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
topjm [15]
3 years ago
11

Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing the principal ($14,000) and interest

($1,120) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.
On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSSantee CompanyGeneral Ledger
ASSETS
110 Cash
111 Petty Cash
120 Accounts Receivable
131 Notes Receivable
141 Merchandise Inventory
145 Office Supplies
146 Store Supplies
151 Prepaid Insurance
181 Land
191 Office Equipment
192 Accumulated Depreciation-Office Equipment
193 Store Equipment
194 Accumulated Depreciation-Store Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
222 Interest Payable
231 Salaries Payable
241 Sales Tax Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
515 Credit Card Expense
516 Cash Short and Over
520 Salaries Expense
531 Advertising Expense
532 Delivery Expense
533 Insurance Expense
534 Office Supplies Expense
535 Rent Expense
536 Repairs Expense
537 Selling Expenses
538 Store Supplies Expense
561 Depreciation Expense-Office Equipment
562 Depreciation Expense-Store Equipment
590 Miscellaneous Expense
710
Interest Expense
On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
Business
1 answer:
Novosadov [1.4K]3 years ago
4 0

Answer:

Dr Cash $15,120

Cr Notes Receivable $14,000

Cr Interest Revenue $1,120

Explanation:

Preparation of the journal entry

Based on the information given On March 1, the journal entry that should be made by the company to bring the accounting records up to date will be :

March 1

Dr Cash $15,120

Cr Notes Receivable $14,000

Cr Interest Revenue $1,120

You might be interested in
What accounts for the increase in operating support when an independent business expands by becoming a franchisor?
Musya8 [376]

Answer:

hi

Explanation:

I don't know

sorry sorry sorry

3 0
2 years ago
After conducting a market research study, Magnificent Manufacturing decided to produce a new interior door to complement its ext
marta [7]

Answer:

Target sales revenue = $7,830,000

Explanation:

given data

target price = $270

annual target sales volume = 29,000

target operating income = 40%

to find out

Target sales revenue

solution

we will get here Target sales revenue that is express as

Target sales revenue =  target price × annual target sales volume   .................1

put here value we get

Target sales revenue = $270 × 29000

Target sales revenue = $7,830,000

6 0
3 years ago
When the money market is drawn with the value of money on the vertical axis, if the Federal Reserve buys bonds, then the money s
otez555 [7]

Answer:

The correct answer is:  shifts rightward, causing the price level to rise.

Explanation:

The money supply curve portraits the money supplied in the market at a specific interest rate. The money supply is increased by the central bank by purchasing bonds or other assets -in this case, the Federal Reserve- causing the money supply curve more to the right which at the same time lowers the interest rate.

7 0
3 years ago
The relationship between employer and employee can be thought of in terms of a(n) ____, a description of what an employee expect
nydimaria [60]

Answer:

The answer is: psychological contract

Explanation:

Psychological contracts are the expectations or promises exchanged between the parties; employer, employee, or even fellow employees, in an employment relationship. They are not written contracts, but they often implicit or understood between the parties. For example, an employee expects that if he or she works really hard, eventually he or she will receive a promotion or a salary raise.

8 0
3 years ago
the price of summer cabins. as summer​ approaches, the equilibrium price of rental cabins increases and the equilibrium quantity
Roman55 [17]

the price of summer cabins. as summer​ approaches, the equilibrium price of rental cabins increases, and the equilibrium quantity of cabins rented increases increase in demand.

When the price falls below the equilibrium price, the quantity demanded exceeds the quantity supplied, creating an excess demand (short supply) for the product. In other words, consumers want to buy more than producers are willing to sell. This mismatch between supply and demand drives up prices.

Price movements cause equilibrium movement along the supply curve. Such a movement is called a change in supply. Like changes in demand, changes in supply do not shift the supply curve. By definition, it is moved along the supply curve.

Learn more about equilibrium at

brainly.com/question/517289

#SPJ4

4 0
1 year ago
Other questions:
  • Total quality management (tqm) emphasizes all but which one of the following?a. Team-based work design and the creation of a tot
    15·1 answer
  • Miklos, who does not understand english, is asked by carl to sign a piece of paper that carl says is an application to open a ba
    7·1 answer
  • Anya feels pressure to increase sales, so she decides to intentionally marks up the price on a new shipment of sweaters and then
    9·2 answers
  • Of the following scenarios, which one is best suited to a non-linear presentation?
    10·2 answers
  • A firm issues two-year bonds with a coupon rate of 6.7%, paid semiannually. The credit spread for this firm's two-year debt is 0
    10·1 answer
  • Based on the corporate valuation model, the total corporate value of Chen Lin Inc. is $500 million. Its balance sheet shows $110
    15·1 answer
  • In what seven (7) way can we promote good marriage in the society ​
    11·1 answer
  • 1. The types of businesses that can operate in a community are regulated by local
    12·1 answer
  • Mr. and Mrs. Nabulsi are 44 and 41 years old, respectively. They have two children, 14 and 16 years old. They are successful and
    15·1 answer
  • What company strategy correlates to returning the highest profit margins and return on assets?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!