User Account

All Pages

What the journal entry to record the collection of the note

Assignment Help Financial Accounting
Reference no: EM132708574

Problem 1: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $12,000 face value and 7% interest. On October 30, the journal entry to record the collection of the note should include a

a. Interest Receivable for $110.
b. Notes Receivable for $310.
c. Credit to Interest Revenue for $210.
d. Interest Revenue for $410.

Reference no: EM132708574

Questions Cloud

What is the optimal quantity per order : County Hospital orders syringes from a hospital supply firm. The hospital expects to use 40,000 syringes per year. The ordering cost (cost to order
How can that possibly be a negative net decision : New plant is going to produce $205,000 for each of the next ten years in income how can that possibly be a negative net decision for the company
Determine the annual straight-line depreciation : Determine the annual straight-line depreciation. Computer equipment was acquired at beginning of year at a cost of $79,200 that has estimated residual value
Evaluate the ethical positions using kantian ethics : Articulate and then evaluate the ethical positions using Kantian ethics (that is, the categorical imperative) relative to the long standing debate.
What the journal entry to record the collection of the note : The terms of the note were $12,000 face value and 7% interest. On October 30, the journal entry to record the collection of the note should include a
How long will the investor have before reaching retirement : How long will the investor have before reaching retirement and how does this investment horizon influence the type of assets the investor can include
How might have better explained the lack of discounting : What is the rationale for the argument that deferred tax liabilities should not be recognized and, therefore, should be excluded from liabilities
Determine a general formula for total cost : Advertising and promotion of the product are done through a year-round media program costing $1,500 per week. Determine a general formula for total cost
Calculate the interest revenue : Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2020.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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