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PtichkaEL [24]
3 years ago
14

On March 1, 2018, Lewis Services issued a 6% long-term notes payable for $18,000. It is payableover a 3-year term in $6000 princ

ipal installments on March 1 of each year, beginning March 1, 2019.Which of the following entries needs to be made on March 1, 2018?A) Long-Term Notes Payable 6000Cash 6000B) Cash 18,000Long-Term Notes Payable 18,000C) Current Portion of Long-Term Notes Payable 18,000Long-Term Notes Payable 18,000D) Long-Term Notes Payable 18,000Accounts Payable 18,000
Business
1 answer:
GaryK [48]3 years ago
3 0

Answer:

B) Cash A/c Dr $18,000

          To Long-Term Notes Payable $18,000

Explanation:

Since we have to pass the journal entry for the beginning year, so we have to record the issued amount also,

The journal entry is shown below:

Cash A/c Dr             $18,000

    To Long-Term Notes Payable     $18,000

(Being long term notes payable)

The principal installment amount should not be considered in the recording of the journal entry. Hence, it is ignored.

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The Federal Deposit Insurance Corporation: Question 7 options: a) has eliminated bank failures. b) insures all demand deposits w
lianna [129]

Answer:

D

Explanation:

The federal deposit Insurance Corporation is an independent federal agencies that insures deposit in banks against any bank failures. It includes commercial banks and state chartered banks as its members.

In order to ensure that bank failures are prevented , the FDIC monitors the operational safety and effectiveness of members bank . This insurance is limited to $250,000 per depositor per bank and it covers only the depository account like the checks and savings account.

8 0
3 years ago
Suppose that at prices of $1, $2, $3, $4, and $5 for product Z, the corresponding quantities supplied are 3, 4, 5, 6, and 7 unit
klio [65]

Answer:

A.

Explanation:

An improve in technology will allow firms to produce in an effective way therefore, with the same resources, firms will produce more units. This will cause an increase in total supply: at the same price, firms will offer more units. In this case, at prices $1, $2, $3, $4 and $5 the new quantities will be 6,8,10,12. In the demand and supply graph, this looks as shift to the right of the supply curve (figure attached).

It is not option B because the problem says increase in quantities "at these prices". It is not option C because an increase in taxes will increase costs of production, thus firms will decrease units of production. It is not option D because changes in income will affect demand.

4 0
3 years ago
A company has decided that it no longer needs to extensively count and inspect the products it buys from a particular supplier.
agasfer [191]

Answer: False

Explanation:

The VOLUME CONSOLIDATION Stage is where a company attempts to reduce the number of suppliers that it has and consolidates the volume of sales it does through them.

This strategy helps in having a better relationship with suppliers as well as earning a claim on their business which would go a long way in price negotiation.

3 0
3 years ago
Which of the following modifications to the list of assets and liabilities below would result in a net worth of 100,000
butalik [34]
Recreational vehicle value decreasing to $100,000
7 0
3 years ago
Read 2 more answers
Compare Mr. Leeson's frequent career moves with that of a Japanese employee with a lifetime corporate loyalty. Comment on the ad
ivann1987 [24]

Answer:

The pros and Cons of Mr. Leeson's frequent career and the Japanese employee with a lifetime corporate loyalty can be summarized as follows:  

Explanation:

Frequent career moves also known as Job hopping was initially viewed as a negative behavior that doesn't portray loyalty while Lifetime employment in one establishment seemed commendable.

However, in recent times, studies has shown that the premise above is not true. There are pros and cons for each of them.

PROS

  1. Frequent career change promotes acquiring new skills, experiences and competences to handle complex tasks and lifetime corporate loyalty encourages specialization in one field.
  2. Frequent Career Change fosters swift career development and advancement while lifetime corporate loyalty promotes internal advancement opportunities and promotional offers

CONS

  1. Frequent career change does not portray a good image before employers and human resource experts, It can be viewed as poor work ethic while Lifetime corporate loyalty causes complacency and inhibits acquisition of career advancement skills.

5 0
4 years ago
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