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Goshia [24]
3 years ago
10

Tate Company purchased equipment on November 1, 2020 and gave a 3-month, 9% note with a face value of $120,000. Tate’s year-end

is December 31st. The December 31, 2020 adjusting entry is Group of answer choices debit Interest Expense and credit Cash, $7,200 debit Interest Expense and credit Interest Payable, $1,800 debit Interest Expense and credit Interest Payable, $1,200 debit Interest Expense and credit Interest Payable, $10,800
Business
1 answer:
goldfiish [28.3K]3 years ago
5 0

Answer: Debit Interest Expense and credit Interest Payable, $1,800

Explanation:

The amount of time that has elapsed between the 1st of November and the 31st of December is 2 months.

This means that the interest over the last 2 months has to be calculated and recorded on the 31st of December.

Bear in mind that the 9% is an annual interest rate figure and so when calculating the interest, you must adjust for the amount of months in the year.

Interest owed for 2 months is,

= 9% * 2/12 (2 months have elapses out of 12 months in the year) * $120,000

= $1,800

Interest owed is $1,800.

The correct entry will therefore be,

Dec 31

DR Interest Expense $1,800

CR Interest Payable $1,800

( To record interest payable on note)

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Answer:

The mission of the institute is to promote agricultural science and to train manpower for agricultural development focusing on teaching, research and extension.

Explanation:

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1 year ago
What is research and development in research?
borishaifa [10]

Businesses engage in research and development (R&D) when they want to produce new products or find ways to enhance the ones they already have. Larger businesses might have their own in-house research and development group that will evaluate and improve items or procedures prior to use in the marketplace.


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1 year ago
Financial markets and channel to . They also channel money from individuals who want to for the future to those who need cash to
Monica [59]

Answer:

financial intermediaries, saving, real investment, save, mutual funds, ETF, commodity market, shares, stock market, banks, CFO, liquids

Explanation:

The Question is incomplete. Here Is the complete Question.

Fill in the blanks in the following passage by choosing most appropriate word from the list:  CFO, save, financial intermediaries, stock market, saving, real investment, bonds, commodity markets, mutual funds, shares, liquids, ETFs, banks. each term should be used only once.

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Answer:

A) True

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Organizing a partnership has several advantages; it is much faster, simpler and easy, start up costs are very low, etc.

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3 years ago
Due to labor-market regulations that make it difficult for young workers to break into the labor force, Spain has the highest le
malfutka [58]

Answer: See explanation

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When youths leave school at a younger age, this will mean that more youths would be looking for jobs and this will increase unemployment.

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When students are encouraged to stay in the education system longer, thus helps to reduce youth unemployment.

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