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
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.

You might be interested in
Vandana shiva agrees that the green revolution has increased agricultural output and household incomes, but she is concerned abo
Anna11 [10]
<span>cultural, economic and environmental changes. The most one is environmental changes. The green revolution cause for excess use of chemicals and pesiticides that accelerated the rate of pollution and imabalance. The people will start a new culture of depending upon chemicals for agriculture which may negatively affect the very existence of nature.</span>
7 0
3 years ago
One way for high school students to explore their interests is to:
Fed [463]
Based on the options given, the answer is d.get involved in extracurricular activities.
Joining extracurricular activities and organizations may help them choose what they love to do and explore various options. Thank you for your question. Please don't hesitate to ask in Brainly your queries. 
3 0
3 years ago
Read 2 more answers
EA16.
Artist 52 [7]

Answer:

Explanation:

The journal entry is shown below:

Work in process A/c - shaping department Dr $35,000

Work in process A/c - packaging department Dr $25,000

         To Manufacturing overhead A/c $60,000

(Being apply overhead to the manufacturing departments is recorded)

The computation is shown below:

For shaping department

= 3,500 machine hours × $10 per machine hour

= $35,000

For Packaging department

= 2,500 machine hours × $10 per machine hour

= $25,000

5 0
3 years ago
The most noticeable difference between common-law and code-law systems is found in the laws governing _____.
Elis [28]

The laws governing intellectual property are where common-law and code-law systems most obviously diverge. 

<h3>What is intellectual property ?</h3>

The collection of intangible assets that a company or person possesses and is legally entitled to guard against illegal use or application by third parties is referred to as intellectual property.

The concept of intellectual property was developed on the premise that some works produced by the human mind should be afforded the same legal protections as material possessions.

Hence, the difference between common-law and code-law systems is found in the laws pertaining to intellectual property.

Learn more about Intellectual property here:

brainly.com/question/17348419

#SPJ1

6 0
1 year ago
Suppose Piranha sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbook S
Natali5045456 [20]

Answer:

1. 10 Oct 2018     Inventory        $59500 Dr

                                Accounts Payable      $59500 Cr

2. 13 Oct 2018    Accounts Payable   $1700 Dr

                                Inventory                     $1700 Cr

Explanation:

1. The Textbook store is purchasing the books at $17 per book and in total 3500 books are purchased on credit. So, we debit the inventory account by 59500 (3500 * 17) and credit the Accounts Payable by 59500.

2. This transaction relates to Purchases return which in this case is our inventory of books. Textbook store will record this transaction in its books by debiting the Accounts Payable account by the value of the books returned 1700 (170* 100) and credit its inventory by 1700. The last line pertains to total estimation of sales returns by Piranha so we do not need to consider that while preparing transactions in Textbook store's books.

5 0
3 years ago
Other questions:
  • Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of
    11·1 answer
  • Federal subsidies that are only given to dairy farmers who own more than one hundred cows may raise concerns about the ______ of
    8·1 answer
  • What device is required to connect to the internet
    9·2 answers
  • (a) suppose that a homeowner converts part of an existing family room in her house into a new bathroom. what is the expected inc
    6·1 answer
  • Karen Rogers is a salesperson for Solar Panels Inc. She attends builder trade shows to identify potential customers in an effort
    13·1 answer
  • At the beginning of Year 1, the company's inventory level was stated correctly. At the end of Year 1, inventory was overstated b
    10·1 answer
  • Economists who believe in sound finance would say that in a recession, the government should:
    9·1 answer
  • A company has net sales of $788,500 and cost of goods sold of $569,500. Its net income is $26,280. The company's gross margin
    10·1 answer
  • which factor in the business environment does be wiser need to address in order to stay abreast minimum wage
    13·1 answer
  • How have airplanes changed the way the world does business? choose four answers
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!