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
Give (2) examples how we deal with "Scarcity"
san4es73 [151]

Answer:

Either increasing supply or lowering demand

Explanation:

increasing supply:

e.g. when less developed countries (LDCs) experience a famine or drought, other countries can supply food and/or water to them

lowering demand:

finding alternative solutions of the product (that have the same effect as the original product) or reducing the reasons for why there is a high demand

- e.g. crops not growing well due to weather/crop disease going around -> find a crop that is more resistant to the disease (reducing reasons for demand)

- e.g. rice field has an infestation -> not yielding enough rice to feed the population -> population feels hungry and other foods cannot help them feel full/sustain them -> find another crop to substitute, like yam or potatoes that are equally filling (alternative solutions)

but these two are pretty much the same so

also please note I don't take any courses on supply and demand other than geography so I might be completely wrong

8 0
4 years ago
If both supply and demand increase at the same time, then __________
Lelechka [254]

Answer:

A

Explanation:

the price of product will increase

7 0
3 years ago
As the world is shrinking and businesses are more commonly working on an international level, understanding the differences amon
Eduardwww [97]

Answer:

The most significant viewpoint to be viewed as when entering another market is the neighborhood language. I will contract the nearby ability who can help me in understanding the neighborhood business condition. I will likewise procure the global ability alongside them and urge them to grasp the way of life of Brazil. I will give a tolerable compensation to the representatives of the organization and ensure that they have a decent living. I will offer significance to the social obligation and make a positive effect on the general public. This will make the business closer to the individuals and they will begin confiding in us. I will contemplate the lawful arrangement of the nation and distinguish what is required to run the organization is the lawful way. I will set up a legitimate group that is fit for taking care of any conceivable lawful issue presently and furthermore later on. Brazil is creating nation so the monetary circumstance is picking up strength in the nation. Individuals have a superior spending capacity now and they need a superior way of life. I will utilize this condition and offer advantages to the representatives that can permit them to be content with a decent work-life balance. I will likewise make enough business openings that can get the consideration of the ideological groups also. The administrations consistently move in the direction of making work for the individuals and our business will do that. However, I will ensure that we don't depend much on the political situation of the organization. That can put us under a great deal of weight and the organization should be sufficiently steady to work continually in any event, when the political circumstance gets shaky. So the principles and guidelines in the nation ought to be appropriately followed and gain the trust of the clients at the earliest opportunity so as to set up a solid toehold in the nation.

3 0
4 years ago
Why is it important to be informed about economic activity
Dennis_Churaev [7]
Because it just is ok
7 0
3 years ago
Indicate the point where a monopoly will set its price.
Inessa05 [86]

Answer:

Equilibrium point.

Explanation:

The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity. At any other price, the quantity demanded does not equal the quantity supplied, so the market is not in equilibrium at that price.

4 0
2 years ago
Other questions:
  • Bob's big burgers n' shakes restaurant brings a suit, seeking a remedy at law. a remedy at law is
    14·1 answer
  • It is currently 2018 and you are the mayor of Snowville, IL. Your public works department has determined that your town’s main h
    8·1 answer
  • A securities analyst reports that a cyclical change in non-durable goods has occurred on the downside over the last quarter. Whi
    14·1 answer
  • Based on his​ preferences, Bill is willing to trade 5 movie tickets for 1 ticket to a basketball game. If movie tickets cost ​$1
    9·1 answer
  • Game-theory analyzes oligopoly behavior by using concepts derived from the study of games-of-chance such as dice games, solitair
    6·1 answer
  • Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of t
    11·2 answers
  • Cabell Products is a division of a major corporation. Last year the division had total sales of $25,720,000, net operating incom
    9·1 answer
  • Descriptive research is conducted for all of the following reasons except:_________
    15·1 answer
  • You and four other team members attend a seminar on conflict. The seminar costs $150 per person. You will need to drive two cars
    12·1 answer
  • Juan wants to start a lemonade stand to earn money. he needs money to purchase the materials before he can sell the lemonade and
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!