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Tom [10]
4 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]4 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]4 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.

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<u>Answer: </u>

If the bad results are to be reduced, the trade-off would be that most economic production units would have to be shut down and hence, many people would lose their jobs.

<u>Explanation: </u>

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4 years ago
Which type of fund generally has the lowest average expense ratio? actively managed international funds indexed funds hedge fund
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The fund that has the lowest average expense ratio from the given options is an Indexed fund.

<h3>Why are expense ratios for Indexed funds so low?</h3>

Index funds are funds that invest on a particular index such as the  S&P 500 Index which follows the 500 companies on the S&P.

The way these funds work is by investing on a certain index entirely and then leaving the investment to run on its won based on the returns of the index that was invested in.

Because these funds just follow an index, they do not need people to monitor them and make analysis that will lead to higher returns for investors.

As a result of this, the overhead attached as a result of wages for analysts is reduced. With the total expenses being reduced, so also will the average expense ratio.

In conclusion, the fund that generally has the lowest average expense ratio is the indexed find.

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6 0
2 years ago
When joshua proposed​ cross-training his employees so absences and vacations would not pose such a problem in​ productivity, his
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Answer:

a. fear that they would be forced out of their habits

Explanation:

In as much as the aim is for absences and vacations not to pose a problem in​ productivity, Joshua's employees still objected because they might one day be told not to go on vacations and not even be absent from work. Thus, this becomes a problem for them.

Therefore the fear that they would be forced out of their habits sets in and they object the proposal.

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3 years ago
Read 2 more answers
Unlike sole proprietorship and partnerships, the corporation has a life independent of its owners and officers. true or false
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<h3>What is Partnership?</h3>
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  • Organizations may work together to expand their reach and increase the likelihood that each will succeed in reaching their goals.
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5 0
2 years ago
Coronado Industries reported total manufacturing costs of $450000, manufacturing overhead totaling $68000, and direct materials
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Answer:

$296,000

Explanation:

Calculation for How much is direct labor cost

Using this formula

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Let plug in the formula

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Direct labor cost=$296,000

Therefore the direct labor cost will be $296,000

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