All categories

3 years ago

Journalizing credit sales, note receivable transactions, and accruing interest.

Business

1 answer:

Scilla [17]3 years ago

7 0

Answer:

6-May-18

Dr Accounts receivables $102,000.00

Cr To Sales revenue $102,000.00

1-Jul-18

Dr Note receivables $18,000.00

Cr To Cash $18,000.00

31-Dec-18

Dr Interest receivables $630.00

Cr To Interest revenue $630.00

1-Jul-19

Dr Cash $19,260.00

Cr To Interest revenue $630.00

Cr To Interest receivables $630.00

Cr To Note receivables $18,000.00

Explanation:

Preparation of the journal entries required for Endurance Running Shoes.

6-May-18

Dr Accounts receivables $102,000.00

Cr To Sales revenue $102,000.00

(To record sales revenue)

1-Jul-18

Dr Note receivables $18,000.00

Cr To Cash $18,000.00

(Being loan given)

31-Dec-18

Dr Interest receivables ($18,000*7%*6/12) $630.00

Cr To Interest revenue $630.00

(To record interest accrued)

1-Jul-19

Dr Cash $19,260.00

($18,000+$630+$630)

Cr To Interest revenue $630.00

Cr To Interest receivables $630.00

($18,000*7%*6/12)

Cr To Note receivables $18,000.00

(To record receipt of note at maturity)

Read more about agreement

<em>brainly.com/question/997952</em>

7 0

3 years ago

Why was it sometimes difficult to balance a checking account to a statement?

Juliette [100K]

Because sometimes the check written after the statement closing dates.

Lets say a company do a closing statement on December 26.

A check written between that date until the end of period ( December 26 - December 31), that transaction simply won't appear on the book because the company already closed the statement on December 26

6 0

3 years ago

Universal Containers has two sales groups. Each group has its own unique sales process. What is the best way to ensure that sale

Gre4nikov [31]

Answer:

The use of a proper CRM.

Explanation:

A CRM basically means or translate to a Customer Management System.

A customer management system is an Information technology tool or software that enables companies to properly manage track and monitor their interactions and relationship with clients or potential customers.

Referring back to the question asked, the best answer to the question is to categories or segment the customer management system into teams and generate a unique assess code such that only the team working on a particular potential customer can access and monitor the status of interaction between a sales person and a customer within the same sales team.

This way, a third party sales team does not have access to the data of other sales team.

8 0

4 years ago

(c) Which of the following statements are true? (You may select more than one answer. Single click the box with the question mar

AysviL [449]

Answer:

Customer and Product Margin under Activity-based Costing and Traditional Costing

True Statements:

1. If a customer orders more frequently, but orders the same total number of units over the course of a year, the customer margin under activity based costing will decrease.

2. If a customer orders more frequently, but orders the same total number of units over the course of a year, the product margin under a traditional costing system will be unaffected.

Explanation:

Customer Margin is the difference between the total revenue generated from a customer minus the acquisition and service costs. In the above instance, the customer margin decreases because of the costs of servicing the customer's frequent orders. Customer service costs are usually higher with more frequent orders, when activity-based costing is employed because frequent orders increase the activity level and the associated costs.

Product Margin is the profit margin generated per product. It is the markup on the cost of the product. It shows the difference in amount between the selling price and the manufacturing cost. Frequent orders cannot change the product margin under the traditional costing technique unlike it does with the activity-based costing technique.

6 0

4 years ago

Assume that ExxonMobil uses a standard cost system for each of its refineries. For the Houston refinery, the monthly fixed overh

maksim [4K]

Answer:

a. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

= $8,000,000 - $8,750,000

= $750,000 Unfavorable

b. Predetermined overhead rate per barrel = $8,000,000 / 5,000,000

= $1.60 per barrel

Fixed overhead applied = 5,100,000 * $1.60

= $8,160,000

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead

= $8,160,000 - $8,000,000

= $160,000 Favorable

c. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

Predetermined overhead rate per barrel = Budgeted fixed overhead / Planned outputs

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead

5 0

3 years ago