User Account

All Pages

Record the sale and the acceptance of the promissory note

Assignment Help Accounting Basics
Reference no: EM133062709

Question - On February 7, Jackson Company sold goods on account to Phillips Enterprises for $5,200, terms 2/10, n/30. On March 9, Phillips gave Jackson a 60-day, 12% promissory note in settlement of the account. Record the sale and the acceptance of the promissory note on the books of Jackson Company.

Reference no: EM133062709

Questions Cloud

What is your annualized rate of return : Boeing pays a dividend of $2.96 per share, which you collect and then immediately sell your shares for $343.54 per share. What is your annualized rate of return
What is the annual earnings growth rate for apple : Question - Apple's ROE is 27.41%, and its payout ratio is 26.85%. Based on this information, what is the annual earnings growth rate for Apple
Prepare the selling and administrative expenses budget : It expects fixed expenses to be $38,100 in each quarter. Prepare the selling and administrative expenses budget by quarters for 2022
What is amount of SSS monthly contributions to be remitted : The President receives her net pay every end of the month. In 2021, what is the amount of SSS monthly contributions to be remitted
Record the sale and the acceptance of the promissory note : On February 7, Jackson Company sold goods on account to Phillips Enterprises for $5,200, Record the sale and the acceptance of the promissory note
Prepare journal entries for the transactions listed : Prepare journal entries for the transactions listed above - Jan. 11 Swifty sold for $26,900 on account inventory that cost $19,400
Prepare a report on shotokan karate techniques : Prepare a report on shotokan karate techniques and The report is about 10 of favourite techniques and why they are favourites
What is the present value of all the CCA tax shields : What is the present value of all the CCA tax shields assuming the equiment is never sold and the appropriate discount rate is 12% per? year
What is the after tax cost of debt : Baron Corporation has a target capital structure of 60 percent common stock, 5 percent preferred stock, What is the after tax cost of debt

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare all the journal entries relating to the building

For each of the independent situations, prepare all the journal entries relating to the building for the fifth year. Ignore income taxes

  What is the total amount of capital distributed by the owner

What is the total amount of capital distributed by the owners?What amount of total assets would Kristoff report on the December 21,2018 balance sheet?

  What are the general rules for measuring

What are the general rules for measuring and recognizing gain or loss by both the debtor and the creditor in an impairment?

  Find what is the amount of fixed costs

Emma sells a product for RS. 10.55 The variable costs are RS. 7.50. Janet's break-even units are 25,000. What is the amount of fixed costs?

  Determine the appropriate division of net income

Partners are allowed 10% interest on their beginning capital balances. Determine the appropriate division of net income of $ 150,000 among the partners

  Determine the amount of interest expense

If Griffith follows ASPE and uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense

  How can crm add value to an organisation

How can CRM add value to an organisation - Identify any organisational risk that a business may encounter as part of a CRM implementation.

  Travis transfers land with a fair market value of 125000

1. which of the following is not a corporate organizational expenditure that may be amortized?a. the cost of

  Beginning inventory consisted of 16000 units with a direct

beginning inventory consisted of 16000 units with a direct materials cost of 56800. the equivalent work represented by

  A bottled gas company has 500000 common shares authorized

1 a bottled gas company has 500000 common shares authorized 400000 common shares issued and 15000 common shares in

  Prepare the entry to record the budget

Prepare the entry to record the budget, Prepare the entries to record the above transaction throughout the year

  Calculate the first year net earnings

The company incurred operating expenses of $15,800. Calculate the first year's net earnings under the cash basis of accounting, and accrual basis of accounting

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