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34kurt
3 years ago
5

Valley Spa purchased $11,700 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 14% promissory note for $11,700.

If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.)
Business
1 answer:
Charra [1.4K]3 years ago
6 0

Answer:

Given that,

Value of promissory note = $11,700

Time period = 60 days

Interest rate = 14%

Interest revenue:

= Note value × Interest rate × Time period

= $11,700 × 0.14 × (60/360)

= $273

Therefore, the journal entry is as follows:

Accounts receivable A/c Dr. $11,973

          To Interest revenue                  $273

          To Notes receivable                 $11,700

(To record the dishonored note)

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3 years ago
A company has quick assets of $ 300,000 and current liabilities of $ 150,000 . The company purchased $ 50,000 in inventory on cr
anzhelika [568]

A company has quick assets of $ 300,000 and current liabilities of $ 150,000. The company purchased $ 50,000 in inventory on credit. After the purchase, the quick ratio would be d. 1.75.

Inventory refers to all of the gadgets, items, products, and materials held with the aid of a commercial enterprise for selling within the marketplace to earn a profit. instance: If a newspaper supplier makes use of an automobile to supply newspapers to the customers, handiest the newspaper may be taken into consideration in inventory. The vehicle can be dealt with as an asset.

Inventory is an asset due to the fact a company invests money in it that it then converts into sales while it sells the inventory. stock that doesn't promote as quickly as anticipated may become a liability.

The principle feature of stock is to offer operations with ongoing delivery of materials. To gain this feature correctly, your enterprise has to attempt to discover a sweet spot between an excessive amount and too little, without ever going for walks out of inventory.

quick assets = 300000

quick liablities= 150000

inventory on credit

quick assets = 350000

quick liablities= 200000

quick ratio = 350000/200000

                   = 1.75

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2 years ago
Describe the economy of the islands in the west indies.
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Answer:

Agriculture is the traditional basis of the economies of the West Indies.

<h3>What is the economy of the West Indies?</h3>
  • Agriculture is the traditional basis of the economies of the West Indies, but production and employment in agriculture have been declining.
  • Most countries are not self-sufficient in food production, and cereals, primarily wheat, are the chief food imports.

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Answer:

d.teenagers is much higher than that of adults.

Explanation:

Unemployment refers to individuals that are employable and seeking to work but have not been able to get jobs.

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This high rate of unemployment iamong youths can be attributed to the following factors: inadequate qualifications, lack of graduate jobs, cyclical unemployment, geographic unemployment, and in case of underground economy.

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The value of ending inventory rounded to nearest dollar using average cost
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