Business, 18.03.2021 01:10 jk8

These transactions took place for Oriole Company. 2021
May 1 Received a $5,200, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney.
Dec. 31 Accrued interest revenue on the R. Stoney note.

2022
May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.)

Required:
Record the transactions in the general journal.

Answers: 1

Show answers

Answers

Answer from: memester74

See the journal entries below.

Explanation:

The journal entries will look as follows:

Date Account Title $ Explanation Debit ($) Credit ($)

May 1, 2021 Note receivable 5,000

Accounts receivable - R. Stoney 5,000

(To record note received for accounts receivable.)

Dec 31, 2021 Interest receivable (w.1) 200

Interest revenue 200

(To record Interest accrued.)

May 1, 2022 Cash 5,300

Note receivable 5,000

Interest receivable 200

Interest revenue (w.2) 100

(To record principal plus interest on the R. Stoney note.

Workings:

w.1: Interest receivable = Note amount * Interest rate * (Number of months from May 1, 2021 to December 31, 2021 / Number of months in a year) = $5,000 * 6% * (8 / 12) = $200

w.2: Interest revenue = Note amount * Interest rate * (Number of months from January 1, 2022 to April 30, 2022 / Number of months in a year) = $5,000 * 6% * (4 / 12) = $100

Answer from: Quest

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be (amount of tax / original cost price ) × 100

(1.54 / 22) × 100 → (0.07) × 100 = 7

so the tax rate is 7%

we can double check the answer.

7 % of 22 → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

Answer from: Quest

Answer continue to produce a quantity such that marginal revenue equals marginal cost;

Another question on Business

Business, 21.06.2019 16:10

You are at a holiday dinner with your family. your relative makes the argument that the u.s. economy is resurgent and has recovered from the great recession of 2007 – 2009. economic growth, as measured by gdp, has been increasing from one quarter to the next. you beg to differ. how would you structure your argument with your relative? hint: you should think about two things, the accuracy of gdp measures, and whether gdp should be considered a comprehensive measure of a countries well-being.

Answers: 3

Answer

Business, 22.06.2019 07:30

Select the correct answer the smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive and financial benefit for the taxable year? a) they will not receive any financial benefit for adopting the child b) their income tax component will decrease c) they will receive childcare grants d) they will receive a tax credit for the cost borne for adopting the child e) they will receive several tax deductions

Answers: 3

Answer

Business, 22.06.2019 17:10

To : of $25 up to 35 2 35 up to 45 5 45 up to 55 7 55 up to 65 20 65 up to 75 16 is$25 up to $35 ?

Answers: 1

Answer

Business, 22.06.2019 19:00

Which of the following would cause a shift to the right of the supply curve for gasoline? i. a large increase in the price of public transportation. ii. a large decrease in the price of automobiles. iii. a large reduction in the costs of producing gasoline

Answers: 1

Answer

You know the right answer?

These transactions took place for Oriole Company. 2021
May 1 Received a $5,200, 12-month, 6%...

Questions