1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Kruka [31]
4 years ago
14

On July 1, Shady Creek Resort borrowed $340,000 cash by signing a 10-year, 9% installment note requiring equal payments each Jun

e 30 of $52,979. What is the journal entry to record the first annual payment?a. Debit Cash $340,000, debit Interest Expense $52,979, credit Notes Payable $392,979. b. Debit Interest Expense $52,979; credit Cash $52,979. c. Debit Interest Expense $30,600; credit Cash $30,600. d. Debit Interest Expense $30,600; debit Interest Payable $22,379, credit Cash $52,979.
Business
1 answer:
katovenus [111]4 years ago
6 0

Answer:

Explanation:

The journal entry is shown below:

Interest Expense A/c Dr $30,600

Note Payable A/c Dr $22,379

                       To Cash A/c $52,979

(Being payment of the first installment is recorded and the remaining balance is debited to note payable account)

The interest expense is computed below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $340,000× 9% × (12 months ÷ 12 months)

= $30,600

You might be interested in
When the Fed buys securities from the public, banks' reserves ________ and the quantity of money ________.
kow [346]

When Fed buys securities from the public, banks' reserves increases and the quantity of money reduces in supply.

<h3>What are Securities?</h3>

Securities simply put are assets that has monetary values like bonds, stocks and they can be traded.

In recent times, people enjoy the digital form of money/securities like cyptocurrencies.

Learn more about Securities here:

brainly.com/question/25720881

#SPJ1

5 0
2 years ago
In the long​ run, a perfectly competitive market will A.supply whatever amount consumers demand at a price determined by the min
In-s [12.5K]

Answer: Option (A) is correct.

Explanation:

Correct Option: A.supply whatever amount consumers demand at a price determined by the minimum point on the typical​ firm's average total cost curve.

In the long run, equilibrium price of a perfectly competitive firm implies that there is no economic profit for the firm. This situation occur when the marginal cost is equal to the average total cost.

The firm is break even when the price is equal to the minimum point of average total cost of the firm. So, there is no possibility of economic profit for the firm.

5 0
3 years ago
Net income reported on the income statement for the current year was $350,000. Depreciation recorded on plant assets was $26,000
Sonbull [250]

Answer:

$357,500

Explanation:

Cash flow from operating activities on the statement of cash flows:

= Net income + Depreciation Expense - Increase in accounts receivable - Increase in inventory + Decrease in prepaid expense - Decrease in accounts payable

= $350,000 + $26,000 - $3,000 - $5,000 + $2,500 - $13,000

= $357,500

Therefore, the net cash flow from operating activities is $357,500.

6 0
3 years ago
Consider the following statement: ''Real GDP is currently $17.7 trillion, and potential real GDP is $17.4 trillion. If Congress
Elena L [17]

Answer:

C. more than $300 billion.

Explanation:

As it is given that

Decrease in government purchase by $300 billion

Tax increased by $300 billion

Based on this we can interpret that if there is a more decrease in gross domestic product which leads to the decrease in government expenditure or the government tax is increased is because of multiplier effect as it shows the positive relationship between the spending and the final income

Therefore, the third option is correct

Hence, the above statement is false

6 0
3 years ago
Instructions on how to creae and maintained planned maintenance system schedules using sked appendix
gogolik [260]
  • Cycle, quarterly, and weekly calendars are the several types of PMS schedules.
  • The Cycle PMS Schedule shows the Maintenance Requirements (MRs) that are anticipated to be completed over an extended period of time within the ship's maintenance life cycle.
  • The pound sign symbol ("#") denotes required related maintenance checks that must be conducted within the quarter.
  • The mark used to denote the end of an MR is the letter "X."
  • A circled "O" on a Sked requirement denotes a requirement that was either not completed at all or just partially completed after the relevant MRC.
  • Each 13-week column has black markings at the top to denote underway periods.
  • Rescheduled MRS is indicated by the O-with-arrow on the schedule mean.

What are the two scheduling techniques for preventive maintenance?

Fixed PMs and floating PMs are two different scheduling techniques for preventive maintenance. Tracking assets and determining when they require inspection, maintenance, calibration, or replacement can be done using either method.

What are the strategies of preventive maintenance scheduling?

These two PM scheduling techniques enable maintenance facilities to precisely identify maintenance triggers, properly maintain assets and effectively utilize maintenance resources. As a result, facilities experience less downtime and improve asset performance for longer.

Learn more about Preventive maintenance: brainly.com/question/14970029

#SPJ4

8 0
1 year ago
Other questions:
  • PLEASE HELP
    5·1 answer
  • Skills devalopment act
    11·1 answer
  • The board of directors of Orange Corporation, a calendar year taxpayer, is holding its year-end meeting on December 28, 2010. On
    15·1 answer
  • Consider the following transactions for Huskies Insurance Company: Equipment costing $34,200 is purchased at the beginning of th
    7·1 answer
  • 9. What are two reasons someone might purposely choose a HIGHER monthly payment?
    10·2 answers
  • A manager must decide how many machines of a certain type to purchase. Each machine can process 100 customers per day. One machi
    11·1 answer
  • The Talbot Company uses electrical assemblies to produce an array of small appliances. One of its high cost / high volume assemb
    13·1 answer
  • The percentage of Americans with college degrees has risen dramatically since 1910. The functionalist explanation would be that
    14·1 answer
  • Which of the following are automatically withheld from paychecks?
    8·1 answer
  • Based on the following information: Rate of Return If State Occurs State of Probability of Economy State of Economy Stock A Stoc
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!