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Dmitry_Shevchenko [17]
2 years ago
13

On March 1, LGE asks to extend its past-due $6,000 account payable to Tyson. Tyson agrees to accept $1,400 cash and a 180-day, 8

%, $4,600 note payable to replace the account payable. (Use 360 days a year.)(1) Prepare the March 1 entry for LGE.(2) Prepare the September 27 entry for LGE when it pays the note and interest to Tyson.
Business
1 answer:
Gnom [1K]2 years ago
6 0

Answer: See explanation

Explanation:

1. Prepare the March 1 entry for LGE.

Debit: Account payable - Tyson = $6000

Credit: Cash = $1400

Credit: Note payable = $4600

.(2) Prepare the September 27 entry for LGE when it pays the note and interest to Tyson.

Debit: Notes Payable = $4600

Debit: Interest expense = ($4600 × 8/100 × 180/360) = $184

Credit: Cash = $4784

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You will need a law degree
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Sports​ Medicine, Inc., offers two types of physical exams for​ students: the basic physical and the extended physical. The char
kramer

<em>Explanation</em>:

Second Quarter Sales budget

<u>Forecasted Physical Exam. (Basic at $95 per exam and Extended at $150)</u>

July

Basic > 240 =95*240=23,040

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August  

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3 0
3 years ago
Golden Harvest is a restaurant located inside a five-star hotel. It caters mainly to customers who are concerned about quality d
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<u>D. A premium rooftop restaurant in the same city</u> will be a part of Golden Harvest's strategic group.

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In the above scenario, Golden Harvest is the restaurant that is operated inside a five-star hotel. They provide quality dining to their customers. The customers visiting the restaurant expect only the quality and they don’t bother about the prices.

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3 0
3 years ago
BR Trucking has total sales of $911,300, a total asset turnover of 1.1, and a profit margin of 5.87 percent. Currently, the firm
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Answer:

$2.89

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3 0
3 years ago
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