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Question: 1. Refer to the information in QS and prepare the journal entry assuming the note is honored by the customer on October 31, 2011.
QS: On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account.
(1) Compute the maturity date for this note.
(2) Prepare JLK's journal entry for August 2.
2. Record the sale by Kroll Company of $1,000 in accounts receivable on May 1. Kroll is charged a 3% factoring fee.
Dave has been practicing for four years, and he uses the cash method of accounting. During the current year, Dave recorded the following items of income:
1. crystal products allows customers to use bank credit cards to charge purchases. the bank used by crystal products
Discuss the advantages and disadvantages of each costing method including FIFO, LIFO, and Average Cost.
Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3..
Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.
How does the accounting for sales to customers using bank credit cards, such as MasterCard and VISA, differ from accounting for sales to customers using nonbank credit cards, such as American Express? Explain.
jenkins appliances has cash flow problems and needs to borrow between 50000 and 60000 for approximately sixty days.
what are the benefits and drawbacks of adopting greens definition of occupational crime as any act punishable by law
Your company has an existing loan with monthly payments, principal, and interest of $1,883.65. There are 48 payments left on the loan and the loan.
At the date of the financial statements, common stock shares issued would exceed common stock shares outstanding as a result of the
bk consulting is a management consulting firm. other than the senior leadership who manage the firm but do not actively
Explain the difference between net income and the amount of cash flow from operating activities.
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