![Match each account with its description [Choose ] Interest revenue Interest receivable Notes receivable Accounts receivable C](http://img.homeworklib.com/questions/eecda480-79a3-11ea-9691-452cfe7526c6.png?x-oss-process=image/resize,w_560)
Homework Answers
Answers
| 1 | Informal credit agreement… | Account receivable |
| 2 | Account to debit when interest… | Interest receivable |
| 3 | Account to credit when … | Interest revenue |
| 4 | Formal signed credit… | Notes receivable |
| 5 | Account to debit when receivables… | Cash |
Explanation:
1. Account receivable means an INFORMAL AGREEMENT between the customer and business in which the business will receive money in the future.
2. When interest accrues at the end of the year, we debit Interest receivable, as it is an asset for the business (Accrued Income)
3. When interest accrues at the end of the year, we credit Interest income, as it is an income for the business.
4. Notes receivable is a Formal Agreement between the customer and business in which the business will receive money in the future.
5. When we receive money, cash a/c is debited.
In case of any doubt, please comment.
Add Answer to:
match each account with its description
(( I opened the bar so you could see the...
Please help me complete this. I have been struggling for quite some time, and mainly I...
Please help me complete this.
I have been struggling for quite some time, and mainly I need
the answer.
Thank you !
ESSAY. Write your answer in the space provided or on a separate sheet of paper. 6) At the end of the current year, Accounts Receivable has a balance of $900,000, the Allowance for Uncollectible Accounts has a debit balance of $1,000 and net credit sales for the year are $3,000,000. The company uses the percent-of-sales method. Its credit...
Match each description to the appropriate term (a-h). The party promising to pay a note 1....
Match each description to the appropriate term (a-h). The party promising to pay a note 1. Face amount The amount due that must be paid at the due date of a note receivable 2. Term The stated rate charged for using the money of another party 3. Interest The dollar amount stated on a promissory note 4. Maturity value The time between the date a note is issued and the due date of the note 5. Dishonored note 6. Maker...
Possible Answers: Match each term or phrase to its description below. Liquidity Whether an item is...
Possible Answers:
Match each term or phrase to its description below. Liquidity Whether an item is large enough to likely influence the decision of an investor or creditor. Constraint that weighs the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Information that is complete, neutral, and free from...
Majestic Equipment Sales Company, which sells only on account, had a $136,000 balance in its Accounts...
Majestic Equipment Sales Company, which sells only on account,
had a $136,000 balance in its Accounts Receivable and a $5,700
credit balance in its Allowance for Doubtful Accounts on December
31, 2019. During 2020, the company's sales of equipment were
$836,000 and its total cash collections from customers were
$791,000.
During the year, the company concluded that customers with accounts
totalling $6,500 would be unable to pay, and wrote these
receivables off. However, one of these customers subsequently made
a...
Matching astructions: Match each term with its description Record your final answer on the space provided...
Matching astructions: Match each term with its description Record your final answer on the space provided below. A. Raw materials B. Merchandise inventory C. Service companies E. Work-in-process inventory F. Finished goods G. Manufacturing companies Inventory items for which the manufacturing process is complete. been used in production cost of components that will become part of the finished product but have not yet than selling inventory. Companies that generate revenues by providing services to their customers rather Companies that produce...
Novak Corp. was experiencing cash flow problems and was unable to pay its $115,000 account payable...
Novak Corp. was experiencing cash flow problems and was unable to pay its $115,000 account payable to Pina Corp. when it fell due on September 30, 2020. Pina agreed to substitute a one-year note for the open account. The following two options were presented to Novak by Pina Corp.: Option 1: A one-year note for $115,000 due September 30, 2021. Interest at a rate of 10% would be payable at maturity. Option 2: A one-year non-interest-bearing note for $126,500. The...
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes...
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable Anterest Receivable $14,100 $75.50 The following information is available for the notes receivable reported on December 31, 2020. Interest Rate 1 Note Principal $3.000 3.000 8.100 Interest Accrued $25.00 Customer E. Tessier R. Wolde D. Deng Total Issue Date Nov. 1. 2020 Nov. 30. 2020 Dec. 1. 2020 Term 3 months 5 months 5.0096 4.00% 6.0096 2 3 1 year 10.00 40.50 $75.50...
Hi could someone help me with this question? Thank you! 11.11 points Jayco Inc. started its...
Hi could someone help me with this question? Thank you!
