Answer:
June 3
Account Receivable $7,000 (debit)
Service Revenue $7,000 (credit)
June 8
Cash $4,500 (debit)
Discount allowed $500 (debit)
Accounts Receivables $5,000 (credit)
November 15
Bad Debt $1,500 (debit)
Accounts Receivables $1,500 (credit)
Explanation
The above transactions must be adjusted as they affect our transactions at the reporting date. Remember to grant the cash discount on early settlement of the payment made on June 8. The policy of sales on account is on the terms of 2% cash discount on payments made within 10 days.
Answer:
the size of the market on a p e x
Explanation:
Answer:
i. How much do you owe on the loan today?
- remaining principal balance = $484,331.31
ii. How much interest did the firm pay on the loan in the past year?
- during year 2, $23,458 was paid in interests ($28,833.33 was paid in interest during year 1).
iii. Suppose starting next year (fourth year) the loan rate jumps to 7.2% APR. What is the remaining balance? What will be the monthly payment?
- the remaining balance at the beginning of year 4 is $475,916
- the new monthly payment will be $3,375.72
Explanation:
I prepared two amortization schedules using an excel spreadsheet. The principal on the loan was $500,000. The first one has a fixed 4.8% APR for the whole 30 years. In the second one, the APR changes to 7.2% at the beginning of year 4.
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Answer:
a. the prices should have risen, but production should not have changed.
Explanation:
In the case when the money supply is expanded after considering the discoveries of gold so here the prices are increased due to which the economy as the higher employment and the production level. But it is not consistent with the monetary neutrality as the prices are increased but the production level remain same or unchanged
