Answer:
a. Cash 7,000 Accounts Receivable 7,000
Explanation:
As for the information provided, the payment is received for a sales made in last month, and thus entry at the time of sales shall be:
Accounts Receivables A/c Dr. $7,000
To Sales $7,000
Therefore, when the amount is collected today it will increase cash by debiting cash for the same amount.
Further, balance of accounts receivables will be decreased by crediting such account.
Therefore, correct option is
a. Cash 7,000 Accounts Receivable 7,000
Answer:
$995,745
Explanation:
PV = $0
PMT = $500
I/YR = 6
P/YR = 12
N = 40 x 12 = 480
your retirement account be in 40 years will be $995,745
The reason everybody doesn't have what they want is that, i<span>f everybody could </span>have everything<span> they </span>want<span>, whenever they </span>want<span> it, then </span>we<span> wouldn't need economics. Or maybe politics or warfare, either. </span>We<span> could all just sit around playing on top of our endless mountain of toys. But the real world doesn't work quite like that. </span>We can't have<span> it all. </span>We have<span> to make choices. Hope I helped!</span>
Answer:
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Answer:
$5,320
Explanation:
the journal entry to record the issuance of the bonds
January 1
Dr Cash 67,900
Dr Discount on bonds payable 2,100
Cr Bonds payable 70,000
the journal entry to record the first and second coupon payments
June 30 and December 31, first and second coupon payment
Dr Interest expense 2,660
Cr Cash 2,450
Cr Discount on bonds payable 210
Amortization of bonds payable = $2,100 / 10 coupons = $210 per coupon
total interest expense for the year = $2,660 x 2 = $5,320
