Interest Expense
The cost of borrowing money is referred to as interest expenditure. Interest expenditure in the income statement might represent the cost of borrowing money from banks, bond investors, and other sources.
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$50
A note payable is a type of financial instrument. In this case, the note payable is due in three months. So, after one month, we will record the following interest on the note payable:
15000*4%*(3/12) = 150
For 1 month = 150/3 = 50
The note payable was sold on December 1, and we must calculate its interest on December 31, which is one month later. As a result, we will divide total interest 150 by 3. This will provide us with one month's interest.
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“Preference” is the answer.
<span>Jack and James disagreed about the shirt because of the differences in
their preference. People have their own inclination towards objects and this
could be a result of their personal taste or past experiences. In this case, it
could be that Jack liked the shirt’s fabric or color but James didn’t, that’s
why they disagreed.</span>
Answer:
Explanation:
The journal entry to record the given transaction is shown below:
Cash A/c Dr XXXXX
To Common stock A/c XXXXX
(Being the issuance of the common stock is recorded)
The accounting equation is
Total Assets = Total liabilities + Stockholder equity
Cash Increased = No effect + Increased
Therefore, the cash account and the common stock is increased.
Answer:
DR Cash $589
DR Credit Card expense $31
CR Sales $620
<em>(To record sales via credit card)</em>
<u>Working</u>
Cash
= 620 * ( 1 - 5%)
= $589
Credit Card Expense
= 620 * 5%
= $31
