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andrew-mc [135]
3 years ago
9

Sheridan Company receives a $14000, 3-month, 8% promissory note from Carla Vista Company in settlement of an open accounts recei

vable. What entry will Sheridan Company make upon receiving the note?
Business
1 answer:
Pie3 years ago
3 0

Answer and Explanation:

The journal entry to record while receiving the note is shown below:

Notes receivable  Dr. $14,000

          To Accounts receivable $14,000

(Being receiving of the note is recorded)

Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets

The same is to be considered

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2 years ago
The cost to manufacture one unit of Killian Audio Products' best-selling hearing aid, the Zone, is $67.50. The CFO of the compan
ikadub [295]

Answer:

Economies of scale

Explanation:

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4 0
3 years ago
On September 1 the Petite-Sizes Store paid $12,000 to the Mega-Mall Co. for 3-month rent beginning September 1. Prepaid Rent was
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6 0
3 years ago
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2020. Mio's salary for 2020 is $190
vfiekz [6]

Answer:

Mio's foreign earned income exclusion is $99,960

Explanation:

The calculation of the Mio's foreign earned income exclusion is given below:

The foreign earned income exclusion limit for 2020 is $107,600

Now the foreign earned income exclusion depend on days equivalent to

=  Foreign earned income exclusion limit × (2020 days ÷ total number of days in a year)

= $107,600 × (340 days ÷ 366 days)

= $99,960

Hence, Mio's foreign earned income exclusion is $99,960

7 0
3 years ago
In the Month of March, Digby received orders of 104 units at a price of $15.00 for their product Dell. Digby uses the accrual me
Ilia_Sergeevich [38]

Answer:

$1,560 and $0

Explanation:

According to the accrual method of accounting, the revenue should be recognized when it is realized or when the sale is made not when the cash is received

Since Digby delivers 104 units in April

So for the March income statement, the amount is

= 104 units × $15

= $1,560

And, for the April income statement, it would be zero as the total units order received in March only

6 0
2 years ago
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