User Account

All Pages

Prepare journal entries to record transactions for pharoah

Assignment Help Accounting Basics
Reference no: EM132689087

Pharoah Company had the following select transactions.

Apr. 1 ,2020 Accepted Goodwin Company's 12-month, 10% note in settlement of a $30,400 account receivable.

July 1, 2020 Loaned $32,400 cash to Thomas Slocombe on a 9-month, 8% note.

Dec. 31, 2020Accrued interest on all notes receivable.

Apr. 1, 2021 Received principal plus interest on the Goodwin note.

Apr. 1, 2021 Thomas Slocombe dishonored its note; Pharoah expects it will eventually collect.

Problem 1: Prepare journal entries to record the transactions. Pharoah prepares adjusting entries once a year on December 31.

Reference no: EM132689087

Questions Cloud

What are limitations to using s-curves as prescriptive tools : What are the limitations to using s-curves as prescriptive tools? What are the pros and cons of using s-curves be used as prescriptive tools?
Describe a process-based approach to innovation : Describe a current way of thinking about the innovation funnel. Describe a process-based approach to innovation. What is a totally unhelpful, non-process view
What are the two types of emotional competence : Heather James had just started her shift at the airport office when a red-faced, very agitated woman started shouting at the counter.
Calculate the cost of goods available for ending inventory : Calculate the cost of goods available for sale. ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO. and (c) weighted average cost flow
Prepare journal entries to record transactions for pharoah : Accrued interest on all notes receivable. Prepare journal entries to record the transactions. Pharoah prepares adjusting entries once a year on December 31.
Evaluate mariko situation in terms of norms and status : Part of Mariko Koide's promotion in the advertising firm where she worked was a transfer to another division of the company. The promotion seemed like a totally
What day of the year does fiscal year end : Where is the corporate headquarters, what city and state? On what day of the year does its fiscal year end? What types of products or services does it sell?
What actions should others perform in the future : What is the most important thing someone can do in their community to promote the value of diversity and inclusion? What actions should others perform.
Calculate the correct ending balance of cash on august : The Dean Acting Academy shows a balance for cash of $7,924. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021

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