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rusak2 [61]
3 years ago
5

On January 1, JC Co. accepted a 60-day, 6%, note in the amount of $10,000 from a customer. On March 2, the due date of the note,

the customer honors the note and pays in full. The journal entry that JC would make to record the receipt of payment of this note would include a debit to: Notes Receivable in the amount of $10,100 Cash in the amount of $10,100 Notes Receivable in the amount of $10,000 Cash in the amount of $10,000
Business
1 answer:
sammy [17]3 years ago
3 0

Answer:

Cash account in the amount of $10,100

Explanation:

The journal entry to be recorded for the receipt of payment is as:

Cash A/c.............................................Dr $10,100

        Note receivable A/c...................Cr  $10,000

        Interest Revenue A/c..................Cr  $100

Being recoded the receipt of payment

As payment is received so asset is increasing and any increase in asset is debited. Therefore, cash account is debited. And the note receivable got decrease will be credited and the interest revenue is also credited.

Computation of interest revenue is as:

Interest revenue = Amount × % of note × Days / Number of days in a year

= $10,000 × 6% × 60 / 360

= $100

Note: Assume 360 days in a year

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: In 2021, Garret Market remained fully open while conducting inventory, but in 2022 Garrett closed during inventory. In 2023, G
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indicators that the local currency is also the functional currency include all of the following except:
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Indicators that the local currency is also the functional currency include all of the following except the parent typically provides the financing or provides a guarantee.

A functional currency is one that is utilized in the main economic setting in which a company conducts business. This is the setting in which an entity generates and spends money most frequently. When defining the functional currency of an entity, the following key considerations should be taken into account:

The principal currency influencing retail prices (usually the currency in which prices are denominated and settled).

The money of the nation whose laws and competition have the biggest impact on retail pricing.

The principal currency affecting labor expenses and other costs of goods sold (usually the currency in which prices are denominated and settled).

The currency in which an entity keeps its operating receipts and the currency in which debt and equity instruments are issued are less important deciding factors.

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Minimum contacts is the solution and is used to determine whether an entity has sufficient contacts in a state to warrant jurisdiction over them.

Simply having a website that can be accessed by people in a state does not fall under the provisions required for minimum contact to be met so the courts in this state cannot have personal jurisdiction over this company.

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