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viva [34]
4 years ago
13

On January 1, 2021, Gundy Enterprises purchases an office building for $151,000, paying $41,000 down and borrowing the remaining

$110,000, signing a 7%, 10-year mortgage. Installment payments of $1,277.19 are due at the end of each month, with the first payment due on January 31, 2021.
Required:

a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round Intermediate calculations. Round your final answers to 2 decimal places.)
Business
1 answer:
ikadub [295]4 years ago
8 0

Answer:

Dr mortgage payable  $635.52

Dr interest expense     $641.67

Cr cash                                         $1,277.19

Explanation:

The first repayment made on the mortgage is $1,277.19,this amount can be broken into interest payment on the mortgage as well as the repayment of the principal of $110,000.

interest for first month=$110,000*7%*1/12=$641.67  

Invariably the payment made comprises of $635.52  ($1,277.19-$641.67) principal repayment and interest payment of $641.67

The entries would to debited mortgage payable with $635.52 and interest expense with  $641.67 while cash is credited with $1,277.19

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Which of the following is not a type of qualitative forecasting?
Svetradugi [14.3K]

The following that is not a type of qualitative forecasting is<u> </u><u>Moving Averages</u>

Qualitative forecasting has to do with the use of feedback and other research data to make a prediction about how the finances of a company is likely to change in a period of time.

This qualitative research is done by making analysis of the amount of money gotten in the past by the company to estimate future financial operations.

There are four types of qualitative forecasting such as:

  • Executive Opinions
  • Consumer Surveys.
  • Delphi Method
  • Sales Force Polling

Therefore, the correct answer is Moving Averages.

Read more here:

brainly.com/question/8201684

7 0
3 years ago
How do corporate bonds affect the economy
zheka24 [161]

Answer:

Bonds affect the U.S. economy by determining interest rates, which affect the amount of liquidity and determines how easy or difficult it is to buy things on credit or take out loans for cars, houses, or education

<h2>Please mark me as brainliest</h2>

7 0
3 years ago
The process of attracting individuals on a timely basis, in sufficient numbers, and with appropriate qualifications, to apply fo
irina1246 [14]

Answer:

recruitment is the correct answer.

Explanation:

  • Recruitment is a process of hiring and selecting the right and qualified person for a vacant position.
  • The recruitment process involves selecting a required candidate, sourcing attracting, investigating the job qualifications, screening, analyzing the application, strategy development, evaluation and shortlisting.
  • The advantages of the Recruitment process are increased applicant quality, increase manager satisfaction and improve employment name.
4 0
4 years ago
Zoey Bella Company has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workwee
juin [17]

Answer:

                                  Dr.         Cr.

Salaries Expense   $8,000

Salaries payable                   $8,000

Explanation:

Four days of the week passed until December 31. So, the accrued expense will be as follow:

Payroll for 5 days = $10,000

Payroll for 1 days = $10,000 / 5  = $2,000

Payroll for 4 days = $2,000 x 4  = $8,000

Accrued Expense of $8,000 should be recorded and a liability will be made against this expense as payment has not been made.

5 0
3 years ago
ABC Company just started business in August. They made the following purchases during August: August 01 300 units $1,560 total c
anastassius [24]

Answer:

Inventory= $3,240

Explanation:

Giving the following information:

They made the following purchases during August:

August 01: 300 units $1,560 total cost

August 12: 400 units 2,340 total cost

August 24: 400 units 2,520 total cost (2520/400= $6.3)

August 30: 300 units 1,980 total cost (1980/300= $6.6)

A physical count on August 31 reveals that there are 500 units on hand.

FIFO (first-in, first-out)

Inventory= 300*6.6 + 200*6.3= $3,240

8 0
3 years ago
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