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
Elanso [62]
3 years ago
7

Sheffield Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does no

t make entries to accrue interest except at December 31.
Nov. 1 Loaned $62,400 cash to C. Bohr on a 12-month, 7% note.
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note.
Dec. 16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
Dec. 31 Accrued interest revenue on all notes receivable.

Required:
Journalize the transactions for Sheffield Corp.
Business
1 answer:
LenaWriter [7]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below;

On Nov 1

Notes receivable-C.Bohr $62,400  

         To Cash $62,400

(Being cash paid is recorded)

On Dec 11

Notes receivable-K.R.Pine $1,800  

          To Sales revenue $1,800

(being sales revenue is recorded)

On Dec 16

Notes receivable-A.Murdock $9,600  

        To Account receivable $9,600

(Being note receivable is recorded)

On Dec 31

Interest receivable $767  

        To Interest revenue $767

(Being the interest revenue is recorded)

($62,400 × 7% × 2 ÷ 12 + $1,800 × 7% × 20 ÷ 360 + $9,600 × 8% × 15 ÷ 360)

You might be interested in
You bought four put options (each on 100 shares) on EZ stock with an exercise price of $35 per share and an option price of $1.3
Stella [2.4K]

Answer:

-$ 540

Explanation:

Put Option - provides right to sell share at exercise price on expiry.

As it is an Right not Obligation, Thus, buyer will exercise the right only if he is gaining at expiry and he will gain only if exercise price is higher than spot price at expiry

In this case Exercise Price ($ 35) is lower than the spot price ( $ 36.25) at expiry. Thus he will not execrise the option.

He will lose all what he spend in buying option that is $ 1.35 per share

Thus,

Net profit or loss on this investment = 4 Options * 100 Shares each * Loss of $ 1.35 per Share

Net profit or loss on this investment = 4 * 100 * (-1.35)

Net profit or loss on this investment = -$ 540

4 0
3 years ago
Assume that the economy is in a recession and there is a budget deficit. A strict balanced-budget rule that would require the Fe
sukhopar [10]

Answer:

Contractionary and worsen the effects of the recession

Explanation:

Given that during the period of the recession of a given economy, there is a decrease in revenue and inversely, there is an increase in expenditures, this situation will consequently lead to a deficit. Therefore, for a Federal government to balance the budget, it will have to increase additional revenue and at the same time reduces expenditures.

However, in this case, this would be contractionary and worsen the effects of the recession

8 0
3 years ago
Who became the first female ceo of a fortune 500 company?.
kap26 [50]

Answer:

Katharine Graham

Explanation:

Brainliest pls :3

5 0
2 years ago
In which situation would it be most appropriate to use money you have set aside in your emergency fund?
Law Incorporation [45]

The money that has been set aside for emergency situations can be ideally used for paying the phone bill at first.

Option C is the correct answer.

<h3>What is an emergency fund?</h3>

An emergency fund is an amount that is kept by an individual out of their earned income which is further to be used in uncertain times.

An emergency fund has been created to meet the contingencies in life that can be in the form of repairs of any equipment, medical problems, loss of job, etc. This fund helps the individual in uncertain times when he/she is in need of funds.

Therefore, the phone bill should be paid first from the emergency fund then the rest of the expenses to be considered.

Learn more about the emergency fund in the related link:

brainly.com/question/14826786

#SPJ1

3 0
2 years ago
Davidson Software Technologies believes in hiring only the best programmers in the industry. As a result, it uses a comprehensiv
Vladimir [108]

Answer:

The correct answer is C

Explanation:

HRM system is the system which is designed in order to automate the business process of human resource, compliance, transactions and payroll. This system allows the business to focus on the people through streamlining all the software workforce into the business intelligence solution.

Recruitment and selection is the procedure of identifying the requirement of job and defining the need of the position, advertising the position and selecting the appropriate person for the position.

Therefore, the recruitment and selection is the component of HRM system which uses the hiring procedure that comprise of testing and interviewing the professionals.

7 0
3 years ago
Other questions:
  • 10. In earned value analysis (EVA), we found: SV = -$7,800 at certain point. If the project has a total budget = $65,000 and tot
    7·1 answer
  • Carson Electronics uses 58 percent common stock and 42 percent debt to finance its operations. The aftertax cost of debt is 5.4
    12·1 answer
  • In our daily interactions we can find ourselves listening to other people solely for the purpose of finding weakness in their po
    9·1 answer
  • Olivia is trying to save for a new laptop computer. To help her save, she should start a _____.
    11·2 answers
  • Knox Inc. is deciding between the two dividend payment plans below: Year Plan A Plan B 1$3.00$0.50 2$3.05$1.75 3$3.10$3.25 4$3.1
    12·1 answer
  • During the ________ stage of the product life cycle sales reach a peak, profits are declining, and the number of competitors sta
    13·1 answer
  • A husband and wife are self-employed and have 3 children, ages 4, 7, and 9. They have a combined income of $300,000. They wish t
    10·1 answer
  • Proposals related to ________ include controlling the ingredients that go into certain products and packaging as well as reducin
    13·1 answer
  • Write a short paragraph that explains the central idea of the article. Use at least two details from the article to support your
    6·1 answer
  • In which stage of the product life cycle will promotional expenditures be especially high in an attempt to create consumer aware
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!