Reference no: EM132962882
Problem 1: The journal entry used to record the payment of a discounted note is
a. debit Notes Payable and Interest Expense; credit Cash
b. debit Notes Payable; credit Cash
c. debit Cash; credit Notes Payable
d.debit Accounts Payable; credit Cash
Problem 2: The journal entry to record the payment of an interest-bearing note is
a. debit Cash; credit Notes Payable
b. debit Accounts Payable; credit Cash
c. debit Notes Payable and Interest Expense; credit Cash
d. debit Notes Payable and Interest Receivable; credit Cash
Problem 3: The journal entry to record the conversion of a $6,300 accounts payable to a notes payable would be
a. Cash 6,300
Notes Payable 6,300
b. Notes Receivable 6,300
Notes Payable 6,300
c. Notes Payable 6,300
Cash 6,300
d. Accounts Payable 6,300
Notes Payable 6,300
|
What the entry to record the accrual of the employer
: What the entry to record the accrual of the employer's payroll taxes would include a? Totals for the month of April were taken from the payroll
|
|
What is the gross pay for martin
: What is the gross pay for Martin? Thomas Martin receives an hourly wage rate of $40, with time-and-a-half pay for all hours worked in excess of 40 hours
|
|
Calculate the contribution margin per customer
: Residential: Number of Customers 1,100, Service Revenue 99,000, Variable Costs 41,580, Contribution Margin 57,420. Calculate contribution margin per customer
|
|
What the proper balance sheet presentation on december is
: Issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is
|
|
What journal entry used to record the payment is
: What journal entry used to record the payment of a discounted note is? What journal entry to record the payment of an interest-bearing note is
|
|
What amount is the full payment
: The items on the invoice are received on March 3. What amount is the full payment if UrbanEars receives it on March 18
|
|
What the cash proceeds to chang co are
: Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, the cash proceeds to Chang Co. are
|
|
How much will net income change
: Question - In the current year, a small Holiday Inn franchise had sales of $1,800,000, fixed costs of $550,000, How much will net income change
|
|
What is the three-month forward exchange
: The three-month interest rates are 10% in GBP and 6% in USD. What is the three-month forward exchange that you should quote
|