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adell [148]
3 years ago
12

ABC Corp. received a 3-month, 8% per year, $1, 500 note receivable on December 1. The adjusting entry on December 31 will includ

e a:___________ a) debit to interest Revenue of $10 b) credit to interest Receivable of $20 c) credit to interest Revenue of $30 d) debit to interest Receivable of $10
Business
1 answer:
stich3 [128]3 years ago
7 0

Answer:

Option D is the correct answer.

d) debit to interest Receivable of $10

Explanation:

Under the accrual basis or principle of accounting, we match the revenue with the expenses and record the transactions in the period to which they relate to rather than when the cash is paid or received. This means that the interest receivable that is accrued for time period relating to this year should be recorded as a revenue in the current period and as an asset under interest receivable as it will be received in the next period.

Thus, the interest on the note relating to 1 month of December will be recorded as follows,

Interest Revenue = 1500 * 0.08 * 1/12 = 10

31 Dec 2021

Interest Receivable       10 Dr

    Interest Revenue        10 Cr

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Charleston Company has two departments (Processing and Packaging) and uses a job-order costing system. Charleston applies overhe
olga_2 [115]

Answer:

$1.236= Estimated manufacturing overhead rate

Explanation:

Giving the following information:

Processing:

Direct labor cost= $44,500

Applied overhead= $55,000

To determine the estimated overhead rate, we need to use the following formula:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

55,000= Estimated manufacturing overhead rate*44,500

55,000/44,500= Estimated manufacturing overhead rate

$1.236= Estimated manufacturing overhead rate

3 0
3 years ago
You are paying 11% interest on a credit card balance of $2,000. Which of the following best estimates the interest you are payin
Sloan [31]
<span>You are paying 11% interest on a credit card balance of $2,000. 
=> 2 000 * .11 =  220 dollars is the interest.
Next is to total or sum up the amount to be paid.
=> 2 000 + 220 = 2220 dollars 

</span>
5 0
3 years ago
Lana Reid is an accounting clerk at Tenity Enterprises who is paid $18.15 per hour. During a week’s pay period, she worked 39 ho
butalik [34]

Answer:

$720.25

Explanation:

Given data:

Lana salary per hour = $18.15

total hour of work by her is 39 hr 41  minutes

we know from hundredth hour pay method

hundredth hr for 41 mints is = \frac{(41}{60}) \times  100 = 68.33

so we have  39 hrs 41 minutes that can be written as = 39.6833

So, salary for 39.6833 is = $18.15 \times 39.6833 = $720.25

4 0
3 years ago
Your__ is the way you use your time, energy, and resources
Sidana [21]

Answer:

Lifestyle

Explanation:

Lifestyle is a way of life established by a society, culture, group or individual. This includes patterns of behavior, interaction, consumption, work, activity and interests that describe how a person spends their time.

8 0
3 years ago
Janet is forecasting how much money her department needs to support a new project. She estimates that two people and $25,000 in
hammer [34]

Answer:

Padding estimates.

Explanation:

Padding the budget means making the budget proposal larger than the actual estimates for the project. This is done either by increasing a project's expenses or decreasing its expected revenue.

3 0
3 years ago
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