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pantera1 [17]
2 years ago
12

Uniform Supply accepted a $5,200, 90-day, 12% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform S

upply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (
Business
1 answer:
Naya [18.7K]2 years ago
8 0

Answer:

The journal entry is shown below:

Explanation:

The journal entry is as follows

On January 15

Accounts receivable   $5,356

      To Note receivable     $5,200

       To Interest revenue    $26

       To Interest receivable    $130

(Being cash received in respect of note receivable, interest accrual is recorded)

The computation of interest receivable is shown below:

= Principal × rate of interest × number of days ÷ (total number of days in a year)  

= $5,200 × 12% × (75 days ÷ 360 days)

= $130

The 75 days is counted from October 17 to December 31

And, the total amount is

= Principal × rate of interest × number of days ÷ (total number of days in a year)  

= $5,200 × 12% × (90 days ÷ 360 days)

= $156

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3 years ago
Grouper Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $160,600, and purchases for January thro
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Answer:

$165,670

Explanation:

Cost of goods sold = Sales revenue (1 - Gross profit)

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Estimated ending inventory destroyed in fire:

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= $160,600 + $474,000 - $468,930

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6 0
2 years ago
1. General Electric is famous for firing the lowest-performing 10 percent of managers each year. With its strict no-layoffs poli
AleksAgata [21]

Answer:

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3 0
3 years ago
Production efficiency is a situation in which the economy is getting all that it can from its resources and​ _____ produce mor
Dennis_Churaev [7]

Answer:

Cannot, Less

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3 years ago
Which of these is a pro of being a wage earner? A. You usually do not get to choose which projects you work on. B. You have a de
gregori [183]

Answer:

The correct answer is letter "C": You are usually not in charge.

Explanation:

Wage-earners are the people who live mainly thanks to the salary they receive. Under this category fall low-range workers whose base income is their source of income. Hardly ever low-range employees are assigned major tasks since they are subordinates, so the success or failure of a project does not rely directly on them since they are not the ones in charge.

3 0
3 years ago
Read 2 more answers
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