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Inga [223]
2 years ago
10

Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are mad

e during the year. Accounts Receivable. At year-end, the L. Cole Company has completed services of $25,000 for a client, but the client has not yet been billed for those services. Interest Receivable. At year-end, the company has earned, but not yet recorded, $630 of interest earned from its investments in government bonds. Accounts Receivable. A painting company collects fees when jobs are complete. The work for one customer, whose job was bid at $1,780, has been completed, but the customer has not yet been billed.
Business
1 answer:
Leokris [45]2 years ago
7 0

Answer:

Explanation:

Adjusting journal entries

A.

Account receivable   25000

         Service Revenue     25000

B.

Interest Receivable 630

         Interest income      630

C.

   Progressive bills receivable      1780

                     Revenue                         1780

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A. They can be in electronic or paper form.

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The multiplier for a futures contract on a stock market index is $50. The maturity of the contract is 1 year, the current level
jolli1 [7]

Answer:

The cash flow mark to market proceeds = $754.45

Explanation:

The current index value after 12 months = current stock index * (1 + risk free - dividend yield)^12

= 1800 * (1 + 0.50% - 0.20%)^12

The current index value after 12 months = 1865.88

The future index value after 12 months = future stock index * (1 + risk free - dividend yield)^12

= 1820 * (1 + 0.50% - 0.20%)^11

The future index value after 12 months= 1880.97

The cash flow mark to market proceeds = (future index future value - current index future value) * multiplier

= (1880.97 - 1865.88) * 50

The cash flow mark to market proceeds = $754.45

5 0
2 years ago
A negotiable CD is a: a short-term unsecured promissory note issued by a company to raise funds for a short time period. b loan
iragen [17]

Answer:

d. marketable bank-issued time deposit that specifies the interest rate earned and a fixed maturity date.

Explanation:

A bank certificate of deposit (CD) can be defined as a secured form of time-bound deposit and a special low-risk savings account, wherein money (lump-sum) are left with the bank for a specific period of time in exchange for an interest rate premium.

Generally, a certificate of deposit pays a higher interest rate to its holder than the regular savings account because the banks invest the money in a business.

Additionally, the bank certificate of deposit is protected and insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

A negotiable certificate of deposit (NCD) can be defined as a type of certificate of deposit (CD) that has a minimum face (par) value of $100,000 and can't be redeemed before its maturity date i.e it doesn't allow the holder to withdraw money until the pre-determined date.

This ultimately implies that, a negotiable certificate of deposit (NCD) is a marketable bank-issued time deposit that specifies the interest rate earned (interest-bearing time deposits) and a fixed maturity date.

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2 years ago
The type of letter of credit that can be split up between many suppliers, each able to present their own documents for payment a
Nastasia [14]

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Explanation:

Transferable Letter of Credit is a credit document in which the party can transfer the credit in full or partial to another beneficiary.

A transferable credit letter that enables a receiver to further pass all or part of the payment to another supplier in the chain or to some other receiver. This usually occurs when the recipient is merely a conduit to the actual supplier. Such LC allows the beneficiary to have their records, but to further pass the credit.

5 0
3 years ago
Read 2 more answers
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