11.11 points Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accpunts at December 31, 2016, its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are...
this is a multipart question so please help with all the parts During its first year...
this is a multipart question so please help with all the
parts
During its first year of operations, Spring Garden Plan, Inc. had sales of $438,000, all on account. Industry experience suggests that Spring's uncollectibles will amount to 2% of credit sales. Al December 31, 2018, accounts receivable total $57,000. The company uses the allowance method to account for uncollectibles 1. Make Spring's journal entry for uncollectible-account expense using the percent of sales method 2. Show how Spring should report...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable $620,000...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable $620,000 Less: Allowance for doubtful accounts 42,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,810,000 2. Sales returns and allowances 63,000 3. Collections of accounts receivable 2,510,000 4. Write-offs of accounts receivable deemed uncollectible 44,000 5. Recovery of bad debts previously written off as uncollectible 15,000 Prepare the journal entries to record each of these five transactions....
Please help me complete this.
I have been struggling for quite some time, and mainly I need
the answer.
Thank you !
ESSAY. Write your answer in the space provided or on a separate sheet of paper. 6) At the end of the current year, Accounts Receivable has a balance of $900,000, the Allowance for Uncollectible Accounts has a debit balance of $1,000 and net credit sales for the year are $3,000,000. The company uses the percent-of-sales method. Its credit...
Match each description to the appropriate term (a-h). The party promising to pay a note 1. Face amount The amount due that must be paid at the due date of a note receivable 2. Term The stated rate charged for using the money of another party 3. Interest The dollar amount stated on a promissory note 4. Maturity value The time between the date a note is issued and the due date of the note 5. Dishonored note 6. Maker...
Possible Answers:
Match each term or phrase to its description below. Liquidity Whether an item is large enough to likely influence the decision of an investor or creditor. Constraint that weighs the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Information that is complete, neutral, and free from...
Majestic Equipment Sales Company, which sells only on account,
had a $136,000 balance in its Accounts Receivable and a $5,700
credit balance in its Allowance for Doubtful Accounts on December
31, 2019. During 2020, the company's sales of equipment were
$836,000 and its total cash collections from customers were
$791,000.
During the year, the company concluded that customers with accounts
totalling $6,500 would be unable to pay, and wrote these
receivables off. However, one of these customers subsequently made
a...
Matching astructions: Match each term with its description Record your final answer on the space provided below. A. Raw materials B. Merchandise inventory C. Service companies E. Work-in-process inventory F. Finished goods G. Manufacturing companies Inventory items for which the manufacturing process is complete. been used in production cost of components that will become part of the finished product but have not yet than selling inventory. Companies that generate revenues by providing services to their customers rather Companies that produce...
Novak Corp. was experiencing cash flow problems and was unable to pay its $115,000 account payable to Pina Corp. when it fell due on September 30, 2020. Pina agreed to substitute a one-year note for the open account. The following two options were presented to Novak by Pina Corp.: Option 1: A one-year note for $115,000 due September 30, 2021. Interest at a rate of 10% would be payable at maturity. Option 2: A one-year non-interest-bearing note for $126,500. The...
On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable Anterest Receivable $14,100 $75.50 The following information is available for the notes receivable reported on December 31, 2020. Interest Rate 1 Note Principal $3.000 3.000 8.100 Interest Accrued $25.00 Customer E. Tessier R. Wolde D. Deng Total Issue Date Nov. 1. 2020 Nov. 30. 2020 Dec. 1. 2020 Term 3 months 5 months 5.0096 4.00% 6.0096 2 3 1 year 10.00 40.50 $75.50...
Hi could someone help me with this question? Thank you!
11.11 points Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accpunts at December 31, 2016, its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are...
this is a multipart question so please help with all the
parts
During its first year of operations, Spring Garden Plan, Inc. had sales of $438,000, all on account. Industry experience suggests that Spring's uncollectibles will amount to 2% of credit sales. Al December 31, 2018, accounts receivable total $57,000. The company uses the allowance method to account for uncollectibles 1. Make Spring's journal entry for uncollectible-account expense using the percent of sales method 2. Show how Spring should report...
Most questions answered within 3 hours.
-
4. Determine the theoretical yield of P2O5, when 3.07 g of P
reacts with 6.09 g...
asked 1 hour ago -
Explain the PEST analysis and how a marketer would use this when
putting together a marketing...
asked 1 hour ago -
S sells property with a $500 basis to B for $450, and B later
sells the...
asked 2 hours ago -
True/False Questions
1.
In interpreting an agreement, courts generally apply a
subjective standard.
2.
If, after...
asked 1 hour ago -
On January 1, 20X7, Green Corp. paid $1,020,000 to acquire Wax
Co. Wax maintained separate incorporation....
asked 2 hours ago -
C++
Write a class Fraction that defines adding, subtracting,
multiplying, and dividing fractions by overloading standard...
asked 3 hours ago -
This java code won't run and I can't figure out the problem with
it. Please help...
asked 4 hours ago -
Trace the following recursive methods:
a) isPal with the string “abccda”
b) isAnBn with the string...
asked 5 hours ago -
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 6 hours ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 7 hours ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 8 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 9 hours ago