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Accepted a $10,500, 60-day, 6% note dated this day in granting Todd Duke a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Duke note. 2011 Feb. 14 Received Duke's payment of principal and interest on the note dated December 16. Mar. 2 Accepted an $7,600, 6%, 90-day note dated this day in granting a time extension on the past-due account receivable from Mare Co. 17 Accepted a $3,100, 30-day, 7% note dated this day in granting Jolene Halaam a time extension on her past-due account receivable. Apr. 16 Halaam dishonored her note when presented for payment. June 2 Mare Co. refuses to pay the note that was due to Ohlde Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Mare Co.'s accounts receivable.
July 17 Received payment from Mare Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 6%. Aug. 7 Accepted an $8,400, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Birch and Byer Co. Sept. 3 Accepted a $2,350, 60-day, 8% note dated this day in granting Kevin York a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from York for the September 3 note. Nov. 5 Received payment of principal plus interest from Birch and Byer for the August 7 note. Dec. 1 Wrote off the Jolene Halaam account against Allowance for Doubtful Accounts.
Compute the department's equivalent units of production with respect to direct materials under each of three separate assumptions.
henrys hoodies produces a variety of sweatshirts for college students. henrys produces sweatshirts in batches and
Club Co. appropriately uses the equity method to account for its investment in Chip Corp. As of the end of 2008, Chip's common stock had suffered a significant decline in fair value, which is expected to be recovered over the next several months. ..
She also expected additional case expenses amounting to $3,000 per years. The cost of capital is 12%. Assume there are no income taxes.
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
1. under the modified accrual basis of accounting revenues cannot be recognizeda. until cash has been collectedb.
Identify four types of specialists that you would assemble to provide information to help set the materials price and quantity standards. Briefly explain why you chose each individual
income statement itemsgain on sale of marketablesecurities.........................42000loss on sales of
Assuming that the compressor has a salvage value of $2,500, calculate its 2008 depreciation under the straight-line method
1.In your own words, please distinguish between direct and indirect expensesand identify bases for allocating indirect expenses to departments.
the following items appeared in the accounting records of trigueros a retail music store that also sponsors concerts.
which of the following statements concerning users of accounting information is incorrect?management is considered an
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