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
Kisachek [45]
2 years ago
7

Scott Distributors has the following transactions related to notes receivable during the last two months of the year.

Business
1 answer:
lara [203]2 years ago
5 0

Answer:

Dec 1

Dr Notes Receivable 16,000

Cr Cash 16,000

Dec 16

Dr Notes Receivable 4,800

Cr Sales Revenue 4,800

Dec. 31

Dr Interest Receivable 94

Cr Interest Revenue 94

Explanation:

Preparation of Scott Distributors Journal entry

Since we are told that on Dec. 1 Scott Distributors was tend to Loaned tha amount of $16,000 cash to E. Kinder which was on a 1-year, 6% note this means the transaction will be recorded as:

Dec 1

Dr Notes Receivable 16,000

Cr Cash 16,000

Since we were told that Scott Distributors Sold goods to J. Jones by receiving a sum of $4,800, 60-day, 7% note this means the transaction will be recorded as :

Dec 16

Dr Notes Receivable 4,800

Cr Sales Revenue 4,800

The Accrued interest revenue on all notes receivable transactions will be recorded as:

Dec. 31

Dr Interest Receivable 94

Cr Interest Revenue 94

Computation of interest revenue for E. Kinder note and J. Jones

E.kinder=

The amount of $16,000 *0.06*30/360

= $80

Jones note=

The amount of 4,800 *0.07×15/360

= 14

Total accrued interest (80+14)

$94

You might be interested in
Assume it costs Lady Marion Seafood, Inc. $30 to each catch, process, freeze, package, and ship 5 pound packages of Alaskan Salm
saul85 [17]

Answer:

Standard markup pricing

Explanation:

Standard markup is a quick and easy way to find out how much you pay for your goods or services.

After calculating the actual cost of the product, the seller or business owner adds a percentage of the actual cost of the product to arrive at its selling price.

so here

Actual cost =  $30  

Markup =  60% of actual cost

Markup  = 0.6 × $30

Markup  = $18

so selling price is

selling price = $(30 + 18)

selling price = $48

4 0
3 years ago
Define asset-backed security in your own words.​
Bezzdna [24]

Answer:

Asset-backed securities, also called ABS, are pools of loans that are packaged and sold to investors as securities

Explanation:

there you go

7 0
3 years ago
Your team leader puts a suggestion box in the break room. At team meetings, he lists all the reasons why the suggestions can't b
elena-14-01-66 [18.8K]
Hold on let me go do my research I’ll brb .
4 0
3 years ago
Annual interest rate 4.00%
oksian1 [2.3K]

Answer:

formula is PRT÷10

Explanation:

so solve it

7 0
2 years ago
What Human Resource Management activities were illustrated by Sam’s schedule in the Application Case?
lesya692 [45]

Explanation:

First we need to understand what activities are performed by human resource management. They are:

  • HR Development
  • Relationship with employees
  • Compensation and benefits
  • Cheers
  • Safety
  • Equal Employment Opportunities
  • staffing
  • Strategic HR Management

According to the text, none of these activities were performed by Sam on that particular day. What we can analyze is that during the working day, there were some situations that distracted Sam and prevented him from performing tasks efficiently.

He did not know how to properly manage the time to carry out the proposed activities, which were attempts to execute projects and priority by the integration of the objective management program (MBO), but the plans were never put into action by Sam, because he did not. there was no procedure for conflict resolution at work and did not share your work

with his subordinates in the company.

6 0
3 years ago
Other questions:
  • Productivity is declining when: A) the number of hours worked exceeds the number of workers. B) population growth exceeds real G
    12·2 answers
  • The concept "efficiency" has quite different meanings for economists (money out/money in), biologists (energy out/energy in), an
    7·1 answer
  • Which federal government agency is the primary source for quality delivery of health services?
    6·1 answer
  • What is a corporation?
    7·2 answers
  • A company is considered large if it
    6·1 answer
  • Lenders charge a loan origination fee to A. cover the expenses involved in generating the loan B. guard against charges of usury
    12·1 answer
  • Decision making "at the margin" means making a choice based on __________ of a decision.
    15·1 answer
  • On July 1, 2004, Gee, Inc. leased a delivery truck from Marr Corp. under a 3-year operating lease. Total rent for the term of th
    5·1 answer
  • The payroll register of Seaside Architecture Company indicates $820 of social security and $224 of Medicare tax withheld on tota
    8·1 answer
  • Consider a market served by a monopolist, Firm A. A new firm, Firm B, enters the market and, as a result, Firm A lowers its pric
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!