Unlike a printed product, online service information can be instantaneously __

The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:

Reil [10]

Answer:

20Y3

Nov. 21 :

Debit Notes receivable $66,000

Credit Accounts receivable $66,000

(To recognize notes receivable iro past due account)

Dec. 31:

Debit Interest revenue $161.33

Credit Interest receivable $161.33

(To record accrued interest on notes receivable)

Jan. 20:

Debit Cash $66,880

Credit Notes receivable $66,000

Credit Interest receivable $880

(To record payment of note and interest on Nov. 21 notes)

Explanation:

Note receivable is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest revenue on the notes is calculated as: Principal x Interest Rate x Time

In this case, the total interest expense is $66,000 x 8%/12 x 2 months = $880.

Total interest expense to the Company as at December 31 is therefore $880 / 60 days x 11 days = $161.33.

8 0

3 years ago

As she digs deeper into the data, Ophelia realizes that while discounters do have a high profit level, discounters are quite low

zlopas [31]

Answer: Return on sales is calculated based on sales volume and not profit

Explanation:

This can be explained by understanding the scenario; the price that discounters pay is lower than any other channel. Discounters have high variable cost, they only pay $52 for the Russel with 41percent return on sales. They also larger fixed costs than the other channels and the return on sales is calculated based on sales volume and not profit.

7 0

3 years ago

________ refers to the total value of all the exports and imports of the world's nations.

Musya8 [376]

World trade refers to the total value of all the exports and imports of the world's nations.

3 0

3 years ago

Select all that apply Determine which of the following statements are correct descriptions of a subsidiary ledger. (Check all th

djyliett [7]

Answer:

- The balance in the subsidiary ledger will equal the balance of its supported account in the general ledger.

- The account which the subsidiary ledger supports in the general ledger is called a control account.

- It is a supporting ledger that contains detailed information about a general ledger account.

- Two of the most common subsidiary ledgers are for Accounts Payable and Accounts Receivable.

Explanation:

A subsidiary ledger is defined as a supporting ledger that contains details of an account on the general ledger.

It gives a breakdown of the single amount that reflects in a general ledger account.

For example if the accounts payable account has a balance of $50,000, the subsidiary ledger will show the individual transactions that make up the $50,000.

Therefore the balance of the subsidiary ledger will equal the amount in the general ledger account.

5 0

3 years ago

Which professional has helped Jennifer in this example?

Yuki888 [10]

Answer:

would it be sales representative since they were only able to replace the device and apologize

7 0

3 years ago

Unlike a printed product, online service information can be instantaneously ___ by the provider.