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2 years ago

Record the following transactions for Summer Consulting. Explanations are not required.

Business

1 answer:

Anvisha [2.4K]2 years ago

8 0

Answer:

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

Explanation:

Preparation of journal entries

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

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To calculate the current yield of bonds.

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Formula of current yield:

Yield = (interest rate * par value)/(market price) * 100%

= ((0.06 * $1000)/$750) * 100%

= ( $60/$750) * 100%

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3 years ago

Skolits Corp. issued 10-year bonds 2 years ago at a coupon rate of 8.7 percent. The bonds make semiannual payments. If these bon

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Answer:

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YTM = Rate(16, 43.5, -1080, 1000)*2

YTM = 0.036795696 * 2

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3 years ago

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2 years ago

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3 years ago

Vaughn Manufacturing's allowance for uncollectible accounts was $190000 at the end of 2020 and $178000 at the end of 2019. For t

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Answer: $19000

Explanation:

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3 years ago