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harina [27]
4 years ago
7

C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2022 Borrows $74,000 from First National

Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $77,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank.
Business
1 answer:
shusha [124]4 years ago
8 0

The following journal entries will be passed in the books of accounts:

<u>Explanation:</u>

date  account and explanation  Debit  Credit

July 1  Cash                               74000  

Notes payable-First national bank   74000    

Nov 1  Cash                                  77000  

Notes payable-Lyon country state bank   77000    

Dec 31  Interest expense                 2960  

Interest payable                                           2960

(to record accrued interest)        

Interest expense                             770  

Interest payable                                            770

(To record accrued interest)        

Feb 1  Notes payable-Lyon country state bank  77000  

Interest payable                                                      770  

Interest expense                                                   385  

Cash                                                                          78155

(To record amount paid)        

Apr 1  Notes payable-First national bank  74000  

Interest payable                                           2960  

Interest expense                                           1480  

Cash                                                                     78440

(To record amount paid)  

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Elodia [21]

Answer:1

Explanation:

9= is the hundred thousands digit

1= is the ten thousand digit

3=is the thousands digit

2= is the hundreds digit

5= is the tens digit

6= is the ones digit

6 0
4 years ago
Positions that have direct responsibility for the basic objectives of an organization are referred to as a line position.
nordsb [41]

Answer: (A) True

Explanation: A line of work is a unit that according to the chain of command has the responsibility of making the key decisions in an organization, which can usually involve the resources to achieve the objectives.

Example: A manager of a sales department of a company, is the first line towards customers and their team, will be responsible for generating revenue.

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3 years ago
Trust Building as a cashier
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What would you do if you saw money on the counter and no one would claim it?
8 0
3 years ago
The following income statement and information about changes in noncash current assets and current liabilities are reported. SON
Kitty [74]

Answer:

Explanation:

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $481,540

Adjustment made:

Add : Depreciation expense $44,200

Add: Amortization expense $4,200

Less: Gain on sale of equipment - $6,200

Less: Increase in accounts receivable - $30,500

Less: Increase in inventory  - $25,000

Less: Decrease in accounts payable - $12,500

Less: Decrease in salaries payable - $3,500

Net Cash flow from Operating activities                          $452,240

4 0
3 years ago
A project organization structure where team members report to a functional manager as well as to the project manager is called A
Dafna11 [192]

Answer:

A. a matrix structure.

Explanation:

A matrix organizational structure is a type work structure where reporting relationships between employees are set up as a matrix rather than the conventional hierarchy approach. This simply means, there are two (2) chains of command; employees have dual reporting relationships to both a project and functional manager.

The matrix organizational structure can be classified into three (3) categories, these are;

1. Weak matrix structure.

2. Balanced matrix structure.

3. Strong matrix structure.

In project management, a strong matrix is also known as the project matrix and it basically refers to a matrix project that is significantly similar or having close resemblance with the pure project. In the strong matrix structure, the project manager controls most of the project activities and functions, including the assignment and control of project resources.

This ultimately implies that the project manager primarily holds a full-time role and has a sole authority, and as such control the budget. The role of the functional manager is usually minimal.

Hence, a project organization structure where team members report to a functional manager as well as to the project manager is called a matrix structure.

8 0
3 years ago
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