snags in your transport to and from your interview.

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When an accelerated depreciation method is used to calculate depreciation expense: Multiple Choice the accumulated depreciation
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Answer:

the net book value of the asset halfway through its useful life will be less than if straight-line depreciation is used.

Explanation:

Let me use an example to illustrate this.

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4 0
3 years ago
The Wheat Company has used the LIFO method for inventory valuation since the start of business 15 years ago. The current year en
yulyashka [42]

Answer:

Explanation:

Question 27

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Question 28

Other things held constant, which of the following will NOT affect the current ratio, assuming an initial Not yet current ratio greater than 1.0?

C. Accounts receivable are collected in cash.

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Suppose the demand for good X is given by Qdx = 10 + axPx + ayPy + aMM. From the law of demand we know that ax will be: less tha
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Answer:

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