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kramer
3 years ago
9

Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10,000

, 6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, n/30. Nov. 5Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec.31 Accrued interest on Gore's note. 2017 June 1 Dan Gore honored his promissory note by sending the face amount plus interest.Date Account Title and Explanation Debit Credit
Business
1 answer:
ankoles [38]3 years ago
5 0

Answer and Explanation:

The Journal entries are prepared below:-

1. Notes Receivable Dr $10,000  

   To dan Gore $10,000

(Being notes receivable is recorded)

2. Barlow Dr $14,000  

    To Inventories $14,000

(Being inventory is recorded)

3. Inventories Dr, $1,000  

   To Barlow $1,000

(Being inventory is recorded)

4. Cash Dr, $12,740 ($13,000 × 98%)

Discount Dr, 260

      To Barlow $13,000

(Being cash received is recorded)

5. Interest receivable Dr, $350  ($10,000 × 6% × 7 ÷ 12)

            To Interest revenue $350

(Being interest revenue is recorded)

6. Cash Dr, $10,600

           To Interest receivable $350

            To Interest revenue $250 ($10,000 × 6% × 5 ÷ 12)

            To Notes receivable $10,000

(Being cash received is recorded)

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<h3>What is a net export?</h3>

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Read more about net export

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3 0
2 years ago
Suppose that you are a member of the Board of Governors of the Federal Reserve System. The economy is experiencing a sharp rise
monitta

As a member of the Federal Reserve Board, in an inflationary situation I would suggest a change in the federal funds rate that would be accomplished by raising the base interest rate of the US economy. This would make bonds more attractive and people would stop consuming to invest in public debt securities. In addition, raising interest rates would discourage credit, causing banks to lend less. Since inflation is a monetary phenomenon caused by the excess of currency in circulation, these measures would have a downward effect on inflation, as they reduce the amount of money in circulation in the economy.

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3 years ago
Suppose that Marie is buying bananas. She decides that she would like to purchase three bananas at the price of $0.25 per banana
navik [9.2K]

Answer:

Marginal thinking

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7 0
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A partner withdraws from a partnership by selling her interest to another person who currently is not associated with the firm.
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Answer: Option A

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In case of dissolution of partnership only the existing agreement among the partners ceases to exist due to leaving or joining of new partners and a new agreement takes place among the existing partners.

In such a case, the account balance of the partner remains same. It changes in case of dissolution of firm.

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3 0
3 years ago
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Suppose a farmer in Georgia begins to grow peaches. He uses​ $1,000,000 in savings to purchase​ land, he rents equipment for ​$7
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Answer:

Economic profit = $300,000

Explanation:

<em>Economic profit is the difference between the sales revenue and the total of implicit cost and explicit cost</em>

Implicit cost are opportunity costs. For the farmer, these include

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= (22%×  1,000,000) + 40,000

= 260,000

Total cost = Implicit +explicit costs

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8 0
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