Jasper's entry to record the collection of the note and interest at maturity should be:
Debit Cash Account 44,990
Credit Interest Income $990
Credit Notes Receivable $43,000
The amount collected is:
Cash collected
= $44,000 Amount lend + Interest Income
And
Interest Income
= Amount lend * Interest Percent * For the days / 360
= $44,000 * 9% * 90 / 360
= $990
Now putting the interest income value in the above equation, we have:
Cash collected
= $44,000 Amount lend + $990
= $44,990
So the cash is increase by $44,990 interest income increased is by $990 and the Note receivable is at amount issued which has been decreased by $44,000.
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Answer:
Trade Surplus and positive net Capital flow
Explanation
Answer:
8
Explanation:
The maximum amount she can spend is $12. If she buys 4 apples, it would cost her : 4 x $1.50 = $6. She would have $12 - $6 = $6 to spend on bananas.
If the price of bananas are $0.75, she can buy a total of $6 / $0.75 = 8 bananas
I hope my answer helps you
Answer:
April 1. Paid six months of rent, $4,800
Requires Deferred expense-type of adjusting entry
April 10. Received $1,200 from customer for six month service contract that began April 1.
Requires Deferred revenue-type of adjusting entry
April 15. Purchased a computer for $1,000.
Requires Deferred expense-type of adjusting entry
April 18. Purchased $300 of office supplies on account
Requires Deferred expense-type of adjusting entry
April 30. Work performed but not yet billed to customer, $500
Requires Accrued revenue-type of adjusting entry
April 30. Employees earned $600 in salaries that will be paid May 2.
Requires Accrued expenses-type of adjusting entry
