1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gnoma [55]
3 years ago
14

On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue a

ccount. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date
Business
1 answer:
yulyashka [42]3 years ago
7 0

Answer:

Dr Notes Payable 4500

Dr Interest expense 75

Cr Cash 4575

Explanation:

Based on the information given if On April 12, the Hong Company agrees to accept a 60-day which include the amount of $4,500 note from Indigo Company which means that in order to extend the due date on an overdue account the journal entry that Indigo Company would make, when it records payment of the note on the maturity date is :

Dr Notes Payable 4500

Dr Interest expense 75

(4500/60 days)

Cr Cash 4575

(4500+75)

You might be interested in
1. When a business finds it necessary to layoff some employees (due to slowing sales), what positive effects might this have for
Artist 52 [7]

Answer:

PART A

(1) To reduce wastages

(2) To increase profit margin

(3) To reduce cost of operations.

PART B

(1) NO,he is not included

(2) Because he is unable to work or be gainfully employed.

Explanation:

Layoff is a manpower management process through which Organisations down size their manpower strength or number in order to meet certain specified Objectives. Layoffs usually takes place in Organisations that are not meeting their Strategic objectives such profit making,cost reduction and Control etc.

Unemployment is a term used to describe the inability of a person or group of persons who are willing and have the capacity to work but could not secure gainful employment in an economy.

MR. SMITH DOES NOT HAVE THE CAPACITY TO WORK,HENCE HE CAN NOT BE INCLUDED IN THE UNEMPLOYMENT STATISTICS.

3 0
3 years ago
Should companies hire only people who represent the company image based on how they look?
Alex_Xolod [135]
No, companies need to hire people who have experience.
3 0
3 years ago
Phil wanted the computer that amy had, so he just took it. this is an example of distribution by _____ . force contests lottery
Citrus2011 [14]
The correct answer that would best complete the given statement above would be the first option: FORCE. <span>Phil</span><span> wanted the computer that Amy had, so he just took it. This is an example of distribution by force. Distribution by force often happens when someone is getting more if they have more power. This kind of distribution often leads to conflict. </span>
4 0
3 years ago
Read 2 more answers
Warner Company’s year-end unadjusted trial balance shows accounts receivable of $112,000, allowance for doubtful accounts of $73
Sonbull [250]

Answer:

Debit bad debt expenses with $1,680, and credit Accounts receivable also with $1,680.

Explanation:

Uncollectibles = Accounts receivable × 1.50% = $112,000 × 1.50% = $1,680

The December 31 year-end adjusting entry for uncollectibles will be as follows:

<u>Details                                                 Dr ($)                  Cr ($)                </u>

Bad debt expenses                            1,680

Accounts receivable                                                      1,680

<u><em>Being the amount Accounts receivable estimated to be uncollectible</em></u>

<u><em /></u>

7 0
3 years ago
Which action should be the first step in dealing with a problem concerning a product or service you purchased? writing a letter
KatRina [158]
The first thing you need to do when you encounter a product or service you purchased is to make a phone call or go back to the store where you bought the product or service. This way immediate attention will be given to your concern. 

If there is a delay in the resolution of your product or service defect, it is better to write a letter of complaint after making a phone call. This is to ensure that your complaint is properly documented. 



3 0
3 years ago
Read 2 more answers
Other questions:
  • A management trainee rotates through four of her company's six divisions in a year. Her rotation is determined by random selecti
    8·1 answer
  • Bank overdrafts, if material, should bea. reported as a current liability.b. reported as a deduction from the current asset sect
    5·1 answer
  • The team wanted to prevent customers from mistakenly choosing the hottest hot sauce and risking injury.Which of the following wo
    12·1 answer
  • Flannigan Company manufactures and sells a single product that sells for $620 per unit; variable costs are $372. Annual fixed co
    9·1 answer
  • Procter &amp; gamble's tide laundry detergent has a predominant share of the detergent market in the united states. It makes $4.
    7·1 answer
  • Raul, an engineer with a leading manufacturer, pointed out a few things have contributed to his motivation. First, top managers
    5·1 answer
  • Anya needs $500 to help pay for a trip to Europe. She calls her parents and asks if they will give her $5,000 for her trip, and
    15·1 answer
  • To change gross income, someone would need to
    15·2 answers
  • On the cost of goods manufactured schedule, the cost of goods manufactured agrees with the:________ a. total debits to Work in P
    14·1 answer
  • he manufacturing overhead budget at Franklyn Corporation is based on budgeted direct labor-hours. The direct labor budget indica
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!