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
igomit [66]
3 years ago
8

Riley Company received a notice with its bank statement that the bank had collected a note receivable for $5,000 plus $150 of in

terest. The bank had credited these amounts to Riley 's account less a collection fee of $10. Riley Company had already accrued the interest for this note on its books.
(a)How will these items affect Riley Company's bank reconciliation?

(b)Prepare the journal entry that Riley Company will make to record this information on its books.
Business
1 answer:
bezimeni [28]3 years ago
8 0

Answer:

The affect of the given items and the journal entry is shown below:

Explanation:

a. The effect of given items should be adjusted in company bank reconciliation is as follows

1. The amount of note and the interest is added

2. And, the collection fee is deducted

b. The journal entry is as follows

Cash $5,140

Miscellaneous expense $10

                    To Notes receivable $5,000

                    To Interest receivable $150

(Being the collection is recorded)

You might be interested in
Leon and Sara are arguing over when the best time is to degrease soup. Leon says that it's easiest to degrease soup when it's bo
Sonbull [250]
I think the answer is d
5 0
3 years ago
Read 2 more answers
Assume the plum corporation has two different issues of common stock. one issue carries voting rights, and the other issue does
Alchen [17]

Assume the Plum Corporation has two different issues of common stock. One issue carries voting rights, and the other issue does not. In this situation, Plum is said to have issued classified stock.

A legal entity is a form of legal entity that is also a separate legal entity from its owner. All companies are companies, but not all companies are necessarily companies. The standard answer today is that the purpose of a corporation is to benefit its shareholders. Scholars talk about the 'shareholder-first norm' and many talks about the role of corporate leaders as 'shareholders'. Wealth maximization”. Even seemingly selfless entrepreneurial actions B. charitable donations are considered legitimate.

Learn more about Corporation  here

brainly.com/question/1918077

#SPJ4

6 0
1 year ago
Tangshan Industries has issued a bond which has a​ $1,000 par value and a 15 percent annual coupon interest rate. The bond will
mina [271]

Answer:

B. 10.79 percent

Explanation:

yield to maturity = [150 + (1250 - 1000/10)]/[(1250 + 1000/2)]

                            = 10.79%  

Therefore, The yield to maturity on the Tangshan Industries bond is 10.79%

6 0
3 years ago
What is a free trade agreement
natima [27]
A free trade agreement or treaty is a multinational agreement according to international law to form a free-trade area between the cooperating states
6 0
3 years ago
Is it plagiarism if I take someones stuff off of a website but link the website I took it from afterwards?
charle [14.2K]

Not at all because you're crediting the person who actually is the owner of the information. But if they asked you to put it in your own words, then I suppose it counts as plagiarism.

6 0
2 years ago
Read 2 more answers
Other questions:
  • Darren has the option of investing in either Stock A or Stock B. There is a 45 percent chance that the return on Stock A will be
    8·1 answer
  • Transactions for Skysong Company for the month of May are presented below. Prepare journal entries for each of these transaction
    12·1 answer
  • What is the maximum pre-tax deduction amount for a dependent-care flex account?
    9·1 answer
  • Look at the chart displaying the human development index (HDI) worldwide, which is linked to a high standard of living. Based on
    8·1 answer
  • Wylie has been offered the choice of receiving $5,000 today or an agreed-upon amount in 1 year. While negotiating the future amo
    7·1 answer
  • Why is it important to note the exact variety of fresh produce desired, instead of merely noting the type of item needed
    5·1 answer
  • Cash Paid for Merchandise Purchases The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. T
    11·1 answer
  • Because stocks rely on dividends as the principal source of cash flow, ascertaining stock prices is an easier and more precise p
    15·1 answer
  • Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accountin
    5·1 answer
  • ANSWER FAST please !!!
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!