Journalize the transactions for nike

Assignment Help Accounting Basics
Reference no: EM133152503

Question - Nike has the following transactions related to notes receivable during the last two months of 2008:

1-Nov Loaned $18,000 cash to Under Armour on a one-year, 10% note.

11-Dec Sold goods to Dwayne Johnson receiving a $6,750, ninety-day, 8% note.

16-Dec Received a $4,000, 6-month, 9% note in exchange for Bob Shabo's outstanding accounts receivable.

31-Dec Accrued interest revenue on all notes receivable (= record all interest expense and interest payables that have occurred to this day)

Required -

(a) Journalize the transactions for Nike.

(b) Record the collection of the Under Armour note at its maturity in 2009.

Reference no: EM133152503

Questions Cloud

Explain organizational structure and performance : There are family-owned business organizations among the giants of the world. A closer look at their organizational structure and culture suggests that they are
What is the triple bottom : What is the triple bottom and why is it important for sustainability in supply chains?
Explain different investment products : Question - Explain "Different Investment Products" as it includes in conceptual framework as independent variable
Important in an entrepreneur life : School is not the matter. But self-schooling and continuous learning is the most important in an entrepreneur's life. Discuss.
Journalize the transactions for nike : Nike has the following transactions related to notes receivable during the last two months of 2008: Journalize the transactions for Nike
Successful digital transformation implementation : Discuss the importance of change management for a successful digital transformation implementation?
Determining the information specific toa particular job : 2. Job Analysis is defined as the process of determining the information specific toa particular job.
What is the break-even sales in dollars : The average fixed expense per month is $2,400. An average of 3,250 slices of pizza are sold each. What is the break-even sales in dollars and units
What is the balance in the accounts receivable account : The overall rate used to estimate the allowance for doubtful accounts at year end: 10%. What is the balance in the accounts receivable account at year end

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd