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expeople1 [14]
3 years ago
15

Sheridan Company assigns $4570000 of its accounts receivables as collateral for a $2.94 million loan with a bank. The bank asses

ses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction
Business
1 answer:
ad-work [718]3 years ago
4 0

Answer and Explanation:

The journal entry to record the given transaction is shown below;

Cash $2,881,200

Interest Expense ($2,940,000 × 2%) $58,800

      To Notes Payable $2,940,000

(Being the cash and the interest expense is recorded)

Here the cash and interest expense is debited as it increased the asset and expenses while on the other hand the note payable is credited as it also increased the liabilities

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A national restaurant chain encourages its customers to use its website as a means of providing comments about their experiences
lara31 [8.8K]

Answer:

The correct answer is (D)

Explanation:

The restaurant is using a micro-marketing technique which is an efficient and effective tool to measure marketing campaign. Micro-marketing method is used by the restaurant to help them understand the assessment of the customers and to make necessary changes. Micro-marketing technique is used to target a small group of customers. In this case, the restaurant is targeting customers who use the restaurant website.

7 0
3 years ago
Match the departments with task that they perform in the fulfillment process. Sales Accounting Warehouse
maw [93]

Answer:

C. Prepares and sends the invoice

Explanation:

4 0
3 years ago
At the beginning of April, Warren Corporation's assets totaled $257,000 and liabilities totaled $77,000. During April the follow
g100num [7]

Answer:

Total liabilities is $170,500

Explanation:

Warren's total liabilities at end of April comprises of the beginning  balance of liabilities of $77,000 plus the notes payable signed in  respect of the building acquired in the course of the year,the computation is shown below:

Beginning balance of liabilities         $77,000

Notes payable                                    $93,500

Total liabilities                                     $170,500

The notes signed by employee of $11,700 is notes receivable as the employee is owing the company and should be classified as notes payable ,but notes receivable instead, an asset.                      

3 0
3 years ago
Dina loves branded apparel and accessories but cannot afford to buy them too often. Fortunately, Dina lives close to an off-pric
inn [45]

Answer: Off- Price Retail Store

Explanation: An off price retail store also known as treasure hunt is a store that sells at very low prices. They stock wide range of original goods from well known manufacturers and sell at reduced price.

It focuses more on fashion goods from well known designers. The items bought here are well known for quality.

5 0
3 years ago
What factors determine business ethics?
irinina [24]

Answer:

a.how a company treats employees

b. how a company treats consumers

c. whether a company obeys the law

e. whether a company respects the community

f. whether a company respects the environment

Business ethics refer to an area of study involving proper business policies and practices. Generally, the laws governing companies help them form a framework to adhere to in order to gain acceptance from society.

Hence, the way in which a company treats its employees and customers, its compliance with the laws of the land, and the way it acknowledges its responsibility to the community and environment are some of the factors that determine business ethics.

6 0
3 years ago
Read 2 more answers
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