Answer:
Dr. Cash $4,200
Cr. Interest Income $84
Cr. Note Receivable $4,116
Explanation:
Food Suppliers
Interest on the Note = $4,200 x 8% x 90 / 360 = $84
Amount to be recorded = $4,200 - $84 = $4,116
At the Time of Issuance the Journal Entry was
Dr. Note receivable $4,116
Cr. Sales $4,116
So, the Payment of $4,200 will be made.
The Interest Income will be $84
Now the Note Receivable account will be adjusted by receiving cash and recording interest income.
Answer:
No
Explanation:
It is very unlikely they the case is dropped for insufficient process as the scenario does not describe any defect in the documentation and writings contained in the document. The issue with the process is likely in the manner in which the document was served. This is because, the document was served to an elderly next door neighbor which in a way can allow the homeowner to file for insufficient service of process. Therefore, the homeowner will most likely fail in it's quest to have the case dropped for insufficient process based on the argument presented above.
Answer:
Option B is correct, revenue has the debit side. But, if the rent is an expense and not a revenue, the rent expence will be on the credit side and the fees earned will be on the debit side,so, for this case, option A will be the correct answer
Explanation:
To close the Journal entry here, with fees earned=$131 and rent revenue=$124, accounts during the year end will be closed with the fees earned account(revenue account) and the expenses are closed by transferring the amount of fees accrued or earned account and expense account to the retained earnings in order to bring the revenue accounts and the expenses accounts balance to zero.
Answer:
C) $370,000
Explanation:
sales expressed in thousands of $
Month total sales collected in collected in collected
current m. 70% next m. 25% 2 m. 5%
Jan. 600 420
Feb. 700 490 150
Mar. 500 350 175 30
Apr. 300 <u>210</u> <u>125</u> <u>35</u>
May 75 25
June 15
total cash collection in April = $210,000 + $125,000 + $35,000 = $370,000
Answer:
A: $20,213
Explanation:
Required Inventory at end of June = 200 pounds
Leftover inventory from May = 80 pounds
Jars sold in June = 134 cases x 14 jars/case = 1,876 jars
The total amount required for each jar is the sum of the amount per jar plus wastage and spoilage:
The total amount of pounds needed to be bought in June is the weight required for all the 1,876 jars, plus the required Inventory at end of June minus the leftover inventory from May:
The reported amount for direct materials purchase budget (DM) for peach jam is given by:
