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
rjkz [21]
2 years ago
5

Journal Entries (Note Received, Discounted, Dishonored, and Collected)

Business
1 answer:
Sholpan [36]2 years ago
5 0

Answer:

Journal Entries:

Apr. 6 Debit 6% Notes receivable $2,700

Credit Accounts receivable $2,700

To record the receipt of a 120-day, 6% note for accounts receivable balance.

Apr. 26 Debit Cash $2,511

Debit Finance expense $189

Credit 6% Notes receivable $2,700

To record the discounted note at a rate of 7%.

May 3 Debit 7% Notes receivable $1,000

Credit Accounts receivable $1,000

To record the receipt of a 30-day, 7% note in payment for accounts receivable

June 2 Debit Accounts receivable $1,005.83

Credit 7% Notes receivable $1,000

Credit Interest revenue $5.83

To record the 30-day, 7% note is dishonored.

June 5 Debit Cash $1,005.83

Credit Accounts receivable $1,005.83

To record the receipt of cash and interest of 7% on the maturity value.

Explanation:

a) Data and Analysis:

Apr. 6 6% Notes receivable $2,700 Accounts receivable $2,700

Received a 120-day, 6% note

Apr. 26 Cash $2,511 Finance expense $189 6% Notes receivable $2,700 Discounted the note at a rate of 7%.

May 3 7% Notes receivable $1,000 Accounts receivable $1,000

Received a 30-day, 7% note in payment for accounts receivable

June 2 Accounts receivable $1,005.83 7% Notes receivable $1,000 Interest revenue $5.83 ($1,000 * 30/360) 30-day, 7% note is dishonored.

June 5 Cash $1,005.83 Accounts receivable $1,005.83

7% on the maturity value.

You might be interested in
Leslie Printing has net income of $26,310 for the year. At the beginning of the year, the firm had common stock of $55,000, paid
BARSIC [14]

Answer:

The amount of the net new equity raised during the year is $34,000.

Explanation:

Net new equity = total equity - common stock - paid-in surplus - (retained earnings + net income - paid dividends)

= $142,430 - $55,000 - $11,200 - ($48,420 + $26,310 -   $32,500)

= $34,000

Therefore, the amount of the net new equity raised during the year is $34,000.

6 0
3 years ago
Indicate how the following transactions affect the accounting equation.
jeyben [28]

Answer:

Hopefully I understood the question correctly. Below is the affect on

assets-liabilities= owners equity

Explanation:

A. Increases assets, increases liabilty

b. Increases assets, decreases assets (a wash for assets)

c. Decreases owners equity, decreases assets

d. Increases owners equity, increases assets

e. Increases owners equity, increases assets

5 0
2 years ago
What is the expected salary range for ocean engineer from entry level to being at the top of their field?
Troyanec [42]

Answer: $47,000 to $117,000 per year

Explanation: An ocean engineer at a fresher level can earn $47k and with the experience of 10 years in the filed, the salary of an individual can lead up to $117k in a year.

The profession of ocean is considered to be one of the highest paid branch of engineering, with most recruiters belonging to extraction industry. The median salary of an ocean engineer, as per the latest data is $70,285.

7 0
3 years ago
An unlicensed property manager can do all of the following except: Maintenance Showing units Negotiating lease terms Furnishing
Lynna [10]

When a person is an unlicensed property manager, they can do all of the above except Negotiating lease terms.

<h3>What can an unlicensed property manager do?</h3>

An unlicensed property manager can show prospective buyers the units on sale as well as maintaining the units. They can also furnish people with published information on the units.

They cannot however, negotiate lease terms with people because they do not have the license and authority to do so.

Find out more on property management at brainly.com/question/7023042.

6 0
2 years ago
_____ is a career typically requiring a certificate from a vocational school program.
Dovator [93]

Lawyer is a career typically requiring a certificate from a vocational school program.

4 0
2 years ago
Read 2 more answers
Other questions:
  • Predict how the price of athletic shorts would change if schools banned their use.
    5·1 answer
  • Philosophers draw a distinction between ___________________, which describe the world as it is, and normative statements, which
    6·1 answer
  • Variable Cost Ratio, Contribution Margin Ratio Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming yea
    9·1 answer
  • True Rest spa offers a unique experience of relaxation for "stressed-out moms." Choose the most effective example of the spa’s v
    12·1 answer
  • Hihihihihihihhhihiihihiiihihihihihihihihihihihhihihihihihihihhiiihihihihihiihihihiihiihihihi
    12·1 answer
  • For each market listed below, determine whether it is best characterized as a Cournot oligopoly, Stackelberg oligopoly, or Bertr
    9·1 answer
  • During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of mercha
    13·1 answer
  • WGU can enroll 325 students monthly. However, due to the ratio of availability of enrollment counselors and potential students t
    12·1 answer
  • At a sales volume of 34,000 units, Carne Company's sales commissions (a cost that is variable with respect to sales volume) tota
    5·1 answer
  • True or False: An individual investor is more likely to engage in foreign direct investment than a corporation. True False
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!