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Question - Entries for Notes Receivable
Oregon Interior Decorators issued a 90-day, 12% note for $54,000, dated April 17, to Corvallis Furniture Company on account. Assume 360 days in a year when computing the interest.
Required -
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c1. Journalize the entry to record the receipt of the note by Corvallis Furniture.
c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Duke Associates, antique dealers, purchased the contents of an estate for $38,400. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates' warehouse was $1,650.
You invest $1,000 for five years at 5% simple interest at Bank 1. You invest $1,000 for five years at Bank 2 where interest at 5% is compounded annually. Compute the amounts that will be accumulated.
Kern Company purchased bonds with a face amount of $400,000 between interest payment dates. Kern purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000. The amount to record as the cost of..
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(Corrected Trial Balance) The trial balance of Blues Traveler Corporation (see next page) does not balance.An examination of the ledger shows these errors.
The total unamortized bond discount at the date of conversion was $1,000,000. In applying the book value method, what amount should Morgan credit to the account "paid-in capital in excess of par," as a result of this conversion?
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wizard corporation has analyzed their customer and order handling data for the past year and has determined the
Meenen Corporation has 30,000 shares of $10 par value common stock outstanding when it announces a 2-for-1 stock split.
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share. Prepare the journal entries for these transactions, assuming that the common stock is on-par with a stated value of $2 per share.
When Ségolène Royal was running unsuccessfully for president of France, she proposed that workers who lost their jobs would receive unemployment payments equal to 90 percent of their previous wages during their first year of unemployment.
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