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Trista and Co. borrowed $180,000 on December 1, 2020, for 90 days at 5% interest by signing a note to buy jewelery inventory.
Problem 1: How much interest expense is created by this note in 2020?
Problem 2: How much interest expense is created by this note in 2021?
Problem 3: Prepare the journal entries on December 1, December 31 (Trista and Co.'s year-end), and the maturity date.
How to recognise the revenues in accordance with the 5-step model in NZ IFRS 15. (You are required to explain each step in the model with calculations).
An inventory of the supplies on hand at the end of the accounting period amounted to P1,750. What adjusting entry is required to update the accounts?
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1. Please use the exchange rate quotes provided in the table to answer following questions.
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Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages.
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