User Account

All Pages

Prepare journal entries to record receipt of promissory note

Assignment Help Accounting Basics
Reference no: EM132994197

Problem - Able Lid has an overdue account receivable from Pearl Pty Ltd for $75 500. On 15 July Pearl Pty Ltd requested a 60 day extension of the payment date, and Able Lid agreed to accept a 60 day, 12% promissory note in exchange for the account receivable.

Required - Prepare journal entries to record the following events.

A. The receipt of the promissory note.

B. The maturity of the promissory note.

Reference no: EM132994197

Questions Cloud

What are the minimal responsibilities and reporting duties : What are the minimal responsibilities and reporting duties for each? What recommendations would you suggest for improving organizational compliance
Discuss how patient perceive reduction in dedicated staffing : Explain both an advantage and a disadvantage to this practice and discuss how patients may perceive reductions in dedicated staffing.
What is PT Anugerah total sales variance : During 2020, it had actual sales of 1,800 units at $110 per unit. Budgeted variable costs were $60 per unit. What is PT Anugerah's total sales variance
Making the leap from employee to entrepreneur : Discussing this idea with an old friend from university who works in industrial design, you've become excited about the potential for this product
Prepare journal entries to record receipt of promissory note : Able Lid has an overdue account receivable from Pearl Pty Ltd for $75 500. Prepare journal entries to record receipt of promissory note
Find and identify multidimensional nursing care strategies : Apply strategies for safe, effective multidimensional nursing practice when providing care for clients with upper respiratory disorders.
Discuss how new knowledge will impact nursing practice : Discuss how new knowledge will impact nursing practice. Describe how you achieved each course competency including at least one example
Write the equation to calculate the maximum profit : A T-shirt cost £4.50 to make and she is charged £130 a day for her stall. Write the equation to calculate the maximum profit
Designs that justify in nursing research : Design and identify a major advantage and a major disadvantage of this design. Give an example how this quantitative research design could be used

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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