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Problem - Able Ltd 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 Ltd 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.
The Bishoftu town total appropriations for the year 2011 E.C. are ETB 85,000,000 as follows; Record the appropriations of Bishoftu town on General Ledger
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
Benjamin Company issues one hundred $800 ten-year bonds at 5%. The market interest rate is 5%. Therefore, the bonds are sold at the face value.
A company estimated $420,000 of factory overhead cost and 16,000 direct labor hours for the period. What is the factory overhead applied to this job
abc construction company build a grocery store for megagrocers. the contract provided that the contract price would be
the devon motor company produces motorcycles. during aprilthe company purchased 8000 batteries at a cost of 10 per
The company has an effective tax rate of 18%. Sheffield uses the periodic inventory method. Under the LIFO method, cost of goods sold is
An arrangement with a consortium of distributors requires that all recall costs be settled at the end of 2022. Estimate Heinrich liability at the end
Debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance of Accounts Receivable would be
Seton Company manufactures a single product that sells for $360 per unit and whose total variable cost are $270 per unit. The company's annual fixed costs are $1,125,000. (1) Use this info to compute the company's (a) contribution margin, (b)contribu..
A company reports the following as result of a new project: Increase in working capital = 10% of increase in revenue. What is the differential annual cash flow
Rogers Communication Inc. is a diversified Canadian communications and media company engaged in wireless, Prepare a journal entry to record the sale
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