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Kipish [7]
3 years ago
14

On August 2, Jun Co. receives a $6,700, 90-day, 10.0% note from customer Ryan Albany as payment on his $6,700 account. Prepare J

un's journal entry assuming the note is honored by the customer on October 31 of that same year. (Round your answers to nearest whole dollar value. Use 360 days a year.)
Business
1 answer:
Dimas [21]3 years ago
4 0

Answer:

Date          General Journal                             Debit     Credit

Oct. 31   Cash                                               $6,868

                       Notes receivable- R. Albany                  $6,700

                       Interest revenue                                     $168

                       (($6,700 * 10% * 90/360)

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Sales revenue$ 4,000Purchases of direct materials$ 400Direct labor$ 450Manufacturing overhead$ 620Operating expenses$ 650Beginni
Anna007 [38]

Answer:

A) $1,450

Explanation:

beginning finished goods + COGM = ending finished goods + COGS

to know COGS we need cost of goods manufactured

COGM = beginning WIP + cost added - ending WIP

to knwo COGM we need to know cost added

cost added = labor + materials + overehead

to know that we need to know materials used:

used into production= beginning raw+purchase - ending raw

used = 200 + 400 - 180 = 420

and now we go backwards in the loop to fill the blank and solve for COGS

cost added = 450 + 420 + 620 = 1490

COGM = 320 + 1490 - 410 = 1400

and we now return to the formula to find COGS

250 + 1400 = 200 + COGS

1650 - 200 = COGS = 1,450

6 0
4 years ago
In the development of the ipad 3, it is very likely that apple will develop an initial ______ and then test its performance and
hjlf

<span>In the technological sector a new product start its live as a prototype, then the enterprise use various consumer test panel to see the reaction of the potential costumers in real time environments and check how the prototype behaves. With the information gathered from the costumers tests panels the company can make adjustments <span>improve the prototype based on the feedback of the people that actually used it and release a better final version of the product.</span></span>

4 0
4 years ago
Jane's Donut Co. borrowed $198,000 on January 1, 2018, and signed a two-year note bearing interest at 14%. Interest is payable i
Virty [35]

Answer:

$27,720

Explanation:

The computation of the interest expense

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

= $198,000 × 14% × (12 months ÷ 12 months)

= $27,720

Basically we applied the simple interest formula to determine the interest expense and the borrowed amount is taken on January 1, 2018 and the interest expense should be reported on December 31, 2018 that comprises of 12 months

7 0
3 years ago
In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunt
dsp73

Answer:

Traditional economy.

Explanation:

A traditional economy is one that relies on historical methods, customs, and beliefs to develop. It is generally more common in developing countries because it is an economy based on rural activities such as agriculture, fishing and hunting. Because it is an economy that develops around a tribe or a family, it is customary for production to be for consumption only, so there is no surplus and little money movement.

5 0
3 years ago
Can a radiologist dictate a report and send it to an outside transcription agency for transcribing?
Delicious77 [7]

Radiologists have been dictating their patient reports over the years and transcriptionists used to figure out what they are saying. As the healthcare system progresses, technology like EHRs and speech recognition are turning difficulties during the transcription phase into serious challenges. As still many radiologists are dictating and self-editing their reports, there is still significant transcription activity.

6 0
3 years ago
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