Homework Answers
| In this case accounts payable would be replaced by notes payable. | |||||
| Accounts payable liability would decrease and notes payable liability would increase. | |||||
| Liabilities are credited for increase and debited for decrease. | |||||
| Thus, in this case following journal entry would be recorded | |||||
| General Journal | Debit | Credit | |||
| Accounts payable | $5,500 | ||||
| Notes payable | $5,500 | ||||
| Thus, 1st option is correct. Debit accounts payable and credit notes payable | |||||
Add Answer to:
what is the correct answer?
with explanation
On April 12, Hong Company agrees to accept a...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
I am doing 5700*10%*60/360 but keep getting the wrong numbers 14 Ch.9 &10 (90 min.) i...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $64,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $64,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $68,000, and (3) to assume responsibility for a $34,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Activity 1.a - Post Transactions to T-accounts Use the information provided in the journal entry to...
Activity 1.a - Post Transactions to T-accounts
Use the information provided in the journal entry to post the
transaction to the t-account. Post in DR/CR order.
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order Date Accounts and Explanation Debit Credit Nov. 2 Utilities Expense 43,600 Utilities Payable 43,600 Accrued liability for utilities. Date Accounts and Explanation Debit Credit Nov. 4 Cash 47,200 Service Revenue 47,200 Collected cash for services...
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8%...
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Accounts Receivable $7,800; credit Sales $7,800 Debit Accounts Receivable $7,904; credit Sales $7,904 Debit Notes Receivable $7,800, credit Sales $7,800 O Debit Notes Receivable $7,904; credit Sales $7,904 O Debit Notes Receivable 57.800: debit Interest Receivable $104: credit Sales $7.904
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as...
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account What entry should be made on July 9 to record receipt of the note? 8 024134 Multiple Choice 0 Debit Notes Receivable 59.669, credit interest Revenue $360, credit Accounts Receivable $9.300 O Debit Notes Receivable 59,672. credit Sales 59,672 0 Debit Accounts Receivable 59.300. credit Seles 59300
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note...
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
On April 12, Hong Company agrees to accept a 60-day, 10%, $6,500 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Help Save & Exit Multiple Choice Debit Notes Payable $6,500, credit Accounts Payable $6,500 Debit Cash $6,500credit Notes Payable $6,500. Debit Accounts Receivable $6,500, credit Notes Payable $6.500, Debit Accounts Payable $6.500, credit Notes Payable $6,500 Debit Sales $6,500: credit Notes...
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 7%, $9,600 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $9.600, debit Interest Expense $112, credit Cash $9.712 Debit Cash $9.712, credit Interest Revenue $112, credit Notes Receivable $9,600 Debit...
I am doing 5700*10%*60/360 but keep getting the wrong
numbers
14 Ch.9 &10 (90 min.) i Help Save & Exit On April 12. Hong Company agrees to accept a 60 day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice ESTE O Debit Notes Payable $5,700,...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $64,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $68,000, and (3) to assume responsibility for a $34,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Activity 1.a - Post Transactions to T-accounts
Use the information provided in the journal entry to post the
transaction to the t-account. Post in DR/CR order.
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order Date Accounts and Explanation Debit Credit Nov. 2 Utilities Expense 43,600 Utilities Payable 43,600 Accrued liability for utilities. Date Accounts and Explanation Debit Credit Nov. 4 Cash 47,200 Service Revenue 47,200 Collected cash for services...
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Accounts Receivable $7,800; credit Sales $7,800 Debit Accounts Receivable $7,904; credit Sales $7,904 Debit Notes Receivable $7,800, credit Sales $7,800 O Debit Notes Receivable $7,904; credit Sales $7,904 O Debit Notes Receivable 57.800: debit Interest Receivable $104: credit Sales $7.904
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account What entry should be made on July 9 to record receipt of the note? 8 024134 Multiple Choice 0 Debit Notes Receivable 59.669, credit interest Revenue $360, credit Accounts Receivable $9.300 O Debit Notes Receivable 59,672. credit Sales 59,672 0 Debit Accounts Receivable 59.300. credit Seles 59300
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 8 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 7 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago