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kykrilka [37]
2 years ago
12

A business issued a 90-day, 15% note for $91,000 to a creditor on account. Journalize the entries to record (a) the issuance of

the note and (b) the payment of the note at maturity, including interest.Assume a 360-day year. If an amount box does not require an entry, leave it blank. Accounts Payable v 91,000
a. Notes Payable 91,000
b. Notes Payable 91,000
Interest Expense
Cash
Business
1 answer:
ladessa [460]2 years ago
4 0

Answer and Explanation:

The journal entries are shown below;

a. Accounts Payable $91,000

          To Note Payable  $91,000

(being the issuance of the note payable is recorded0

b Note Payable $91,000

  Interest Expense $3,412.50   ($91,000 × 15% × 90 days ÷ 360 days)

                 To Cash $94,412.50

(Being the payment of the note is recorded)

These two entries should be recorded

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ExtremeBDS [4]

Answer:

Charging Sales tax

Explanation:

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So, the merchandising business could act as a collection agency for the government through charging the sales tax. There is need to remit the government after collecting the tax and when it is done, the business will decrease the cash and the sales tax liability.

And it is the lability to the government until it is remitted by the business.

5 0
2 years ago
Connie stepped in to assist her friend Fred conduct his research plan for his business. He is trying to see where he should open
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Connie's next step should be

Not - go back and revisit her plan objectives

Maybe - Conduct primary research and analyze Fred's current customers.

<h3><u>Explanation:</u></h3>

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In the scenario give, Fred decides to start a new boutique and has conducted researches geographic locations and the type of boutiques supported by the demography. She must not then go back and review her plan objectives as she has decided to start it with a good plan and she may conduct a primary research about the  current customers of him.

5 0
2 years ago
All else being equal, decreasing sample size will
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Answer:

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2 years ago
To barter means to____?<br><br> 1. create.<br> 2. trade.<br> 3. earn.
kicyunya [14]
The correct answer is exchange or trade
7 0
3 years ago
Read 2 more answers
Sydney saved $10,000 during her first year of work after college and plans to invest it for her retirement in 40 years. how much
Yuliya22 [10]
Given:
P = $10,000, the principal
t = 40 yers, time duration
r = 8% = 0.08, the interest rate
Assume that
n = 12, monthly compounding.

The value after 40 years is
A=P(1+ \frac{r}{n} )^{nt}
nt = 12*40 = 480
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Answer:  $242,737.71

3 0
3 years ago
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