On January 30, the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100.
Explanation:
- On November 1, Wright Co. borrowed $20,000 cash from the Third Bank by signing a 90-day, and 6% of interest-bearing note.
- On December 31, it was recorded an adjusting entry to interest expense of $200.
- On January 30, which is the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100.
- Interest expense is an expense which is known as a non-operating expense which is shown on the income statement. It also represents interest payable amount when it is borrowed. For Example,
- bonds,convertible debt, loans or lines of credit
- The main difference between the interest expense and the interest paid is that the discount amount and this difference changes the net amount of bond liability.
- Interest expense is an amount determined by the interest rate on an account.
Answer:
Date Account Title Debit Credit
May 7 Materials $9,600
Accounts Payable $9,600
<u>Working:</u>
= Units purchased * cost per unit
= 640 * 15
= $9,600
As the goods were purchased on account, they will be sent to accounts payable. Materials are assets so they will be debited when acquired.
Answer: A
Explanation: Recieveable balance $18500, this is the cash inflow of the company
Allowance for doubtful accounts $1400 this is usually a percentage of money set aside from cash inflow for debts e.t.c.
Unaccountable account $400 usually debts
Receivable after deduction of allowance of doubtful accounts.
$18500 - $1400 = $ 17100
Allowance of doubtful accounts after deduction of debts
$1400 - $400 = $1000
Amount receivable immediately after write off
$17100 + $1000 = $18100
Answer:
Barter system
Explanation:
Barter system - it is system of exchanging the good and service with others good and service in that return. the main point to note in this is that medium of offering services and goods is ignored i.e. money.
these type of system is used in society from centuries and long time back before money was introduced.
Answer:
d. SBQQ__RegularPrice__c = SBQQ__ListPrice__C * 1.1
a. SBQQ__CustomerPrice__c = SBQQ__RegularPrice__c * (1 - SBQQ__ Discount_c)
c. SBQQ__PartnerPrice__c = CustomerPrice__c * (1 - SBQQ__ PartnerDiscount_c)
b. SBQQ__NetPrice__c = SBQQ__PartnerPrice__c * (1 - SBQQ__ DistributorDiscount_c)
Explanation:
For 10% premium to be applied on a block price product, an action in a correct order should be taken. The order is as follows;
d. SBQQ__RegularPrice__c = SBQQ__ListPrice__C * 1.1
a. SBQQ__CustomerPrice__c = SBQQ__RegularPrice__c * (1 - SBQQ__ Discount_c)
c. SBQQ__PartnerPrice__c = CustomerPrice__c * (1 - SBQQ__ PartnerDiscount_c)
b. SBQQ__NetPrice__c = SBQQ__PartnerPrice__c * (1 - SBQQ__ DistributorDiscount_c)
