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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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B. Personal Selling

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4 0
3 years ago
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Borrowed 152300 for three years if the qouted rate (apr) is 11.75% and the compounding is daily what is the effective annual rat
Vikki [24]

Answer:

The appropriate response is "12.47%".

Explanation:

The given values are:

Borrowed amount,

= 152300

APR,

= 11.75%

i.e.,

= 0.1175

Now,

The effective annual rate will be:

= (\frac{1+APR}{n} )^n

On substituting the given values, we get

= (\frac{1+0.1175}{365} )^{365}

= (\frac{1.1175}{365} )^{365}

= 1.12466-1

= 0.1247 \ or \ 12.47 \ percent

7 0
3 years ago
In a catalog a coat was on sale for $65.55 this week. It regularly sells for $77.77. If the sales tax is 6% and shipping is belo
bazaltina [42]

Answer:

$14.96

Explanation:

Shipping and handling charges are attached.

Given: Discounted price= $65.55.

           Regular sales price= $77.77

           Sales tax= 6%.

Now, find the cost of coat after tax.

Cost of coat= 77.77+(77.77\times 6\%)

⇒ Cost of coat= 77.77+ 4.66= \$ 82.43

Adding shipping charges to the cost= 82.43+8.95= \$91.39

Hence, cost of coat after tax and shipping charges= $91.39.

Next finding total cost of coat if sold at discount after tax.

Cost of coat at discounted price after tax= 65.55+(65.55\times 6\%)

⇒ Cost of coat at discounted price after tax= 65.55+ 3.93

⇒ Cost of coat at discounted price after tax= \$ 69.48

Adding shipping charges to the cost of coat= 69.48+6.95=\$ 76.43

Hence, cost of coat at discounted price after tax and shipping charges= $76.43.

Finding saving amount by ordering coat at the sale price or discounted price.

∴ Saving = Total\ cost\ of\ coat\ at\ regular\ price - Total\ cost\ of\ coat\ at\ discounted\ price

Saving= 91.39-76.43= \$ 14.96

Hene, Total saving by ordering coat at the sale price is $14.96

7 0
3 years ago
At December 31, 20X3, before recognizing any depreciation expense for 20X3, X Company has a machine with an original cost of $36
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Answer:

If X Company uses the units of production method for calculating depreciation, depreciation expense in 20X3 will be (rounded):

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Explanation:

Cost                360000  

Accum. Depre 90000  

Usefull life         7  

   

Produce 1 20000  

Produce 2 10000  

Produce 3 50000  

                80000  

   

Deprec=cost/unit    

   

Depre=360000/80000    

Depre= 4,5  

   

Produce 2012  20000 4,5 90000

Produce 2013  10000 4,5 45000

Produce rest   50000 4,5 225000

             80000 4,5 360000

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3 years ago
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Answer:

The answer is D because...

Explanation:

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3 years ago
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