User Account

All Pages

What is the journal entry needed to record the transaction

Assignment Help Accounting Basics
Reference no: EM132181037

Question - On April 12, Hong Company agrees to accept a 60-day, 10%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry needed to record the transaction by Indigo Company?

Debit Sales $5,700; credit Notes Payable $5,700.

Debit Accounts Payable $5,700; credit Notes Payable $5,700.

Debit Notes Payable $5,700; credit Accounts Payable $5,700.

Debit Accounts Receivable $5,700; credit Notes Payable $5,700.

Debit Cash $5,700; credit Notes Payable $5,700.

Reference no: EM132181037

Questions Cloud

Compute the annual depreciation charges : Assume a fiscal year-end of September 30. Compute the annual depreciation charges over the asset's life applying straight-line method
Explain the employment law that was violated : Summarize the issue of the case, and then explain the employment law that was violated. Evaluate the type of impact the violation had on the organization.
Provide a comparison to the health care organization : Provide a comparison to the health care organization or network and the Singapore Airlines.
Why is a business plan important : Why is a business plan important. What sections would be the most important when creating a business plan.
What is the journal entry needed to record the transaction : On April 12, Hong Company agrees to accept a 60-day, 10%, What is the journal entry needed to record the transaction by Indigo Company
Evaluate tamboran concern for environmental issues : Evaluate Tamboran’s concern for social issues. Evaluate Tamboran’s concern for environmental issues.
How would each religion think about the value of his life : How would each religion interpret the nature of George's malady and suffering? Is there a "why" to his disease and suffering?
Calculate the expected value and EVPI for this situation : Set up a payoff table for this situation and calculate the expected value and the EVPI for this situation.
What would you think about being employed by a company : Some medical experts believe that regular exercises result in better health, improved conditioning and greater tolerance of stressful situations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Use the following accounts and information to prepare in

use the following accounts and information to prepare in good form an income statement statement of retained earnings

  Compute fama income tax payable for the current year

Before considering a net operating loss carryforward of $78 million, Fama's income tax payable for the current year would be

  Show that the average total cost drops somewhat as output

Experience shows that the average total cost drops somewhat as output is expanded beyond 100,000 but rises again if output is expanded above 120,000 units.

  When you are preparing journal entries and the event is

when you are preparing journal entries and the event is 4000 in supplies were used how do you record that as a debit

  Which of the following is true regarding whether ifrs

1. an assumption inherent in a companys ifrs statement of financial position is that companies recover and settle the

  Construction of new building

In each of these cases, determine the amount of cost to be capitalized in the asset accounts.

  Budgeted income statement

e12A. Plenair, Inc., is located in France and organizes and coordinates art shows and auctions throughout the world. Its budgeted and actual costs for last year follow.

  Pair each item from list a with the item from list b

Listed below are several terms and phrases associated with leases. Pair each item from List A with the item from List B (by letter) that is most appropriately associated with it.

  Calculate the asset turnover and return on assets

Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of $23,300

  Alpha company plans to expand into a new geographic area

alpha company plans to expand into a new geographic area. the executives and shareholders expect the following events

  Company borrowed 10000 on a 5 year 9 percent installment

company borrowed 10000 on a 5 year 9 percent installment note with quarterly payments of 626.42. how much of the first

  Compute the inventory amount at june

Compute the inventory amount at June 30, 2012 for Kimball International Inc. assuming that it had used the FIFO method of accounting for inventory

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