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Grace [21]
3 years ago
7

QS 7-13 Note receivable interest and maturity LO P4 On December 1, Daw Co. accepts a $36,000, 45-day, 10% note from a customer.

(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
Business
1 answer:
asambeis [7]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

1. Interest Receivable $300($36,000 ×  10% x 30 ÷ 360)  

         To Interest Revenue $300

(Being accrued interest revenue is recorded)

2. Cash $36,450

          To Interest Receivable A/c $300

          To Interest Revenue A/c $150 ($36,000 ×  10% x 15 ÷ 360)    

          To Notes Receivable A/c $36000

(Being note maturity date it is honoured is recorded)

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uses the weighted-average method in its process costing system. In their first processing department, the company worked on 1,05
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The % of completion of the ending inventory in work-in-process with respect to conversion cost is: 40%.

Explanation:

<em>First Calculate the Physical units in Ending Work in Process Inventory.</em>

Physical units in Ending Work in Process Inventory = Beginning Work in Process inventory + Started Units - Units Completed and transferred out

Thus, Ending Work in Process Inventory = 230 +  1,345 - 700

                                                                   = 875

<em>Then, Calculate the Equivalent Units of Ending Work in Process Inventory.</em>

Total equivalent units of production - conversion costs 1,050

Less Units Completed and transferred out                       (700)

Equivalent Units of Ending Work in Process Inventory     350

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The % of completion = Equivalent units of Ending Work in Process Inventory/ Physical units in Ending Work in Process Inventory × 100

                                  = 350 / 875 × 100

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