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
Tom [10]
3 years ago
12

Majesty Productions accepted a $7,200, 120-day, 6% note from Swartz Studio on March 1. On the date the note matures, Swartz is u

nable to pay, but Majesty intends to continue collection efforts. What entry should Majesty record on the maturity date for this dishonored note?
a. Debit Accounts Receivable $7,200; credit Notes Receivable $7,200.

b. Debit Accounts Receivable $7,200; credit Allowance for Doubtful Accounts $7,200.

c. Debit Bad Debt Expense $7,344; credit Notes Receivable $7,344.

d. Debit Accounts Receivable $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.

e. Debit Accounts Receivable $7,056; debit Interest Revenue $144; credit Notes Receivable $7,200.
Business
2 answers:
Mnenie [13.5K]3 years ago
7 0

Answer:

D. Debit Accounts Receivable $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.

Explanation:

Majesty record on the maturity date for this dishonored note will be Debit Accounts Receivable $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.

weeeeeb [17]3 years ago
5 0

Answer:

D. Debit Accounts Receivable $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.

Explanation:

Interest: $7,200 × .06 × 120/360 = $144

The entry that Majesty should record on the maturity date for this dishonored note is :

Debit Accounts Receivable $7,344

Credit Interest Revenue $144

Credit Notes Receivable $7,200.

You might be interested in
Xinhong Company is considering replacing one of its manufacturing machines. The machine has a book value of $38,000 and a remain
irina [24]

Answer:

Alternative A should be accepted as it is giving favourable result of $30,600

Explanation:

Xinhong Company

ALTERNATIVE A: INCREASE OR (DECREASE) IN NET INCOME

Cost to buy new machine                                                   $123,000

Cash received to trade in old machine                             $48,000

Reduction in variable manufacturing costs = 4*($33500 - $22400) = $44,400

Total change in net income                                                $30,600

ALTERNATIVE B: INCREASE OR (DECREASE) IN NET INCOME

Cost to buy new machine                                                   $119,000

Cash received to trade in old machine                             $48,000

Reduction in variable manufacturing costs = 4*($33500 - $10300) = $92,800

Total change in net income                                                $21,800

Therefore, Alternative A should be accepted as it is giving favourable result of $30,600

4 0
3 years ago
A man earns Rs.450 in a month and spends 85% of his income.what does he save?
Advocard [28]
He saves Rs. 67.5 (take 450 times .85- since its a % and then subtract that from 450)
8 0
3 years ago
Criminal investigation help please
Yakvenalex [24]
It cant be B because the exit wound is usually big , so im going with A
5 0
3 years ago
Read 2 more answers
During the period 1990–1998 there were 46 atlantic hurricanes, of which 19 struck the united states. during the period 1999–2006
Gelneren [198K]

Answer:

Option C is correct.

Explanation:

7 0
3 years ago
Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit history. The company examine
Leviafan [203]

Answer:

Ingrid Inc.

a. Ingrid's balance in accounts receivable on December 31, 2018, prior to the adjustment is:

= $833,720.

b. Ingrid's balance in allowance for doubtful accounts on December 31, 2018, prior to the adjustment is:

= $6,800.

c. Adjusting Entry:

Debit Bad Debts Expense $3,180

Credit Allowance for Doubtful Accounts $3,180

To record the bad debts expense for the year and bring the balance of the Allowance for Doubtful Accounts to a credit balance of $6,800

Explanation:

a) Data and Calculations:

January 1, 2019 balances:

Accounts Receivable $478,000

Allowance for Doubtful Accounts $7,900 (credit)

Accounts Receivable $3,075,000 Sales Revenue $3,075,000

Cash $2,715,000 Accounts Receivable $2,715,000

Allowance for Doubtful Accounts $4,280 Accounts Receivable $4,280

Ending balance:

Allowance for Doubtful Accounts $6,800 (Credit)

T-Accounts

Account Titles                      Debit      Credit

Beginning balance         $478,000

Sales Revenue            $3,075,000

Cash                                               $2,715,000

Allowance for Doubtful Accounts       $4,280

Ending balance                                $833,720

Allowance for Doubtful Accounts

Account Titles                      Debit      Credit

Beginning balance                            $7,900

Accounts Receivable      $4,280

Bad Debts Expense                             3,180

Ending balance               $6,800

6 0
2 years ago
Other questions:
  • Maggie's manager notices that she exhibits an external locus of control when she speaks about her work. Her manager should Group
    14·1 answer
  • Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the company’s revenues for the year were $1
    10·1 answer
  • A joint production process at Berry Lane Farm results in two​ products, blackberry syrup and blackberry jam. The following cost
    12·1 answer
  • Indexing is the process of: Multiple Choice
    6·1 answer
  • Annual manufacturing cost data (1000s) for four product lines are as follows:
    9·1 answer
  • Which bussiness will you be in or will you make your own?
    6·2 answers
  • While many traditional measures of success revolve around the firm's financial performance, it is also important to gauge the sa
    5·1 answer
  • Universal Travel Inc. borrowed $500,000 on November 1, 2013, and signed a 12-month note bearing interest at 6%. Interest is paya
    10·1 answer
  • Calculate the contribution to total performance from currency, country, and stock selection for the manager in the example below
    14·1 answer
  • When people believe that past behavior is the best predictor of future behavior, they have __________ expectationsa. rational
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!