Waterway Industries signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $504600 of inventory. The face value of the note was $519000. Waterway used a Discount of Note Payable account to initially record the note. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a credit to Discount on Note Payable for $4800. credit to Interest Expense for $9600. debit to Discount on Note Payable for $4800. debit to Interest Expense for $9600.

Moody corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. at the beginning of the year, the company made the following estimates: machine-hours required to support estimated production 100,000 fixed manufacturing overhead cost $ 650,000 variable manufacturing overhead cost per machine-hour $ 3.00 required: 1. compute the plantwide predetermined overhead rate. 2. during the year, job 400 was started and completed. the following information was available with respect to this job: direct materials $ 450 direct labor cost $ 210 machine-hours used 40