Answer:
Notes payable; $10,000
Explanation:
Given that,
Borrowing amount = $10,000
Time period = 60 day
Interest rate = 8%
On the due date of the note, avers co. paid the amount.
Therefore, this entry would be recorded by Avers with a debit to Notes payable with an amount of $10,000.
Interest amount = $10,000 × (60 ÷ 360) × 0.08
= $10,000 × 0.17 × 0.08
= $136
(Note: Assuming 360 days in a year)
Therefore, the Journal entry is as follows:
Notes payable A/c Dr. $10,000
Interest Expense A/c Dr. $136
To cash $10,136
(To record Avers pays the amount due in full)
If this is true or false, then its true.
Answer:
C. uses a separate Work-in-process account for each processing department.
Explanation:
A process costing system -
The term of process costing system is used in the method of cost account .
Where it refers to the method to assign and collect the cost of the goods and services manufactured per unit , is referred to as the process costing system .
The method is very efficient and useful during the production of goods and services in large quantities .
The method is appropriate for different department , where each department is assigned a separate processing method i.e. , if in company there are three major departments , then each department is assigned a specific process costing system , which is specific for a specific department .
Hence , from the question ,
The correct answer is c.
Answer:
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