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monitta
3 years ago
7

On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record ac

crued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
Business
1 answer:
Yuri [45]3 years ago
4 0

Answer:Please find answers in explanation column

Explanation:

Accrued interest revenue on December 31=

Principal x Time X Rate

$10,000 X 6%x 30/360(Dec1st - 31st)

$50

Accrued interest revenue on Maturity date=

Principal x Time X Rate

$10,000 X 6%x 45/360

=$75

Journal to record Interest revenue accrued at the end of year.

Date Account Title Debit Credit

Dec31Interest Receivables $50Dr

Interest Revenue$50Cr

Journal to Record the receipt of note with interest

15th Jan Cash $10,075 Dr

Interest Recivable $50 Cr

Interest Revenue $25 Cr

Note Receivables $10,000 Cr

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6 0
3 years ago
Given the following information on a 30-year fixed-payment fully amortizing loan, determine the remaining balance that the borro
riadik2000 [5.3K]

Answer: your question is not complete, its lacking the monthly payments. However, i guess your first option (option A) should be monthly payment since you write 2 options at D.

By using $1,200 as the monthly payment, the answer to the question is $164,402 which is your D

7 0
3 years ago
On January 1, 20X1, Meister Company issues $200,000 of 6% bonds. Interest of $6,000 is payable semiannually on June 30 and Decem
hoa [83]

Answer:

                                                                   Debit                   Credit

Bank/Cash                                                  $200,000

Bonds payable                                                                        $200,000

Explanation:

The journal entry which shall be recorded by Meister Company in its accounts in respect of bonds issued by it, on January 1, 20X1, is mentioned below:

                                                                   Debit                   Credit

Bank/Cash                                                  $200,000

Bonds payable                                                                        $200,000

6 0
3 years ago
Question 3
pochemuha

Answer:

D) Sole proprietorship

Explanation:

Sole Proprietorship offers the <em>quickest decision-making</em>, because a sole proprietorship consists of only 1 owner, which means that the decision is only required to be made by the owner, and not by other people. This offers the quickest decision-making.

~

8 0
4 years ago
Read 2 more answers
Lance's taxable income last year was $65,350. According to the tax table
Yakvenalex [24]

The amount of tax that Lance is going to have to pay under the single status is going to be $12,531

<h3>What is the single status tax system?</h3>

This is the status that is used by the people that are not married. In this system of filing taxes, the way that it is done is that the single filers would have to use the single status for the internal revenue service.

We have to multiply the income that is taxable from last year by 19.17%

= $65,350 * 19.17%

= $12531

Hence the amount that has to be taxed is going to be 12531

Read more on taxes here: brainly.com/question/25783927

#SPJ1

4 0
2 years ago
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