What will be the general journal entry to record transaction

Assignment Help Accounting Basics
Reference no: EM133165926

Question - On January 1, 2021, Amanda Company sold goods to Amelia Company for $555,000.00 in exchange for a three-year, zero-interest- bearing note. The imputed interest rate for this transaction is determined to be 7.75%. What will be the general journal entry to record the January 1, 2021 transaction?

Reference no: EM133165926

Questions Cloud

What is google currently working : What is Google currently working on to increase its revenue and is it sustainable growth?
On-ground retailing has experienced significant difficulties : On-ground retailing has experienced significant difficulties of late with many closing their doors.
Differentiate the terms as used in risk management : With practical examples, differentiate the following terms as used in risk management
Why humans act unethically : Ethics is the philosophical discipline that is concerned with what is right or wrong, good or bad, fair or unfair, responsible or irresponsible, obligatory or p
What will be the general journal entry to record transaction : The imputed interest rate for this transaction is determined to be 7.75%. What will be the general journal entry to record the January 1, 2021 transaction
Procedures for maximising engagement in csr : Outline the following procedures for maximising engagement in CSR:
Explain the operations research modeling approach : Explain the Operations Research modeling approach and its methodology or enumerate each step
Characteristics that leader possesses : In the areas of business, international politics, U.S. politics, religion, and sports:
Describe the formalized regional stock exchange : A stock exchange is undoubtedly the most important component of any stock market, facilitating the trading of stocks and other securities. An organized exchange

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the FICA withholdings

Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, e.g. 52.75.)

  How much can Nelson short-term debt increase

The Nelson Company has $1,421,000 in current assets and $490,000 in current liabilities. How much can Nelson short-term debt increase

  What are the different tax consequences between paying down

prepare a three-page memo at least 300 words per page to john and jane smith addressing the issues presented1. john

  What is the firm estimated pre-tax profit

Small Industries has fixed costs of $ 100,000 and breakeven sales of $ 800,000. What is the firm's estimated pre-tax profit at $ 1,200,000 sales

  Prepare the worksheet entries required for the consolidation

Prepare the worksheet entries required for the consolidation of Monica Company and Young Company. (If no entry is required for a transaction/event)

  Determine the value of the holding after the bonus issue

If the shares are currently trading for $4.12, determine the value of the holding after the bonus issue

  The trumpet company units of a product that required 325

the trumpet company units of a product that required 3.25 standard hours per unit. the standard fixed overhead cost

  What the unadjusted balance of the home office account

The branch collected a home office accounts receivable of P50,000 but failed to notify the home office of this collection. What the unadjusted balance

  What is the amount of the debit to retained earnings

What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend

  What is the npv for the project

Purple Haze Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $526,528 is estimated.

  Calculate the new net income or loss

If the advertising budget was $30,000 for the quarter and was included in the fixed costs, calculate the new net income or loss if the changes are made

  Make the journal entry for brant cargo to record purchase

At January 1, 2011, Brant Cargo acquired equipment by issuing a five-year, $150,000, Prepare journal entry for Brant Cargo to record purchase of the equipment

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd