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
ryzh [129]
3 years ago
5

On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used t

o purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.
Required:

Record the issuance of the installment note payable and the first two monthly payments.
Business
1 answer:
mrs_skeptik [129]3 years ago
4 0

Answer:

January 1, 2021, vehicle purchased on credit

Dr Vehicles 50,000

    Cr Notes payable 50,000

January 31, 2021, first installment

Dr Notes payable 578.64

Dr Interest expense 250

    Cr Cash 828.64

Interest expense = $50,000 x 6% x 1/12 = $250

February 28, 2021, second installment

Dr Notes payable 579.89

Dr Interest expense 248.75

    Cr Cash 828.64

Interest expense = $49,750 x 6% x 1/12 = $248.75

Generally loans are made on a 360 day year basis, that means that the monthly interest expense is always calculated as 1/12 of the annual interest charge.

You might be interested in
Assess how the leadership team you designate will affect organizational performance in the short-term and the long-term.
My name is Ann [436]

Explanation:

A company's leadership team is an essential part of the company's strategic development and decision-making process.

Therefore, the leadership team will directly influence organizational performance in the short and long term, in the sense that this team will be responsible for the strategic planning that will contemplate the long term in the organization and help it to reach its goals and objectives.

The decision-making process, on the other hand, will impact the company in the short term and will be essential for the decisions made to be beneficial for the improvement of organizational processes and the achievement of competitive and financial advantages.

8 0
3 years ago
The _____ is an agency of the federal government that offers both managerial and financial assistance to small businesses.
Reil [10]

Answer:

D. Small Business Administration.

Explanation:

The Small Business Administration (SBA) is an agency of the federal government that offers both managerial and financial assistance to small businesses. SBA was established in 1953 as an autonomous or independent agency of the government of the United States of America. Generally, it is saddled with the responsibility of providing both managerial and financial assistance and counseling to small businesses in order to bolster the American economy.

The small business administration (SBA) serves as an intermediary between entrepreneurs and investors or creditors, in order to provide them with the necessary funds required to plan, start and grow their business.

<em>Basically, SBA provides services such as entrepreneurial development, access to funds, advocacy and contracting to small businesses (entrepreneurs) in the United States of America. </em>

5 0
3 years ago
A call center with access to customer credit reports selling customer data to an outside organized crime organization for the pu
emmasim [6.3K]
The answer is authorized to use an organization’s system. In addition, if an authorized user tells another person his secret code, the unauthorized user can masquerade as the authorized user with significantly less likelihood of detection. People who have some motive to attack an organization and are not authorized to use the system of the organization are called outsiders and can pose a serious threat to an organization.
8 0
3 years ago
Is it ethical for large companies to market small brands as being local, natural, or eco-friendly when they are in fact owned by
klio [65]

Answer:

yes

Explanation:

companies will not yell the truth

3 0
3 years ago
When you are applying for a job, it’s fine to post this kind of personal information on websites? A) Your personal security numb
Katen [24]

Answer:

C

Explanation:

you don't want to do A or b so with that it can't be D

6 0
3 years ago
Other questions:
  • Crafting a strategy to compete in one or more foreign markets can be considered complex because 34) A) factors that affect indus
    9·2 answers
  • Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 1,200,0
    10·1 answer
  • A binding minimum wage will increase the income of Question 7 options: A. all workers. B. potential workers seeking employment.
    15·2 answers
  • What is the term for the time at which maximum levels of petroleum extraction are reached?
    9·1 answer
  • United States exports soybean oil to China. However, to protect the Chinese soybean oil market, Chinese government has high tari
    13·1 answer
  • Investigative people will make good scientists. True or False. (Career Explorations Final Exam)
    7·2 answers
  • Romanova Inc. decides to sell an old piece of equipment and receives $5,000 cash for it. The original cost of the equipment was
    14·1 answer
  • Give two examples of products sold in perfectly competitive markets and two examples of products sold in monopolistically compet
    8·1 answer
  • Bob has a face-to-face interview tomorrow morning. he has done his research and knows a lot about the prospective employer. he w
    5·1 answer
  • If the fed buys more bonds from the public, and increases the price it is willing to pay for the bonds, what will happen to inte
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!