Answer:
Debiting Interest Receivable for $400 and crediting Interest Revenue for $400
Explanation:
Based on the information given if the company.has a note receivable from Jewel Co for the amount of $80,000 in which The note matures in 5 years and bears interest of 6% which means that when Rose is preparing financial statements for the month of June. Rose should make an adjusting entry by :
Debiting Interest Receivable for $400
crediting Interest Revenue for $400
[($80,000 × .06)/12 ]
i am assuming that you want to find out the total number of letters.
if so,
let 'x' be the total number of letters
so, 80/100*x = 240
80x/100 = 240
80x = 240*100
80x = 24000
x = 24000/80
x = 300
total number of letters is 300
Answer:
Option D is correct
Explanation:
The reason is that increase in tax lowers the demand of the products. When the government imposed additional taxes on vodka, the demand will obviously fell. Now the vodka manufacturing company in retaliation of imposed taxes, will have to lower its price to still attract its customers. Now the difference in this ($3) decrease in price and ($5) increase in taxes is $2 additional cost per unit, which the buyer will have to bear. This means sixty percent of the additional cost (3/5*100) will be beared by the vodka seller. The increase in prices of the Vodka will decline the demand of the product, which means fewer products would be sold.
Answer:
Given that,
Note face value = $12,000
Interest rate = 7%
Time period = 90 days
Interest amount:
= Face value × Interest rate × Time period
= $12,000 × 0.07 × (90/360)
= $210
Therefore, the journal entry is as follows:
On October 30,
Interest receivables A/c Dr. $210
To Interest revenue $210
(To record the interest value on note)
Answer:
they both produce the same thing
Explanation:
check the picture attached below for the full explanation.
